3 Ways Your Marketing Message Matters to Your Cash Flow with Profit First

3 Ways Your Marketing Message Matters to Your Cash Flow with Profit First

Dr. Holly Tucker

You are familiar with this relationship: if you put more resources (time+energy) into your marketing message, you hope to see a direct correlation to your cash flow -- with more revenue generated. What if the opposite were true? Pour a bunch of capital into a project and it didn’t pay out? 

Opposing viewpoints: always look at things from the other side. (Yes, like x-rays)

Do my marketing opportunities dictate my cash flow?

-or-

Does my cash flow dictate my marketing opportunities?

Imagine a tube of toothpaste. You are nearing the end -- and squeezing out every last drop of that minty goodness. You make it work with what you have to get the job done, right? What happens when you finally break the seal on the new tube - are you as conservate in your usage?? Or do you become more relaxed and enjoy that flow of abundant paste? 

This analogy was first written by Mike Michalowicz, author of Profit First -- in comparison to how you spend cash in your business. When things are tight, you make it work. When there’s more cash in the coffers.. you are less selective with your “opportunities”. 

If you’ve been “focusing on” or “managing” your marketing opportunities and hoping it impacts your cash flow… keep reading. 

How, when, and what you do for marketing your chiropractic practice matters. You have to be selective -- first, by knowing your target market if you want to see results. 

The Profit First cash flow method inspires creativity and innovation within your business, especially when it comes to marketing. Let’s take a look. 

Consistency

Consistent marketing leads to consistent sales. Year over year, you should come to know how to target your ideal client audience, and new patient acquisition becomes easier. You aren’t constantly chasing the next best thing. You shouldn’t always be looking for new ways to overspend your money. 

Profit First introduces a consistent method for managing your cash flow so that you can operate at a level of consistency that is conducive to your business success. We all know there are seasonal trends in our businesses -- the changing of climate seasons (snow days or hurricane season), the academic school year and athletic schedules. By anticipating the hills and valleys of cash flow we can get out of the feast or famine cycle of marketing (and advertising). 

Efficiency 

Take a look at your offerings: how you care for patients, train staff and build a culture of growth happens when the messaging is clear. Don’t for one second think that this makes your job boring -- we, as culture, may need to re-train our brains that if things aren’t chaotic something must be wrong.

Profit First puts a magnifying glass over nearly every process in your business -- if it comes back to dollars or minutes spent, we need to put it to the profitability test. This starts with a basic expense audit -- is what you are spending your money on directly generating revenue, saving you time or is it unnecessary? Can you find an alternative that gets similar or better results? Are you operating in your zone of genius? Do you have stellar support staff fulfilling the roles you need at this stage in business? 

Quick test: if you can’t pay your bills, you can’t afford your bills. It’s time to get innovative in your offerings to save your profitability (and your business). 

Thrive, Instead of Survive 

The main tenant of Profit First is that you take action on making your business Profitable. You “take your profit first” -- meaning, you intentionally set aside cash in your business that is designated for your own reward for a successful business. Then, you pay yourself. Next, you save for taxes. Lastly, you SPEND money on your Operating Expenses (Overhead). 

If you are stuck in the survival trap -- or survival mode -- you likely aren’t paying yourself well. Or, you are, but it is a constant mental game and juggling act to keep this thing afloat one more year. 

Believe me, you don’t want this scarcity shining through in your marketing message (think this: you don’t need your patients more than they need you). Profit First helps you to bring intention behind the numbers in your business so you can operate in a land of abundance. There truly is enough out there for everyone.

If you are in tune with the trends in your business, and monitor metrics that include your revenue generation, volume & capacity, and essential costs of doing business….but you still aren’t paying yourself well (or making a profit), it is time to chat. 

Dr. Holly

Dr. Holly is a Certified Profit First Professional. She has been using the method in her own business since 2017. She is most passionate about helping women in the chiropractic profession understand the basic finances of running a business, preventing burnout and paying themselves more. 

Resources can be found at ChiroNumbers.com, listen to the Podcast Interview, join the weekly newsletter “5-minute Fridays with Dr. Holly,” invest in coaching packages or online courses. 

“Profit First” used with permission.