When being down and out doesn’t hurt profits

Canmore AB?–?“Boy, you look terrible, and you sound even worse!”

So commented my wife several mornings in a row last week. I had caught some “super-bug”, although not of the Covid variety. The constant watering of my eyes, runny nose and massive sinus headache kept me out of commission for several days.

I got it from my wife, of course.

Her symptoms were different though. Dry cough that during the night would morph into hacking fits. Something to do with having pneumonia as very young child. Definitely less than ideal for a restful sleep – suffering spouse included.

The upshot of this whole debacle meant that yours truly did not sit down and write this weekly epistle and hence its absence last week.

This does, however, beget a question.

If and when you are “out of commission” how much of an impact does that make on your business or practice?

If you get paid only for the hours you work, patients/clients you see, then any absence would mean a loss of revenue, wouldn’t it? Similar to when those same clients cancel or postpone. Sure, you can fool yourself that they rebook, and you get the income later, but it is also true, that you?never get that time back. And if you are paid only for the time you actually work – then the loss is very real.

Many of you run larger outfits and have employees and even upper-level managers.

In this case, your protection from any loss of income due to incapacitation will be handled by the level of systems and processes you have put into place. The more you are “not needed” for the daily operation of your business, the more protected you will be.

The lesson?

If your business is comprised of “billable hours” then start working on how to change your model from that into selling?subscriptions/memberships, whereby your clients pay you monthly, for services/products you deliver.

If your business sells products that rely on employees, then ensure you have systems in place that:

1. do not require you and
2. do not rely overly on any one staff member either.

Until next week,

Stay healthy and focus on profit!

- Hugh

The “Profit Accelerator” Expert

P.S. Did you know that even tiny improvements of 1-3%, in just 12 fundamental areas of your business could give you 50% and more improvement to your bottom-line? Test out my brand-new?Profit Acceleration SimulatorTM?and discover the true impact of a conservative estimate of Profit Acceleration initiatives on your business and see for yourself. (https://hughtafel.com/simulator/)

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