Nathan Hayes, the director of financial services at IDOC, discusses the importance of comparing practice financials to other practices. He explains how Books & Benchmarks service can provide accurate and reliable data to help practice owners make informed decisions about their business.
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0:00 - Intro
1:00- Nathan Hayes introduces the topic of comparing practice financials to other practices and the importance of accurate and reliable data.
2:20 - Nathan explains the background of Books & Benchmarks and how they collect data to provide updated metrics for the industry.
5:10- Nathan discusses the impact of practice size and geography on overhead and profitability.
11:00 - Nathan addresses the salary creep and provides suggestions for managing salaries in a changing market.
15:05 - Nathan highlights the surprises in the data, including higher variable costs and lower fixed overhead.
19:50 - Nathan discusses the importance of separating personal and business expenses and the potential risks of blurring the lines.
24:00 - Nathan talks about marketing expenses and the importance of evaluating the effectiveness of marketing efforts.
28:40 - Nathan emphasizes the importance of focusing on growing revenue and addressing areas of under-resourcing in order to improve profitability.
Practice financials
Practice revenues
Practice profitability
Books and Benchmarks
Негізгі бет Eye Own a Business Ep. 51-Behind the Benchmarks: Insights for Managing Overhead and Profitability
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