Eliminating waste in your practice

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There could be several factors that contribute to lower your revenue. Waste is one of the main components that directly affects the revenue of your practice. Therefore, it is crucial to identify the areas that cause waste in your practice and how to control those areas. Listen to this episode to discover how you can eliminate waste in your practice.

Business of Aesthetics by Naren Arulrajah

Key highlights

Background on Thrive Aesthetics and Anti-aging
Picking the 5 most important categories of expenses and controlling them
1. Staff/payroll
2. Rent
3. Disposables
4. Capital equipment
5. Consumables
Payroll
1. What are payroll expenses?
2. What does it include?
3. Tips to make it efficient
Rent
1. Importance of choosing the right location
2. Visibility of your location
3. Negotiating with landlords
Disposables
1. Managing little expenses efficiently
2. Group purchasing contracts
3. Keep your other expenses in check
Capital equipment
1. What is capital equipment?
2. Importance of establishing an equipment line of credit
3. Financing equipment
4. Opportunity value of the equipment
5. Why do you need to partner up with a good equipment finance company?
Consumables
1. Why is it a gross expense?
2. Why are these difficult to tell?
Why is this a worthwhile exercise for your practice?