Dental Marketing Online Adviser on the Final Three Steps in Getting Rich
In the previous article, dental marketing online adviser Ed O' Keefe has discussed to you the first three steps on getting rich. In this article, dental marketing online adviser will give you the last three steps on getting rich in your practice/business. This is something that the dental marketing online adviser focus specifically at their dental marketing website! Also, the dental marketing online adviser will discuss to you each of these final three steps.
The last three steps in getting rich in your business:
Identify Your CLF
As a dental marketing online adviser, I want you to look at your CLF. CLF means your Critical Limiting Factor. So I have this goal and I have this end result that I want. I have identified some action steps. And by now, if you're taking action you will have experienced a couple of challenges. And that's a good thing! Those challenges are going to be the raw material that we convert into and transform into the actual knowledge, habits, attitudes, every action steps that we act on to accomplish the next goal. So what you're going to do now is that you're going to stop and ask yourself this question: “Out of all these things, what is the one thing that if I remove it out of my way, or if I learned this one skill set, would open up the flood gates to allow me to accomplish my goals at a much faster rate?” Now when you've identified that certain CLF in your life, it might be a habit or anything that hinders you. The thing that you have to realize is that through this process, you are planting seeds along the way.
Creating The Discipline Of Constant Education Of Specialized Knowledge
As a dental marketing online adviser, I want you to think about this: “What is my Critical Limiting Factor and what is the knowledge that I need to acquire?”. And then now we want to create a gameplan and a discipline of minimally one hour a week to use focus and educate yourself on that specific topic. Now if you're more aggressive like myself, minimally you can have 30 minutes a day on that topic. And then you'll be amazed with the results! You can turn your driving time into learning time. You can turn your morning breakfast coffee or your evening before you go to bed into those preparation time so that you can really make the most out of each and every day and move forward into becoming what we could call a top 1 percenter!
Know Where Your Cash Cow Is
As a dental marketing online adviser, I want you to look at these things. First of all you want to know from a casual perspective how much money you have in all your bank accounts almost everyday. For me, I get a report everyday from my bookkeeper that tells me in each bank account how much cash is in it. And she also lets me know what's my credit card balance on any credit cards that we use on our companies. So that allows me to know some of my debt with the credit cards, it allows me to know all my cash flow, and I also want to know when payroll's hitting. And I know what the average is every payroll period, so thats okay. And then the other thing I want to know is what my accounts payable and my accounts receivable are. So in my business, we don't have much accounts receivable because we get our money upfront or its on a monthly continuity. But in a lot of businesses, if your receivable is too high, that's one of the reasons why your cash is so tight. So one way that you can immediately shift that around is to discount payments if you will pay totally in full, force people to pre-pay, and there's a lot of strategies you can do that. The other thing is that I want to know what my accounts payable are. And mentally you should have a ratio inside your head. I'm not going to tell you what the perfect ratio is to cash in the bank and payables, but you should know what that is with your business just by monitoring on daily basis where you need to sit on your checkbook and drive revenues, or you can start paying your payables down. The one thing that I will tell you about all your payables though is that if you can go or if you are struggling with cash flow, call your vendors up and ask them if you can extend your payments 15 days. So if your currently doing 30 days ask them if you can do 45 days (in some companies you're going to be able to get 60 days). If there is a company that expects you to pay immediately, ask them if you can get 30 days or 15 days minimally. Probably half of them are going to say yes, and half of them are going to say they don't have those procedures and you can speak to a manager or deal with them directly. The last thing that I want to share with you is that when cash flow is tight, you have to focus on generating revenue! That is how you improve your cash flow. And so you might have to spend money in marketing, or sales, or any kind of revenue-generating activities; or if you don't have money you get to do sweat equity. But you don't sit on those expenses, you drive those things up! And you look at what are the expenses you are currently spending and you start slashing those expenses. The one thing that I want you to take away from is most importantly monitoring your cash flow on a daily basis, or weekly basis minimally, know what your bills are, know what's in your bank account, know what's coming up, and make sure that you are paying your taxes orderly (estimate the taxes so that you don't get “killed” the next year). Now, with all that said the most important thing that you should remember is that wealthy people don't only focus on expense cutting; you should grow your revenues to a point where your basic expenses are taken care of, you can invest in your company, and you have money to take out and pay your self first on a monthly basis.
So, as a dental marketing online adviser, I advise you to follow these final steps (as well as the first three steps in our previous article), and if you do... you will be able to become successful and become rich in your business as well!
About the Author:Log on to our dental marketing website, www.dentistprofits.com and get a free CD and Book titled, “The Underground Secrets Of Attracting High Quality New Patients Who Pay, Stay, & Refer!”.
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