Financial Dashboards for Practices: The Key to Profitability and Growth

Have you ever driven your car looking in the rearview mirror for very long?

It works for backing down the driveway, but it would suck to drive across town the entire way through looking in your rearview mirror.

But that’s what most of you are doing with your business. You’re looking at your financials two to six months behind the actual time frames.

How are you supposed to make data-driven decisions with that type of data lag?

So today, I want to show you a financial dashboard that is changing the game by exploding the growth of practices because it stops you from driving your practice through the review mirror.

All right practice CEOs, we're going to financial school today. You've heard me talk about a profit dashboard, and what it is. Now I'm going to introduce you to a second dashboard today that's going to be a game changer.

But first, let’s start with the Profit Dashboard.

Dashboard 1: The Profit Dashboard

In your financial reporting system, chances are you're using QuickBooks or QuickBooks Online to keep things in check. You're probably getting a P&L report from your bookkeeper or CPA.

Now, let's break it down a bit. P&L stands for profit and loss – it's all about the money coming in, the money going out, and what's left in the pot at the end of the day. This is our opportunity to see the profitability of the practice.

A healthy business has large margin meaning large profit. The bigger the profit, the more valuable the business. The Profit Dashboard gives you a clear view of where your operations might be falling short and how your budgets are holding up.

We’ve created special profit formulas for that dashboard. We've woven it right into our Evolution program, so every practice owner with us can easily track their data. No more guesswork, just clear insights.

We also go one step further in making sure that your bookkeeping is done weekly. Well, why would we put that much energy into your data organization? It's because it allows you to make real-time decisions.

Think about this for a second. Let’s say your new patient acquisition cost was $200. Now, if you're halfway through the month and you're not hitting your new patient goals, it might be time to reconsider changing your ad spend. Maybe there's some extra cash we could put back into marketing to boost those new patient numbers and help us reach our revenue targets.

You can't make those decisions if you're driving your practice in the rearview mirror, or getting your financial statements months behind that critical time period.

Data lag is a big problem for our practice owners in growing the practice of their dreams, and the Profit Dashboard solves that by taking your P&L, and turning it into a beautiful visual dashboard with proper profit levers displayed, so you can make real-time decisions.

Now if you want a little help in understanding that data a little bit deeper, we have a free guide for you that I just got done building, which is How To Turn Your Data Into Dollar$ without burnout. It's a free guide that you're going to get when you join our free Facebook group called The Data-Driven Practice.

This guide will go through and show you exactly the data that you should be tracking on a regular basis. So join the Facebook group here, and get your FREE guide today.

Dashboard 2: Total Expense Breakdown Dashboard

Now, this second dashboard is a game changer. This is something that our bookkeeping team and accountants are building for you in the Evolution program. This is where we actually get to take your data and organize it in the most optimal way.

I was just talking to an accountant of a practice owner the other day, he didn't even understand how to organize the data properly for this practice to extract the data into its proper financial levers.

So this is why we're stepping in and building this for you. We organize your data in your QuickBooks so that the accounts are properly set up so that we can extract that data into an amazing dashboard.

And once we have this dashboard set up, we can analyze your last 90 days of operations. We can look at your average spend per expense category, and start setting budgets. Now a budget metric is an inverse metric meaning that when you go over that target, you're actually violating the budget.

And the power of our amazing blueiq technology is we can text you, we can send you a report, an alert that you just went over budget. And because our accounting team is doing your bookkeeping weekly, you'll get the heads-up early enough to steer the ship back on course for a profitable successful month.

This is the power of the Total Expense Breakdown Dashboard. If you, as a CEO, had it in your practice, you would have much better financial optics and way less stress of not controlling the operations of your business.

It will set you free to be able to make data-driven decisions that are the very decisions that are going to help you build the practice of your dreams.