Medical Empires7 Okt 2024

How do you leverage data and analytics to make decisions? | Medical Monday - Ep 95

I'm Dr. Alex Spinoso, and today I want to dive into a lesson we learned the hard way—running a business based on data, not feelings. Years ago, we thought we were doing great with laser hair removal in our clinics. The machines were booked solid, and we even hired staff just to manage them. But when we crunched the numbers, factoring in the cost of the machines, the staff, and the room space we were losing, we realized we were losing about $14,000 per machine per year. That's when we learned that relying on feelings of success can actually hurt your business.

To truly scale your business, you have to break down every service you offer by its profitability. That means tracking how much you're making in each area—weight loss, hormones, esthetics, CoolSculpting—and subtracting the cost of goods, labor, and marketing expenses. Sometimes, services like Botox can serve as loss leaders, bringing people through the door and leading to upselling opportunities. But if you're offering a service that consistently loses money and there's no way to turn it around, it's time to cut it, no matter how much you might like it or feel it's important. Data-driven decisions are the only way to ensure long-term success.

If this podcast has taught you something valuable about scaling your medical business, I encourage you to visit DrAlexSpinoso.com/courses. I offer free resources, training, and research to help you grow your business to seven, eight, or even nine figures. Don't run your business on emotion—use the data, invest in a good CPA, and make informed decisions that will allow you to grow and scale with confidence. That's how you win in business.

Welcome to The Spinoso Podcast hosted by CEO, doctor, comic book geek, and car guy, Alex Spinoso. I help people and companies grow - especially in the medical business. While my experience and expertise is in scaling all types of medical businesses to 7, 8, 9-figures or more, I can be a mentor to anyone who wants to take ownership of their lives, become a better leader at home and at work, and overcome any obstacle that stands in their way.

(0:00) - Intro

(0:15) - Leveraging Data for Business Decisions

(0:47) - Analyzing Financial Data for Laser Hair Removal

(2:20) - Breaking Down Profitability with Data

(4:10) - Making Data-Driven Decisions

(5:23) - The Role of a CPA in Business Success

(5:54) - Conclusion

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