Being proactive vs. reactive with tax planning will have a tremendous impact on profitability and long-term wealth creation. Keep in mind, I am not a CPA and I am not giving tax advice. Rather, I’m passing on information that I learned as a practice owner and now implement in my financial planning practice. While not an exhaustive list, here are a few items to contemplate in 2025 as you watch the dollars in your practice.
Some Options for the New Doctor
Before committing yourself to an expensive contract with a practice management firm, consider some of the following options in beginning and developing your chiropractic business plan:
Advertising: If you don't have experience in this area, please note that the least expensive and most effective methods are not newspapers, radio, and TV. The most effective (and the management firms charge to tell you this) is to get out and get involved in civic groups, clubs, churches, fitness centers, etc. People you actually meet in person are most likely to use your services or refer to you, than those who merely see your picture in the paper.
Office and Other Business Procedures: The least expensive and most effective method of learning office procedure is to visit a number of successful chiropractors before you open your practice and spend time just observing and taking notes in their offices. Find some doctors in other towns and spend several days or even weeks following them around and observing their front-office procedures.
Purchase books on business management and business law (this is a must).
There are many business-related symposiums and courses available through most Jaycee and Chamber of Commerce groups which will help new doctors in their public relations programs. Courses provided by local Toastmasters are invaluable in developing speaking skills. If there is a Dale Carnegie program in your area, don't hesitate to take advantage of it.
In addition, there are many great motivational books and tapes available from most book stores, and through mail-order from such sources as Nightingale-Conant, or Parker. These tapes and books contain everything you will get at most of the expensive seminars, and more. And, you can listen to them over and over again at no extra charge.
Take the responsibility of learning how to manage your business yourself. Avoid depending on management firms who don't really have your best interests at heart, but who actually see only their own bank accounts as the end result of your success.