May 25, 2021
OVERVIEW:
Jason A. Duprat, Entrepreneur, Healthcare Practitioner and host of the Healthcare Entrepreneur Academy podcast talks about setting revenue goals and tracking them. He also discusses how business owners can best utilize revenue goals to increase net profits, as well as fix their profit and loss (P&L) statements.
EPISODE HIGHLIGHTS:
- It’s important to set revenue goals that can grow with you - and your business.
- Start by reviewing your totals sales and expenses.
- Don’t focus solely on top-line revenue. You should also look at fixed and non-fixed expenses.
- Substantial increases in top-line revenue can fix P&Ls—but businesses cannot infinitely increase their top-line revenue.
- You’ll often hear business owners brag about their gross revenue numbers. What matters is net revenue. There’s no point in increasing gross sales if there’s no substantial increase in net profit.
- Eliminate expenses like underutilized or unused subscriptions.
- Set small, steady achievable goals. For example, if you want to increase your profit, consider a realistic number such as 4% each month.
- Focus on expenses and not just the top line.
3 KEY POINTS:
- Review your fixed and non-fixed expenses and make changes quarterly.
- Set micro revenue goals for each month and readjust them as necessary.
- Print your P&Ls on a monthly and quarterly basis, and track the numbers in a spreadsheet.
TWEETABLE QUOTES:
“Don’t just focus on the top line.” - Jason Duprat
“By setting and tracking your goals, you can then make changes to keep hitting those goals.” - Jason Duprat
CONNECT WITH JASON DUPRAT:
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RESOURCES:
- Sign up for one of our free business start-up Masterclasses by heading over to https://healthcareboss.org/masterclass/
- Have a healthcare business question? Text me at 386-284-4955, and I’ll add you to my contacts. Occasionally, I’ll share important announcements and answer your questions as well.
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