The Efficient Practice
The August column in Financial Advisor Magazine scored points with readers. to read it,
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The Efficient Practice The August column in Financial Advisor Magazine scored points with readers. to read it, |
What is an Efficient Practice (business)? An efficient practice (business) is one that maximizes profit for the
given resources at its disposal. An efficient practice operates smoothly, like a
well-oiled machine, with little additional effort required to keep it at this
pace. Jim Collins in his book, "Good
The result can be an exponential increase in net profit and/or
use of time. For some, the goal may be to increase profit. But, profit alone is
missing the point of efficiency. We could dramatically increase gross profit,
but if your expenses actually exceed the profit gain, you could end up with an
overall loss. Simply spending more does not necessarily result in higher
profits. The key is to study your net profit. Net profit is what you take out of
the practice after all the expenses have been met. This is the number to focus
on. Not gross profit!
To achieve the result of an increase in net profit requires studying several fundamental aspects of your practice. By applying sound business principles to those aspects, net profit can be significantly enhanced. So can your use of time. Effective time management is at the heart of an efficient practice. Making best use of your time and that of your employees can result in increased net profits also. Therefore, time management becomes one of the key fundamental aspects of your practice that should be studied. To understand how all this can benefit you, click here-----> To see a sample of an evaluation, please click here-----> |
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