The topic of recession is a big one and deals with something pretty far out of our control, but there are things we can do to ensure our businesses can deal with the stress they may be under when things get tight. Jake Conway is someone I have come to greatly appreciate for his insights and experience in business financial metrics. He started Custom Practice Analytics, where he really focuses on providing guidance and support to private practice owners, helping them thrive in their personal relationships with their team, seize opportunities in their practice, find solutions, and become more profitable.
Listen in as Jake shares the most important areas that you as a business owner should be focusing on in the next few months—and years—to build a recession-proof practice. You’ll learn the specific ways he is working with other practices to build their profitability and ensure that they have the structural and cultural stability to stand the test of time (and recession).
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Minute Markers:
- 4:50 – Why awareness of your business is key.
- 5:57 – What it takes to be prepared for anything and what we can learn from the past few years.
- 8:23 – The first metrics to look at when you want to figure out where you’re at as a practice.
- 10:51 – The question of expansion and when (or if) you should do it.
- 21:02 – Why your business is the best investment you can make and how real estate investment is different.
- 23:27 – The issues with human capital and how to manage that better in a recession.
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P.S. Whenever you’re ready, here are some other ways I can help fast track you to your Freedom goal (you’re closer than you think) :
1. Schedule a Call with My Team:
If you’d like to replace the earned income you need from your practice with investment income in as little as 2-3 years, and you have at least 1M in available capital (can include equity or practice sale), then schedule a call with my team. If it looks like there is a mutual fit, you’ll have the opportunity to attend one of our upcoming member events as a guest.
2. Become a Full-Cycle Investor:
There are many self-proclaimed genius investors today who think everything they touch turns to gold. But they’re about to learn the hard way what others have gained through “expensive” experience. I’m offering a report on how to become a full-cycle investor, who knows how to preserve and grow capital in Up markets and Down markets. Will you be prepared when the inevitable recession hits? Get your free report here.
3. Get Your Free Retirement Scorecard:
Benchmark your retirement and wealth-building against hundreds of other practice professionals, and get personalized feedback on your biggest opportunities and leverage points. Click here to take the 3 minute assessment and get your scorecard.
Want to know more about David and schedule him as a speaker or podcast guest? Go to doctorphelps.com to book David now.
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