These strategies will help you make good investments that grow your business, and avoid bad investments that don’t. Jay is absolutely confident that if you implement all of these investment strategies over the course of a year, you are guaranteed to grow your business, increase production and collection, build a more engaged and productive team, and ultimately become a happier, healthier you!
#7 — INVEST IN PROVIDERS
Chances are, when you go on vacation or are otherwise out of the office, the business stops earning. But, wouldn’t you rather have money continue to roll in even when you’re not there?
Providers do exactly that for your business. They are people who have the ability to produce income FOR you, such as Associates, Hygienists, or a Massage Therapist in a Chiropractic office. Since YOU get to bill THEM for running their businesses, you too make money on the work they do. In other words, they are income producers who are not directly tied to your personal productivity.
Invest in Providers by not only having them as part of your business, but by using your ever-growing marketing skills to help them generate business… which, in turn, generates extra income for you!
#8 — INVEST IN NEW CAPACITY
It’s inevitable that after a number of years, the revenue generated by your Practice will begin to flatten out, yet your expenses will continue to climb year after year. You have to BUILD NEW CAPACITY to change that dangerous trajectory.
According to noted economist Paul Zane Pilzer, it’s considerably more lucrative — and easier! — to maximize your return on what you already have before you go investing in “other things.” Start by assessing your existing resources and technologies — the “big three” being Space and Equipment, Marketing and Human Capital.
Even when an investment in new capacity seems large, don’t back off until you do the math. If a realistic return on investment analysis shows you’ll make considerably more over time, then you can’t afford NOT to make that investment! For example, if by investing $200,000 (plus the interest expense if you borrow the funds) to add capacity, and you can expect to generate additional revenue of $500,000 or $700,000 or more, that’s a great investment!
It’s an old adage: “You have to spend money, to make money.”
Learn to think this way by taking the emotion out of it, doing the math, and making objective decisions based on concrete analysis.
#9 — INVEST IN SELF-DEVELOPMENT
“Spend money to make money” is also true when it comes to self-development. In many ways, investing in your own self-development is what will give you the fortitude to make many of the other 14 Best Investments.
Choose carefully how you invest your time, effort and money, though, so you’re developing in ways that will make you more profitable. Peter Drucker would tell you to develop your marketing skills, and your ability to innovate. Paul Zane Pilzer would tell you to maximize what you’re already doing before jumping into something new or switching to a different path.
Bottom line, you have to do something in the name of self-development. Invest your time in reading, invest your money in seminars and training, invest in whatever energizes you…and then maximize your return by doing it to the fullest extent.