5-THINGS YOU CAN DO TODAY...
Mitigating inflation, for the individual (business owner) is a complex subject with lots of opinions, and plans. I thought I'd share my opinion with you as a starting point for you to consider.
⚠️NOTICE⚠️ This is not investment advice, speak to a financial professional.
1. What you focus on, grows. A mentor of mine taught me a priceless life lesson...what I focus on, grows. I'm seeing many examples of people focusing on spending less, saving more, downsizing services, ie: shrinking. This
isn't a strategy that will fix your problem. You cannot save yourself to abundance - those are two polar opposites. They repel one another. Focus on shrinkage, get more shrinkage. Focus on growth and get more growth! This may seem simplistic and somewhat "wishful," but with 20-years of practical experience, it's been true for me - and it's never been easy to do, especially during difficult times.
2. Maximize your efficiency. Anything that costs you time, is the enemy of a "trading time-for-dollars" business model (chiropractic/veterinary
services). The more time you can make, the more money you can generate, it's that simple. (Shameless plug: ChiroSimple was created with this as it's primary goal, so if you're already a ChiroSimple member, you're already stacked to stave on the right side of this).
3. Do the things that create the highest/exponential ROR (Rate of Return) and ditch everything else that doesn't. Have you noticed that
you get ongoing referrals from a single source? That's an example of a ROR that you want to cultivate. By contrast, spending your time (or dollars) with your rotary club might get you the occasional referral, if it's not generating a high ROR, you'd be smart to invest in the habits that creates the ideal yield. (ChiroSimple members have proven that simply sending their reports to every referral source reinforces more referrals).
4. Hedge against risk/liability. A board complaint can stall your business income, add additional stress no-one can handle these days, and cause you to incur costs that would be very difficult to recover from. Your records are your primary (or only) salvation to help you
avoid/recover from this unfortunate reality. Your notes are your voice and representation of your skills - make certain they are up to your standards. Other risk assessments include, but not limited to: staff training, icy walkways, patient flow (could 2-dogs get in a fight?), are you mobile and risk getting in a car accident every day, etc.
4. Invest your cash into assets. "Cash is trash," as the multi-billionaire hedge fund manager, Ray Dalio says. Holding more than you need in a bank account (I'm worried about that too - read about "bail-ins"), is a guarantee to losses. Get your dollars in assets (stock market, real estate, cryptocurrency, precious metals, etc). This is not investment advice, speak to a financial professional.
