THINKING BUSINESS
a blog by Chris Barrow

Income source analysis

It’s always a good idea to know where your business is coming from. Here is my own analysis of revenues into The Dental Business Club for 2010 – broken down by service category. The ratios need some explanation:

  1. Elite – intensive 1:1 coaching with just a few clients per year – but a significant % of overall revenue

  2. Training – includes work for some of the larger corporates and PCT’s plus individual training days for trade associations, professional bodies, study groups and larger practices

  3. Discovery/Speaking – includes the “Discovery Day” service (see the web site for all of these in more detail) plus speaking assignments at conferences and trade shows

  4. Mastermind – hasn’t had a full years impact yet as we started half-way through the year with group 1 and in the Autumn for group 2

  5. Digital – has been pretty steady during the year

In your own business it is necessary to conduct a similar analysis – to see, in dentistry, which products and services are:

  1. flying out of the door and

  2. contributing the most to revenue and profitability

  3. require the most effort, physically, emotionally

I have further work to do with my own figures – especially looking at the time, travel, preparation and expenses associated with each of these services. A required analysis would be to look at the “average daily yield” of each of the services – how many days did it take to generate the revenues? The common sense answer will be that Mastermind Groups are a much more leveraged use of time. However, one thing I have realised about my clients is that they cannot be corralled into one form of delivery. There are dentists who prefer one or other of the delivery methods (and price points!) and I have to offer a spread of coaching systems to ensure that everyone is catered for – and, of course, its a good insurance policy for my business (and for yours) to have a spread approach. 2010 has been one of my best ever years as a business coach – and Team CB are busy looking at 2011 and beyond. I encourage you to take some time over the holiday period to take a look at your own 2010 results and invest some time in analysis and thought. For now – a huge thank you to all the clients who made this possible – and to my good friend, Canadian business coach Simon Reilly, whose questions prompted the analysis.

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