Ep640 | The 5 Areas To Reinvest In Your Business
Danny and Yves discuss the best ways to reinvest in a physical therapy cash practice. They emphasize that reinvesting is important for tax advantages and the growth of enterprise value over time. The five main areas to reinvest are:
- Knowledge - Improving one's own skills and abilities through continued education and mentorship. This is the safest investment that cannot be taken away.
- Space - Expanding the physical space of the clinic to accommodate more staff and patients. This allows for generating more revenue.
- People - Hiring staff like clinicians, and administrators to fulfill services and free up the owner's time. People become advocates for the business.
- Technology and equipment - Investing in tools that increase efficiency, outcomes, and marketing opportunities like blood flow restriction equipment.
- Vendors - Outsourcing specialized skills to fractionalized service groups in areas like marketing, accounting and financial planning. This plugs expertise into the business efficiently.
They stress finding the right vendors specialized in the industry. Reinvesting provides tax advantages, and enterprise value growth and allows focusing on relationships over just business. The conversation emphasizes allocating resources strategically to compound returns through knowledge, leverage, and valuable skills long-term.
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