Dr. Deb shares what it takes to evaluate your business and why the new breakeven point is 10%.



Do not miss these highlights:



02:21 Profit in your business is like oxygen and money is your fuel



03:21 It's really important for your business to be profitable enough for you to pay yourself a living wage



04:47 Find the right accountant who really knows the laws, learn about what is tax-deductible and what is not, this can save you a ton of money



06:04 You don’t just have to look at what your profit is, but also what your salary is - You have to include that salary into your expenses



07:22 Within three months of marketing, you should see your profit change, you should see more clients, if that's not happening, you need to change your marketing strategy or your marketing person



08:10 Your lab profit should exceed your lab expenses by a minimum of 25%



09:27 Certain things in your business are going to have a higher profit margin than others



11:55 How to become profitable day in day out 



13:43 Pre-tax profit is your earnings before taxes. This is a revenue-generating activity that you should look at to see how your business produces for your benefit



14:09 Pull your P&L from quarter to quarter and year to year, to see where your expenses lie and see where you're spending all your cash



15:13 You need to have the clients paying you cash, before you can start doing a lot of big expensive things like marketing, videos and photography



19:04 If you have all expenses and very little profit, your focus needs to be on getting patients in the door, getting the services done in your practice so that your profit margin comes up



Resources Mentioned



Join Us in the FMBI Mastermind Group on Facebook.  You can find the Group at https://www.facebook.com/groups/5461914567153276/







Transcript of Episode #24:



Debra Muth 0:01You're listening to the Functional Medicine Business Podcast featuring Dr. Deb, one of the most creative functional medicine business practitioners in her industry. She shares the wisdom and knowledge that she has gained over 25 years of functional medicine, a pioneer in functional medicine, scheduling, leadership and Practice Management. Dr. Devin has a wealth of knowledge and he's eager to share to help functional medicine become more productive, and for the practitioners and patients to live better lives. Our podcast shares the good and the bad of our industry because Dr. Deb knows the pain you live every day building a functional medicine practice with practical tools on how to manage money, taxes and patient care. She will discuss it all with you.



Hello, hello. Hello, and welcome back to FMBI podcasts. I'm your host, Dr. Deb. Today I'm going to talk to you about what does it take for a percentage of your business to be breakeven. And the new breakeven is actually 10%. At FM bi, we understand how it feels created by medical professionals for medical professionals. Are you racing from one patient to the next, skipping lunch and not sure how you're going to show up to your kids events? Not quite sure what that p&l sheet really means to your practice? And are you struggling to find the right partners in your business? Our program is based on the values of efficiency organization and prioritization. The FMBI 15k a day program will help you discover how to run an efficient operation and introduce healthy generating therapies for more income. Our business roadmap will help you scale your functional medicine practice using proven busin...