I was listening to a podcast the other day.
They were asking ‘what is the best place to invest your money to get the biggest return?’
If you have a profitable business and you have surplus cash, where is the most cost effective place to invest it?
- Pay off your mortgage or other loans?
- Stock market?
You’ve guessed it – none of the above!
Why would you put your money in to something that you don’t know much about in the hope that whoever you have given it to will make it grow.
If you think about it, the chances are that you don’t know a great deal about stocks and shares or property investing and so you are pretty much gambling.
The best place that you can invest your money is in the business that made you the money in the first place.
Warren Buffet is known for making successful investments, but he doesn’t just invest in a company, he gets involved in how the company is run.
…his business is investing in businesses
…and he makes sure that they are successful by helping and promoting them (have you heard how he has a McDonalds breakfast every day – he happens to own significant shares in McDonalds).
If you already have a profitable business (and most doctors do, unless they do something stupid like open their own clinic), you should invest your profits in to growing your business.
- This could be hiring staff – like someone to answer the phone or a nurse to support you
- …or investing in technology, like CRM software so you can keep in touch with your patients.
- It could be paying for advertising (although you may know my view on this in that this should be the last thing that you do)
- It could be paying to go on a course or a conference
- …or joining a Mastermind Group
Whatever you choose to do, this is the mindset to have and the way to look at it.
You are investing in yourself and you business rather than giving the money to a stranger and expecting a better return.
Don’t think of these things as costs or liabilities.
You should think of it as developing assets.
Your Private Practice should be an asset.
I know it is hard to shift your mindset, but once you have, it becomes a lot more rewarding to see your Practice grow and accept that it is a re-investment of profits rather than a cost.
If you would like your Private Practice to grow, then you need to invest, not only money but also time.
If you want any help with that, schedule a call.