E640 | The 5 Areas To Reinvest In Your Business

In this episode, Danny and Yves dive into the topic of reinvesting in a physical therapy business. They highlight the importance of reinvesting for not only tax advantages but also for the growth of enterprise value over time. They outline five main areas in which business owners can reinvest their resources.

The first area they discuss is knowledge. Danny and Yves emphasize the significance of continuous education and mentorship in improving one's own skills and abilities. They stress that this is the safest investment one can make, as it cannot be taken away.

Next, they talk about expanding the physical space of the clinic. By accommodating more staff and patients, businesses have the opportunity to generate more revenue. This is an effective way to reinvest and grow the business.

Hiring the right people is another crucial area to reinvest in. Danny and Yves explain that by bringing in staff such as clinicians and administrators, business owners can free up their time and focus on strategic aspects of the business. Additionally, these individuals become advocates for the business.

The hosts also emphasize the importance of investing in technology and equipment. They mention tools that can increase efficiency, outcomes, and marketing opportunities, such as blood flow restriction equipment. By investing in these resources, businesses can stay competitive and provide better services to their patients.

Lastly, they discuss the option of outsourcing specialized skills to vendors. They recommend working with fractionalized service groups in areas like marketing, accounting, and financial planning. This allows businesses to plug expertise into their operations efficiently.

Throughout the conversation, the hosts stress the importance of finding the right vendors who are specialized in the industry. They highlight the benefits of reinvesting, including tax advantages, enterprise value growth, and the opportunity to focus on relationships rather than just business.

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Podcast Transcript

Danny: [00:00:00] Hey, real quick before we get started, head over to Facebook and join the PT entrepreneurs Facebook group. If you haven't done so yet, we have monthly live trainings going on there. There's an opportunity for you to join in the conversation instead of just listening to what I have to say on this podcast, as well as the people that I bring on.

And it's a really cool place to join about 6, 000 other clinicians that are. Honestly, trying to change the landscape of our profession through these cash and hybrid practices. One other thing that's really cool is we have a guide in there. That's a quick start guide. When you join, you can go and check this out.

There's about seven videos that we've curated that are the most common questions we get in the best case studies that we've found to really help you start, grow, and scale your practice up to seven figures. So if you haven't done so yet, head to Facebook request to join the PT entrepreneurs, Facebook group.

You have to be a clinician. We're going to check you out. We don't just let anybody in, but if you are. Hey there, go ahead and get signed up. We'd love to have the conversation with you in that group.

So here's the question. How do physical therapists like us who don't want to see 30 patients a [00:01:00] day, who don't want to work home health and have real student loans, create a career and life for ourselves that we've always dreamed about? This is the question. And this podcast is the answer. My name is Danny Matei and welcome to the PT entrepreneur podcast.

What's up guys. Doc Danny here and Eve Gigi with. The PT entrepreneur podcast, and we're going live in the PT entrepreneurs, Facebook groups. If you're not in the Facebook group, head to Facebook, look up PT entrepreneurs. We don't know how to spell it, but you can look it up yourself. It's hardware to spell, look it up, request to join.

We'll check you out, make sure a clinician. And then we'll add you to what we have going on. It's a cool space. Got about 6, 000 other clinicians in there that are all helping each other out. And [00:02:00] we get in here and we try to teach. Usually once a week. If you're listening on the podcast over there, if you're in the Facebook group and you want to listen to the podcast, you can listen to it on iTunes, Spotify, wherever you like to listen to that today, even I, we are talking about the best ways to reinvest in your business.

And, it's funny when I thought about this, I thought to myself. We don't really talk about this much and yet it's the one thing that I wish it's the one thing I did, I really didn't understand. And I feel like a lot of the people that we get a chance to work with don't really understand early on, because usually you think of what something costs as that a cost of liability, right?

Like something that's going to take away from what you're making. Because. You don't have, you don't have the same ability to reinvest in your, yourself and your personal life, like in your your personal goals and finances and things like that. The same way you do in your business. And there's some unique tax advantages associated with that [00:03:00] as well, that make it a real strong case to want to reinvest as much as you can afford to in your own business along the way.

And the longer, the more you can do that and the longer you can wait, the faster your business grows and the bigger it tends to get along the way. We'll talk about it today and it's not your traditional 401k, put money aside for retirement or whatever it is that you choose to be. This is not what we're talking about from a reinvestment standpoint.

This is going to be different than that. It's going to be very tactical. So hopefully this will help you really make better decisions about where you should be putting money and allocating money. Into your business so that you can really help it grow as fast as possible. Anything to add Eve?

Yves: Yeah, I think it's a good way to start and set the tone of the podcast, because when people think reinvest, almost everybody goes to. Stocks, maybe real estate and things like that. And[00:04:00] we don't really focus on enough and it will, it definitely is a change. I see the change in a lot of our mastermind members too, of like really understanding that the best place to reinvest Could be not always, but we're going to talk about how we feel for sure is in yourself and in your business.

And that is a big switch that some people make definitely that needs to be made. If you go from employee to entrepreneur,

Danny: that brings me really into great segue into the first area that I think everybody should reinvest and that's in knowledge, right? And that really you said it slightly differently.

You said it in yourself. So you can look at this any way you want, but really it's your skills, your skill sets, your abilities to be able to do the things that you want to do. And I like to think of it this way. Let's say you have decided, okay, I'm, I want to play golf, right? You say, all right, I'm going to learn how to play [00:05:00] golf.

And you go out and you buy yourself the world's greatest driver. Whatever that might be. So you drop five, 600 bucks on this driver. That's just amazing. And it's made out of this spaceship material or something like that. And now you have this club that. You could theoretically smack a ball 300 plus yards with, right?

But you go to the driving range and you swing it and you dribble a ball 10 feet and you do it again, and then it goes a little further and it's nowhere you're aiming and you get frustrated and you're like, this club sucks. The club doesn't suck. You suck at golf because you haven't actually learned the skill yet.

So if you have this is why you have to earn the right to have these sort of growth periods in your business and you don't deserve to, if somebody just gave you a functioning business that was making a few million dollars a year and you had no idea how to run a business, you [00:06:00] would ruin it.

You would ruin it. It's why you can't just step into those things. You have to learn how to actually run a business, right? And if you don't understand how to start, grow and scale a business, the very first thing you should do before you do anything else that we're going to talk about is improve your own knowledge and your own skillset.

Because if you don't, it's like buying a driver and not knowing how to swing it.

Yves: Yeah, I think this is an analogy used quite a bit, and it's on the same vein. When people struggle with marketing and sales these is these we talk about a lot. These are these first kind of two essential skills, maybe mindset as well.

Things like that, that people get frustrated really easily. And what I tell them is Hey, first time you did an eval. Like, how did that go? The first time we did a clinical evaluation do you think that went really well? And they're like, no. I was like, why are you expecting the same thing when you ask somebody for [00:07:00] 200, or have to answer the insurance question or have to learn how to market yourself, to referral sources.

And it's the same thing, right? Like you've got to, Invest the time and energy through mentorship, reps, experience, all the things you did clinically, right? So you've got this superpower, you've got this amazing clinical ability, but when you don't have as you don't have, let's go with the golf analogy.

You have a really crappy clubs, like you've got to invest the time and energy to improve your skillset. And it can't get there, but it takes a lot of time and energy to do it. That's just the bottom line. It does.

Danny: And, the. The other reason I would say this is the very best place to start is it, of all these other things that we're going to, that we're going to go over, all these other things can be taken away from you.

Like you can have things that happen in your life that maybe you have no control over and these other things can be taken away, [00:08:00] but people cannot take away your skillset, like not unless there's a catastrophic injury, if you can't use your brain, that's the only reason that this isn't going to work.

But you could take for instance, if Eve say, even I, someone's I'm taking everything away from you and I'm going to put you, you have to go to a another area and you have to start all over again. I feel very confident that whatever business it is that I decide that I'm going to start and grow or become part of, I have a skillset that is valuable that I can apply.

And I can get back to where I am today in a relatively short manner, a hell of a lot faster than what it took me to this point. And it's because I've learned these skills. I understand information that is leverageable. It's valuable. And it's something that no one can take away from me at all.

So that that's a really important thing to keep in mind is like when you invest in yourself. It is very safe. It's very secure. The only time we see people get a [00:09:00] terrible return on their investment is if they lack the desire and the willingness to actually put in the work to apply with their learning.

This is, and it's not that common because most people don't like to waste their own money, right? If you went to, if you went to PT school and you just didn't pay attention at all, you didn't learn anything. And then you're like, yeah, I don't really want to do this. I'm not going to listen to anybody.

You'd be a terrible PT. You probably wouldn't pass the boards and then you would have wasted time and money. No one's really going to do that. They all want to try to. Utilize what they're spending their time and their attention on. So that's the only time you've seen is very rare. It's almost never really happens.

So as long as you're willing to put in the work, then it's probably the safest investment you could possibly make. Yeah, I think,

Yves: That's just so true. I remember a conversation we had way back when, and as PT biz was growing, you were. reinvesting a lot in yourself and your sales skills and communication skills.

And you're like, even if PT biz, like potentially doesn't do well, I have this like amazing skill set. Or maybe even we're just talking about Roger or somebody else, [00:10:00] like you have this amazing skill set that you could take to any, almost any other business and be super successful. And because you just know how to communicate well.

You know how to be persuasive, you know how to get people to buy and like, how valuable is that? And I was like, man it's it's probably one of the times where I really realized like all these skills that we have built, by default, not necessarily because we thought, oh man, this would be really awesome if, if my business goes under, I can do all these other things, but by default, it has forced us to learn all these things that are so applicable to other areas, and it's been.

It's been huge. And I also think like this is also which I like we're attacking this first. This is also the foundation or if you want to use downstream, if you don't do this first, it's good. Everything else gets so much harder. So this is typically the thing you have to attack first, make this foundation really big.

And this is something that you'll never hopefully stop doing ever. Hopefully you'll always be. Continue to build your skill set, learn more things, and we've talked about this a lot. Entrepreneurship forces you to do that. I was talking to somebody today. It's cool.

You're really good clinician. All [00:11:00] right. You understand how to add. Which we'll talk about later, people, equipment, space, all these things, but now you really need to learn how to leverage your time better. Really nerd. You learn this new skill of CEO and leadership and

Danny: management, yeah, I completely agree.

And the other thing too, is really with all of these, and this is probably just a key concept to understand, and it has to do with when you look at. When you look at reinvesting in any of these areas, this could be what we're talking about with your own skillset or any of the other things we're going to talk about, you have to understand that the way in which you are, the way in which you are taxed as a business has to do with.

What money you have left over at the end of the fiscal year. So the end of the year, let's say at the end of the year, you have 100, 000 in profit. Now let's say you didn't pay yourself a dime the whole time. And so you have this [00:12:00] 100, 000. You can say, sweet, I can take that 100, 000 and that's mine. I'm going to, I'm going to take it and I'm going to put it in my personal checking account.

If you do that, you'll owe taxes on. All 100, 000 of that money. So your, whatever your tax bill is, let's say it's, let's say it's two or 25, 000. Let's say it's 25%, right? Let's say you only needed 50, 000, to live for the year. And and especially if you can live as frugally as possible off as little as possible early on your business.

I think this is really one of the keys when I look back on how quickly we were able to grow and scale. It was because. Ashley and I were basing our finances were basing what we were spending money on off of what my salary was coming out of the army. So as a captain in the army, I was making a certain amount of money.

And once we got to a point that we could pay ourself that we didn't pay ourself any more than that for four years. And. So I pay myself the same salary, a little same [00:13:00] salary that I was making, and we were making far more money than I was whenever we were in the military, because I wasn't spending all the money that I was making in the military either.

We're still saving money, so we didn't move the goalpost. We stayed where we were at, so all the extra money that we had went into primarily reinvesting in our business. And here's what you got to think about that, say, the same 100, 000 example. Let's say you can live off of 50. So now. You're spending 50, 000 on something that's going to increase your skill set or increase the enterprise value of your business.

Let's say you can reinvest in a space. Let's say you can reinvest in technology that adds predictability and systems to your business. You're adding what's called enterprise value. Enterprise value is what your business is actually worth if you were to sell it. At some point, which we both have done.

So it's you can't see it on paper. You can see it, but it's not going to show up on your, balance sheet or on your retirement account, the way that you would look at like a 401k, but you [00:14:00] can value those businesses and the bigger they are, the more profitable they are, the more systemized they are, the more.

Yeah. Valuable. They are the more enterprise value they have. So if you can take that 50, 000, you can put it into something that's going to get you, let's just say a two to one return on that money, which is very easy to do. Whenever you're looking at reinvesting your own business, you're paying. Now you're paying half as much money in taxes.

So you're paying 12 and a half thousand dollars instead of 25 or probably less because you're in a lower tax bracket, probably closer to 10. So you're saving yourself 15, 000 on taxes. And you now just have increased the enterprise value of your business. By 100, 000 plus you save 15, 000 in taxes. Why in the hell would you not do that?

The only reason you wouldn't do it is because you don't fucking understand it. You don't understand that it's the most, it's the most unfair advantage possible when it comes to finances. This is probably the most important thing you can understand if you go into business for yourself. There's risk.

There's a lot of unknown. You don't know what's going to happen there. The government is granting us the opportunity to have the most [00:15:00] impressive tax advantage you could possibly have. If you're willing to reinvest in yourself and put that towards things, you're actually grow your business. And you do that each and every year.

And the more you can do that, and the more you can put that into things that are going to predictably help you grow your business, the bigger your business gets, and it doesn't get taxed at all along the way. There's nothing else you can have with that besides a building that you might own, where there's growth, that building doesn't get taxed until you sell it.

Same thing happens with your business. So if you understand the rules of the game, if you understand the nuts and bolts of what we're talking about on the financial side, it's like, why would you not do that? Unless you literally couldn't because you didn't have. You had a lifestyle that didn't allow you to, put that money into something else.

That's the only other reason why. So hopefully that makes sense because if you can take anything else away from what we're talking about today, that very well might be the most important thing that you understand.

Yves: Yeah. I love it when you get fired up by the way. I just saw that slowly build and just, hit the peak and then come back down.

That's a, the other way. In listening to that, the other way I look at it, and I can even [00:16:00] speak to some of my own views or things that I've done, is you can go to vacation to Orlando, Florida, if you'd like to, right? So you can take this 100, 000, put in your personal bank account, go to Orlando, go on vacation, you're going to get taxed for all that money, or you can go to, like we did, a ClickFunnels conference in Orlando, Florida, that is, A business write off get, you don't pay for not, my, my trip to Disney may not get paid.

You can, you can't share a a rocket with your friend, Danny, and be right, right behind each other. Get a little too close.

Danny: Oh, I remember that, that was a listen. Yeah. Backstory. So people understand what we're talking about. That was, we went to the ClickFunnels conference in 20, what was it?

18. And they had magic hour time that we had a long conference and it was like, from like midnight to two in the morning or something like that, or maybe it's 10 to two. And we thought that one's going to be here. It's so late. Who is going to be here? It was as busy as I've ever seen it in my entire life.

The couple of times I've actually been there, it was [00:17:00] so busy. And the only damn ride we could get on was a little. Little rocket ride in future land that just goes super slow around and we put our name on the list assuming this is a single person ride and we go up there and it's not it's a two person ride and we had to sit back like right behind each other like we're riding sea dues and just such a funny.

Awkward, unexpected moment at this place. But to your point, yes, that was a business trip. Like we went down there for a marketing conference and and it's true. Like when you look at like the leverage, leveraging your business to do things that go places that you want to go. How can you engineer that in a way that, that allows you to do that?

Now it has to actually have something to do with business, but if you can mix the two together, man, it's a great way to, to be very efficient with how you're traveling.

Yves: Exactly. Way to really nail that. That's where PT entrepreneurs was born or if you remember, like that is where literally we started that Facebook group while we were there at that conference.

So obviously very impactful and that magic moment just solidified our relationship. And here we are, seven, almost seven [00:18:00] years later,

Danny: The other thing was in front and he was in back. I can't remember. I can't remember either. , is that that's actually an important I feel like I was detail, but I'm not sure.

You might've been. I don't know. My legs are shorter. You got longers and legs. You need more. I could see over your head because I knew I could see where we're going. Yeah, that's great. We should jump on a scooter sometime and see which, where you know, what works best, what works, who,

Yves: yeah.

And the other thing to think about too, and a lot of our, mastermind members think about this or I hope they do right. They're obviously paying for continue education with us and learning. And now all of a sudden that is a business write off for them, right? That is something that they can leverage and they can leverage.

All these skills are getting like they're reinvesting in themselves. And you can. Learn all these skills that only like Danny said, provides enterprise value, provides value to your base of knowledge and who you are and moves your business forward, increases the amount of cashflow you get today.

That is three things that has a huge impact, that you could do. Literally right now, if you want it to,

Danny: not only that, but like they also, it pays dividends. Like [00:19:00] I, I forwarded you that email that we got from a client. We had the mastermind a couple of years ago in the Chicago area, so I won't say his name, but in the Chicago area.

And we were working with them he was building a mobile a mobile practice in the Chicago area and was doing well. And he just emailed us a couple of weeks ago. And I love seeing this stuff because it's just so cool to see people that we've had a chance to work with and we don't have to work with people forever.

That's the other thing. It's this is how it's supposed to go. Like we're supposed to get a chance to work with people and at the right time, like they can take what they've learned and they run with it. And he emailed us and he was just basically just, catching us up on his business and was basically just saying, Hey, just want to say thanks to you guys for what I learned.

And he's taken that business. And now this year he's on pace to do like a million and a half dollars with with this sort of like mobile practice that he's just really grown and grown consistently and apply the things that he learned is basic business skills. And I'm sure he's learned more things as well, not just from us and applied those on top of it, but he sent us an email just saying Hey, this is the foundation of what I learned on the [00:20:00] business side.

It helps so much. Here's where I'm at. I just want to let you guys know, I'm very thankful for my time with you. And we love seeing that. It's so cool because. It should pay dividends going forward. If you do the right things, it's going to compound and snowball. And and those what's the true value of those skills that you learned, it really depends on how far you take it, and what you want to do.

And that's, what's so cool about it is you don't even know what the ROI is going to be. If he had, if he was to add up all of that, and figure out what his return on investment was, it would be astronomically high. It would be higher than any investment you could possibly make.

Yves: Yeah, it's if you think about it too, it's almost the least risky thing you could do out of anything, which is applying your knowledge and your skill set to what you're already doing.

For a lot of people, it feels really risky and I do understand why, because it's scary. It's not as tangible sometimes. Hopefully we can decrease some of those, honestly, false beliefs that I had. And now are we still do it to this day? Like we will, but we'll pay a lot of money to learn a new skill set or be around people who, no more than us and can learn, we can [00:21:00] learn from.

It's just not, it's

Danny: just, yeah, I would say every year we've, we. As a company probably spend between probably the lowest in a year, 50, 000 and the most in a year, probably 200, 000 in literally not just for ourself but training and skill development for ourself and for our team. And we just allocate money to that.

We just view it as, this is not a cost. This is an investment. And cause we know we'll put the work in, we know that we're going to apply those things and you don't have to learn a ton. As a group, we're working with this year and literally like one one module of information that we learned helped one of our team members increase what he was doing probably doubled his efficiency.

And if I take that and apply it to the year, just this one thing that he learned that was best practice, it pays for itself. And that's it. If we had nothing else out of it, we're like, cool, we're good. We're good. If we get nothing else, we obviously want to apply more things. But [00:22:00] if we apply nothing else.

We are net even just from that one thing that we wouldn't have known if we hadn't decided to work with that person. So I think knowledge is a big one. You get to understand the tax efficiency side of it and what you're what you're actually getting and the unique advantages that the government affords us as business owners.

And if you're not using those it's really one of the bigger it's one of the bigger things you can do as a business owner, really be as efficient as possible. Cause you're going to pay taxes and taxes sucks. Everybody, no one likes it. You just want to pay what you're supposed to pay and not, more than what you're supposed to pay if you understand how to reinvest your business.

So I would say knowledge is number one. The second big one that most people need, or I'd put, I would say two, two things. These are really the two that people need. Once you understand the game, once you understand how to play, then you need. More space and people in a service based business. We're talking about a, in person service based business.

You scale through people and the physical space to be able to work with them. So you can look at a standalone [00:23:00] space expansion, going from a subleased office that has, one room with it's a 10 by 10 to all of a sudden you're in a 2, 500 square foot space and. Maybe your rent goes from 500 bucks a month to 5, 000 a month.

And that can feel like, Oh my God, my costs are going up. It's so much more expensive, but you also are creating the space to be able to generate far more money. What if you maxed out the most money you can generate in your one office, let's say it's 20, 000 a month. And let's say you move to a 2, 500 square foot space that costs you 10 times as much, but you can generate.

200, 000 a month, right? All of a sudden it's a massive difference in terms of top line revenue and being able to grow that business, which you need. You also need people that are going to build a run systems in your business and fulfill on sessions and fulfill on services that you have. So again, we look at these as costs because they do go towards our overhead and maybe your [00:24:00] overhead goes from a couple thousand dollars a month to.

20, 000 a month. But if you're doing the right things and you're leveraging those assets, which are people in space in your business, you should be able to have your business grow at a significantly, a bigger rate to be able to offset that, and now it's really just. It's a reinvestment that gets paid off of by having the ability to increase your top line and net profit revenue.

Yves: Yeah. The conversation I've had so many times and I see this click happen and it's almost like I can see into the future when people come up to me, you're a solo provider. You're doing okay. Like you said, you understand the game, you're making some money. And they're like, should I hire an admin? What does this look like?

And I already know all they're thinking is this is going to be a cost. It's going to be a waste of time. Like I'm just going to pay all this money and they're not going to do anything. And, the switch that needs to be made. And either happens sometimes when I can just explain it clearly, sometimes they just need to go and [00:25:00] hire that person.

And then they figure it out, but almost inevitably they're like, thank God I did this, right? Thank God all of a sudden now I've got more time to market or I've got more time to see more patients. I'm so much more efficient now. And. That's how you have to think about it. You can't think of this admin person as a cost.

It's an investment. It's an investment in, again, yourself, in your bit, in your business. And the ROI, just like you talked about the ROI being so positive for that person in Chicago, the ROI on an admin can be phenomenal. The ROI that I got almost immediately. When I hired Dane back in the day, like 20 to 30% of my schedule was more full just by putting, bringing that person on and having them communicate with the clients a little bit more regularly and bringing old people back in.

So almost instantly that person paid for their salary and more. And that's let alone, new patients coming in. Again, my ability to go out and market more or increase how many patients I can see. You gotta look at [00:26:00] people. For sure, as investment, not necessarily a cost.

Danny: The only reason that there are costs is if you didn't do a good job training them, or you hired the wrong person, which comes back to knowledge, meaning you don't know how to hire people and you don't know how to train people, right?

So again, it's like you can't hire people and expect them to figure out what they're supposed to do. You're supposed to know what they're supposed to do and train them on it. And even if you don't know, you're supposed to constantly iterate and work towards what that best. System is, have you ever been to a new restaurant?

Whenever they first open up, it's typically when they're at their worst, their menu is still coming together. Their team is still learning how to work together. And if you go to a new restaurant, you're like, nah, this is okay. I'm not really like this so much. You might go back a year later and be like. Oh, my God, this is amazing.

This is so much better because they're gelling together. They're learning what they need to do. They're learning more about, prep and supply chain stuff that they need. So like it takes time sometimes to bring these things together. So with [00:27:00] people, it is, I think, a harder direct ROI conversation to have with people when it comes to administrative assistance, administrative people within the practice because they're not technically service providers.

They're not. They are not revenue producing assets. They are, but they are what we call force multipliers. So there are people that allow you to get time back because they are doing things that are not necessarily, they're not necessarily what you should be doing because you can focus on higher value tasks and your staff can focus on higher value tasks.

So if you hire a staff clinician and you don't have an administrative assistant, you better have. Amazingly automated systems in place that basically offset an entire admin, which is incredibly hard to do. And even still you miss the face to face component of somebody being there. But if you don't, if you don't have that, then you become that person's admin.

So now instead of you focusing on, get driving forward the business and getting more[00:28:00] getting more patients and more revenue. Getting and getting to meet more people in the community, building a pipeline of people to potentially work in your facility, you are sending a super bill. Okay. You ask yourself, which is a more important task for you to focus on putting together a super bill or building out a pipeline of people that are talented.

They are going to build chance, have a chance to work for your company one day. So what you have to think about is when you are, when you're just being Cheap and not hiring and reinvesting your business. Cause you view it as a cost you're costing yourself a hell of a lot more money by doing these 15, 20 an hour tasks and not focusing on these thousand dollar an hour tasks that are way more important for your business.

You just might not. Know what those are just yet. Or maybe you haven't started doing them, but when you free up your time, you had so many good things come from that because you're not a lazy person is going to sit there and just play video games. You're not going to waste your time doing nothing.

You're going to work on [00:29:00] improving this thing that's so important to you, which is your business.

Yves: Yeah. You have to trust yourself too, right? Like you have to trust yourself, which is also sometimes hard, especially in that first transition of I've got all this free time. How am I going to use it wisely?

And I think that's what holds people back to as well. And let's scale this conversation up a little bit too. So another conversation I have a lot is we've got a clinician, they've got a bigger space, they've got multiple providers, they've got an admin and they're still treating all the time.

So it really reminded me what you said. And it's okay, I could make 200. This is how I talk about it. This is applicable. 200 an hour to see a patient or I can spend an hour training my three therapists on how to more effectively sell more packages and all of a sudden now I could do something that generates thousands of dollars, if not tens of thousands of dollars, if not at some point, six figures, right?

Like in training that you do. And so it's now you're starting to think about how can I, okay. Which is a conversation I'm having myself [00:30:00] a bunch is how can I leverage, every hour of my day to have the biggest impact on my business, and my people to really push this thing forward.

And when you think about that, reinvesting in people and in their skill set is a huge transition that needs to be made, which is hard for a lot of practitioners because they're like, I love training and this is what I like to do. But is that where you need to be right now? Maybe

Danny: not.

It could even be clinically, I think that's something that most of the clinicians we work with, they love the clinical side. They chase clinical excellence, they get frustrated in a practice and then they move on to do their own thing and what a great opportunity for you to. Build just a magnificent team of clinicians by pouring into them and mentoring them and having them work together to help improve their own clinical skill sets, like the time that it takes to organize things like that, the time it takes to actually spend co treating or individually working with people on things, talking to them about cases that maybe were home runs and foul balls and things that you do to [00:31:00] really build this like clinically really.

Excellent team. You need time for those things, right? So you can't be the, you can't be the admin. You can't be the only person treating, and you might have to find the balance that makes sense to you, but you definitely need administrative help and you need clinical help. Your staff clinicians, like these people are true.

They're all, everybody's an asset in the business. And what you also don't realize is. And I didn't realize this until we hired our our first admin. And I'd have a few patients every month that would be coming in just because she told them to come see us. So you have these advocates in the community for your business that are going to help you drive more new patient volume, more brand awareness.

Just by having more people, if you have a business that they really appreciate and they think does a great job, man, they're your biggest advocates. They're not, they should be out there talking about your [00:32:00] business because they really believe in what they're doing. And if you have that, I don't know what the cost would be to have people just constantly telling people about how awesome your business is and that this, you come and see them, but it's a, it's worth more than what you're paying their salary if they do a good job of that alone. It's like a hidden benefit that I actually didn't even think about until I started to really calculate.

And I was like, man, Claire, like pays for herself just with new people coming to see us, let alone actually doing the work we pay her for. And so you got to think about that too. You're getting people repping your business and your local community in a much more leveraged way because you have more people that work there.

Yves: Yeah to even compound on that, I had this conversation with somebody else as far as like adding more people and like pros and cons. And a big thing that I've noticed is the more people we've added to our team, PT biz, EFT made to move, like you pick the company, the more. I guess we'll go back to knowledge again, the more knowledge base or perspectives or like different viewpoints [00:33:00] that we get to have in the business.

I've just seen absolutely just elevate the game, made to move especially right. Okay, added Dane, there's just things that they knew that I didn't know, or just perspective, or just having somebody else be like, is this a good idea or bad idea? And then we add. We added Nate back in the day, and there was a lot of clinical knowledge there.

And then we added, multiple providers. And it's just same thing, not only more people talking about me to move because they had their own networks, but also now their skill sets and what they do really well added to the base of knowledge of What made to move goes through.

And the cool part is, and the Ellie and Hannah have implemented this. They do these growth meetings. Basically they take the unique skillset of each of their providers, what they're most interested in. And they teach all the other providers about that. And the compounding of skillsets that's happening there between again, like learning to communicate effectively, clinical tools, taking care of themselves.

Like you just see the whole team just being elevated. And I think that is for me, that was the coolest thing about adding people to the team.

Danny: I think it's also very important to have different [00:34:00] perspectives from people in your business. And this is where it comes down to also you understanding that.

As a person that owns the business, right? You have final say over everything, but I can definitely tell you that if you think that you're right about everything, you're wrong because you are so like, you have your perspective and other people will see things differently. They may have different views or different information because of the way they interact with people.

And if you're open and willing, To listen to people and especially people that are there, maybe their default like wiring and the way that they view the world is not the same as you like there's, for me, I'm not a very operationally driven person, but Ashley, my wife is very, systems detail driven.

She's a great operator. And, for me to be like, no, we need to do it this way and whatever. And not listen to somebody that is just so smart in a different lens. That's you're wasting the opportunity to really have this [00:35:00] like unique advantage of these multiple minds working together.

And it could be the most junior person on your team, the most senior person on your team. Somebody that has the least amount of experience. It doesn't matter because. Ideas and solving problems. And that can come from a lot of places if you're willing to listen to other people and aggregate that information.

And the other thing that's cool that happens with that is when you actually listen to other people, they appreciate that. Do you like somebody just completely discounting you and your opinion all the time? No one likes that. If you can actually listen to somebody, the culture of your business starts to become such an enjoyable place to work.

You have less turnover, you have more referrals for people that want to work in your business. Like we never once had a problem finding staff clinicians to work in our practice ever. And it's because we had a, we have a culture that's fun to be around. We have a culture that like appreciates other people's opinions and is trying to overall try to help the people that we work with as best we can.

You get a chance to build. [00:36:00] These people into a huge asset, which is the culture of your business, which continues to again, compound and drive forward. And you really have to pour into them and put the time into them. And I think that's where people get frustrated when you look at people, because people are also messy, multifactorial, they bring their shit into your clinic, their own personal problems and stuff like that.

And man, that's one of the best and worst parts of a business like this is the people are the best part. And sometimes the most frustrating part at the same time, but in a service based business, you want to scale and reinvest. You got to have them one way or another.

Yves: You couldn't be more right.

Like having people underneath you and managing people. Can be one of the hardest challenges, beyond the initial kind of I'm going to go all in. I'm not going to be employee. I'm going to be a business owner now. That was still by far the hardest transition, but this one is, and continues to be like leadership.

We've invested a lot of time and energy into figuring that out. And there's not much you can do beyond just like doing it and doing the thing and learning from your mistakes, which Both of us had, but also just to emphasize how exceedingly rare we all have had a [00:37:00] boss or multiple bosses who really didn't take into account our say whatsoever.

Maybe we said something. Maybe you weren't even allowed to say something. Even if you did. That person just never listed, listened. So just, I want to emphasize that if you're a leader within your team and you can actually spend the time listening to your employees and like valuing their opinion and letting that help you in the decision making process, like people will notice that and it doesn't mean you need to listen to everything they say, but as in listen, as in take action Oh no, let's do it this way.

And you just do whatever your employees say. That's not what I mean. A lot of times you need to make. The decision to be like, that's, I value this opinion, but that is not why we're doing this. We're doing it this way. And here's why just doing that. Oh my God. That extra effort can be huge in keeping people around and creating a culture that people want to be a part of.

And people can see that, like you said, even if they're not in the business, they know, like that gets around, same thing, like you said, made to move, like we get applicants weekly. It's crazy, but I believe it's because the culture, that we built is [00:38:00] different.

Danny: Yeah. Yeah. And that's, that's what you get to do when you have your business, you get to pick who you're working with and you get to pick how you lead them. You do a good job. It's, you're going to have no problems whatsoever finding people. And that's really on the leader. That there's a lot there. But when we look at. Other more tangible places that you can reinvest.

Another one that comes to mind and another really important one I would say is equipment and technology. For us, I think of something like the the blood flow restriction cops that we got years ago, the Delphi cops from the Owens recovery science. And there's that's, they're not cheap, and even the Johnny Owens, who is owns that company, like he was, one of my clinical mentors as a student at the center for the intrepid. Like I remember doing limb salvage work with him and amputee rehab at the center for the intrepid where he was dialing all these crazy protocols.

And I remember thinking like, What is this guy doing? I've never seen anybody that had so many progressions and regressions for these and was really pushing these limb salvage patients in a really extraordinary way. And as blood flow restriction [00:39:00] training started to, come about, I had classmates of mine from the military that were still in, they were doing this far earlier than everybody else because it was something they were using heavily with Johnny in the San Antonio area and in the military clinics.

And. I remember even reaching out to him and being like, dude, these are really expensive. Why, what is the deal with this? And what we decided was they were worth it. They're the best ones on the market and they were expensive. So it was like 10, 000 for us to get two of these of these cuffs.

But it allowed us to really. Increase our outcomes, especially anybody post operatively like post surgical rehab work that we were doing. Anything lower extremity was did awesome with these. And it really set us apart as a clinic that we could market those and get people in the door. To utilize them.

So when we did the, like return on investment analysis of that that's an example of a piece of equipment that made a ton of sense and actually worked out really well for us. So it can definitely, be equipment or certain things that you're going to need. Maybe it's equipment.

That you're, you need [00:40:00] to run like semi private training in your practice. So maybe you need to build like a little mini gym out, but you say yourself, okay, it's going to cost me six grand to get all the equipment for this gym. If I can train six people at a time and I can charge 50 bucks per person per session.

So now I can add an extra 300, our two days a week. So I was extra 600 a month. Or a week just from from this small group from a few people. And I can't do before how long does it take for me to get break even on that and the reinvestment of it. And so that might be what you need to do, but you just need to be very clear on that.

It's actually going to, get more revenue in the door for you instead of just an extra cost. That's, I think where it can be a slippery slope, especially with equipment and technology as well. Like I can tell you, we've had to do technology audits where we're like, are we paying, what do we need all this software for, and it's we're. Duplicating stuff over and over again, and you have to cut stuff, but technology can also be a massive advantage for you. Anything that's gonna help you with clarity and efficiency in your practice. If you're using a Google calendar and Google documents for your notes, [00:41:00] it's inefficient and it's not professional.

Get an EMR. There's a reason why they exist. It's going to help you save a bunch of money and you're going to look a lot better doing it. So yeah, is it 50 to a hundred dollars a month or whatever? Yes. But how much time is that saving you? How much more secure is that? How much more professional does that look like it's worth the reinvestment.

So these are the areas that I think people products, technology, equipment, these are the things that you can really invest in. But I don't, and I think they are not as big of a return on investment as the things we've already talked about, but still serve a very important purpose in your business as it grows.

Yeah, I think like

Yves: you can break it down. I believe when we talk about equipment and tech stacks into two areas where you were can be super helpful. Number one is just like value, right? So like value to your business value to the clients, to continue on that BFR thing, we went as far just to make sure it was worth the money.

We actually pre sold BFR like packages prior. And it paid for, I think like at least one of [00:42:00] the. One of the units, which was awesome. So we're like, it paid for itself before we even bought the thing. So there's ways to do it. With things like that, not only did it help, we'll help you clinically can get better outcomes.

It'll help us with the sales process. Cause we had this conversation are you adding pet? Are you adding stuff to this? No, it really allows us to help sell more packages. I was like, oh, okay, cool. Huge benefit there. And then marketing. Yeah. It's we are the only company, in South Carolina, I think that had any sort of VFR cuffs at the time, this was five, six years ago.

Like maybe longer. It provides a lot of value. And then you have things like you talked about that help with leverage, so like really does a good job of, you can leverage it. The force multipliers, man, I love that. I'm going to use that a bunch. So an EMR system, and I tried to sell this.

So I know the easiest thing I told people. As a force multipliers, like you're using Google calendar. You're, you have to manually remind your clients. If you just use this EMR and automatically text people to remind them of their appointment, it emails them. What is that worth to you?

If you just have a 20 percent [00:43:00] show up rate, literally this EMR instantly pays for itself, let alone the leverage in your time. And we can say the same thing about HubSpot, right? What would HubSpot do as far as I have to track a lot less. I have all these automations I have in place lab.

Like I literally need, I could replace an admin or at least I have my admin doing maybe more skilled things and I'm leveraging technology in order to, force multiply my admin. And I think that's just, those are huge areas that can just provide so much value. To your business and the value also to yourself and your time.

Danny: Something as simple as Slack is a great example, right? So like we use Slack for internal communication with all of our businesses. We use it with our practice. It's free to cheap, somewhere in that range every single month, but the speed at which you can communicate with your team and you can stay out of their inboxes is totally worth it.

It's just such a better tool to [00:44:00] communicate. So it's in a lot of ways, especially we start talking about technology. It's not just what the technology costs. It's a time cost to learn how to use it and implement it. You have to look at that. But if you know that you have this system that you have, right?

And let's say it's. inefficient, but it's working for you for now. You have to really think about where, what do I need this? What do I need in place to be where I want to be three years from now or whatever, like where are you trying to go with this build into the business that you're trying to go with?

Because if you wait until you are growing to a point that. Like you want to be before you start to reinvest in technology, the headache of switching these things over and, changing all these with more people and things like that, it's so much harder. It's so much worse versus just starting from the get go with the right things.

And even sometimes if there may be a little bit more expensive than you think that you would like, I always if it's up to me, I go with the better. Whatever I think is better and more [00:45:00] proven tool as far as technology is concerned, because. The cost of switching the cost of a company, not being able to fulfill on what they say that they're going to do.

It is not worth it to me to try to play that game to save a little bit of money every single month. So just, you have to be very careful. I think on that side of it, when you're choosing what to reinvest in I definitely think, proven companies, reputable companies that you really feel aligned with that other businesses are using.

That's the kind of stuff that I think you got to keep an eye on as you're looking at the technology side of stuff in particular. Yeah.

Yves: And you always say this too. It's the enterprise value as well into your business when you've got something like a HubSpot or an EMR or Slack and having these systems again, that, that scale beyond yourself or not relying on you and work relatively hands off it just adds to that enterprise value like a hundred percent.

So not a lot, not all of us are systems driven, like building SOPs yeah. But these things can literally help you start building that stuff out, and I love what you said, because a lot of people will go for the cheaper [00:46:00] version of things, and sometimes it might be okay to start there, but when you look at, I want to grow this business, I want to scale it.

This is what it looks like three to five years down the road. It's almost always, at least in the game now, it's. Almost always better to go with that proven kind of system, something that really will scale with you, it's not going to break after you've got multiple providers on there, really good example of this is it's still a problem in our space is Google voice and sideline, like a lot of people use that.

Or they use your own personal cell phone number kind of solo. And then they've got to go to this next thing and they've got to go to, dial pad is much more expensive, but it's more scalable. I think always trying to invest in something that you think will be a better long term fit, makes more sense.

It does.

Danny: Yeah. This is the cost of switching. It's so difficult and stressful that it is just not worth it because it makes you so inefficient for such a long period of time. The last area. And then we can summarize everything is what we call vendors. So [00:47:00] vendors are basically fractionalized service groups.

If you were to think of this on the marketing side, let's say you want to get help with your marketing and you want, you don't want to do it all yourself and you want to get someone to help dial in your, your marketing plan and implement utilization of certain technology or whatever it is that you want help with.

You can do one of two things. You can either do that yourself. If you feel like that's the best use of your time. And I definitely think early on, that's one of the most important things to really focus on and get that very clear. You can hire somebody internally. It's going to focus on marketing and that would be people.

So reinvesting in a person as an asset. But you might be at a point where it makes no sense to have somebody that's a full time, marketer on staff, like a chief marketing officer, or just like a general marketing role within your business. And you might want to outsource that work and in [00:48:00] what we call a fractionalized way to another company.

We, this with part of what we do with physical therapy, BS. With marketing to a vendor. So we use an outside group that has a specialization in forms of marketing that we are not as good at, and we leverage them to help us on the marketing side with certain things that we're doing and it's cheaper for us.

Then it is to hire someone of the same caliber to work for us full time because that agency, that, that vendor can leverage their time and work with multiple companies and fractionalize their time between them. You see this with things like marketing is probably like the easiest example, a lot of.

Businesses will go and get what's called a fractionalized CFO or chief financial officer. It may make no sense whatsoever for you to for you to have a CFO to project your finances and cashflow. And it's dude, listen, if you have a, even if you have a million dollar business, it's [00:49:00] probably not worth your time.

It's not worth having somebody that's going to cost like a couple hundred thousand dollars in your business because it's just like overkill versus you get a fractional CFO. Or in some cases, great example would be an accountant. You may not need a staff accountant that's doing everything internally.

So what do you do? You hire an accounting agency and they keep your books and they, meet, they meet with you on a whatever recurring basis. And then they do your taxes. So they're not your accountant. They are an accountant for a bunch of other companies, but you're basically sharing the cost of one of these service professionals that you need, but you're not big enough to have them, internally.

So these vendors can be a really great way of getting specialized skills without having to. Go through the whole process of hiring somebody on and the HR side of all that and managing that person, like directly you have these professional agencies and vendors, they can do a great job and really, they like bolt onto your business in a really fast way.

Yeah, I,

Yves: I've somehow [00:50:00] gotten away with, let's call it 15 years in entrepreneurship or close to never really having to do my own bookkeeping. I do my own personal budget. I do my own, but like literally before I even had a business at a friend of mine who was an accountant and, I told him, Hey, can you do my books for me?

I have no desire to learn how to do quick books. I have no desire how to do any of this. And then I had Dane after that, who helped me. And now we've got obviously a group that helps us, it's way more complicated now for me with multiple businesses, but, I. Outsource that from day one, and I think that was so useful for me because of the time and energy, the life that would have sucked out of me in order to do QuickBooks would have just been, it would have slowed me down. I probably wouldn't be in business. There's not even numbers person. Like I like projections. I like looking at P and L's, but data entry and accumulating that and consolidating credit cards.

Oh no, thank you. So yeah, I think that the power of these vendors and outsourcing things. Can't be understated, I think [00:51:00] again, it seems to be like, Oh, the theme of this is leveraging time, but that was huge for me. And then also let's take another example of like graphic design, like Fiverr, like that's literally, that is a massive business, right?

Like outsourcing this and VAs and things like that are absolutely huge, and I really think that. If you can leverage those people like the money that you're saving, like a full time graphic design person doesn't make really sense for anybody, so like the amount of money that you've saved just to do these kinds of one off projects.

And that probably wasn't even possible, before. So that is just so much more doable. Now these kinds of freelance workers, I feel like you can be a pretty lean business and outsource a ton of stuff, which could ultimately make you. A lot more profitable too. And the other side effect too is it gives you a chance to try out things, like in other businesses, EFT, like we didn't need a graphic design full time.

So we, we did as part time person, but eventually got so big, we needed a full time person. So it was like a perfect segue to even understand, call it [00:52:00] a virtual admin until you need a full time. There's so much ways to, I think, leverage that in a positive way. And it's it's so cool. We have that ability nowadays.

Danny: Yeah. Yeah. And it's, I would say it's a great. It's like a good win because for a lot of people that are in these different, service industries, they might be a bit more entrepreneurial and they might want variance and be able to do a really good job with a number of businesses.

So for them, it's great. Cause they get a chance to work with, however many businesses they can support and you get. Really talented people for the amount of work that you need for your business. And it can scale up and maybe it does move to where Jeff's, you have somebody in house, but I think just like a bookkeeper is just such an easy example, right?

Probably one of the very first vendors you need is just somebody to run just to do your books. It's probably going to cost you, a hundred to 200 a month, somewhere in that range, or maybe a little bit more if they're really good. And. They just keep track of stuff in your business in terms of the accounting side of things.

So that way, when you hand it off to an accountant, they don't have to try and. Fix all these mistakes or whatever. Like it's really [00:53:00] a huge return on your investment and your time and your mental bandwidth, right? Like you said, you just be exhausted and you probably putting it off to the end of the month.

Then you have to catch up on everything because it's just not something you like, so that's a really good example of a vendor. Yeah. Design stuff, all kinds of different things. But what's cool about these vendors now is. You can find them pretty easily. You can bolt them onto your business really easily.

You don't have to worry about the tax side of things with them because they are contractors. So you're not paying payroll taxes for these people. You're not having to worry about, your human resources, work, comp, all the stuff that goes along with that. All you got to do is just bolt them on.

And then if you don't need them, or if it's not going well, then you let them go. Or if you find really good ones, you might have a very long working relationship with them, which is a great it's that, that's a great win in its own right. So vendors are great because it allows you to improve the speed in which you're growing and it allows you to get really talented people for a fraction of the cost, but also a fraction of their time than having that same person that.

To be honest, you [00:54:00] may not ever, you may not even be able to hire cause they, they may not be the kind of person you can hire full time and you get that effort and that knowledge base plug right into your business.

Yves: Yeah. And it's also, which I think is another sneaky thing. It's easy to move on to, right?

Like hiring somebody full time. And then eventually firing them has been very difficult for a lot of people as it should be, right? Like it's a tough decision to make. So now it's Oh, cool. This worked. Oh, it didn't work. Now I can move on to a different, like social media would be a really good one, right?

I can hire a social media manager or video editor, but I can also like pretty easily move on to the next person bookkeeper as well. So I think that's another, just like sneaky way that It just, it makes things easier, which is ultimately what you want. Cause again, firing someone is not fun. Now it's just like, all right, I can find the best person that works for me.

And I can also try a couple of different ones, trying a couple of different EMRs is painful and terrible. I did it. I've used almost every single EMR that is out there. That's not fun. But the transition with vendors is a little bit easier.

Danny: It's easier. And I'll give [00:55:00] one more like super relevant example for the community that we work with.

A lot of the people that we work with Jeremy DuPont with patch. He just was on he'll be on the podcast coming out this week. He's been on before, and you're talking about somebody that is when it comes to internal marketing in particular. Email marketing and making sure that you're remarketing to your internal, asset list, the people that you've worked with.

And it's like such low hanging fruit for people to know what they're doing. And such a untapped resource of people that don't know what they're doing and organizing everything in your business on the backend, like that right there. It's it, what it should come down to when you hire a vendor is you're looking for somebody that has a unique.

Skillset that is going to take you a really long time to develop yourself that has knowledge base of your industry and can show an ROI on what they're doing. So for instance, when we look back at some of these campaigns that Jeremy has been running with patch, like to be able to do remarketing campaigns[00:56:00] that are basically like almost every single time, somewhere between 40 and 60, 000 of re recaptured revenue from prior customers.

That is such a huge win without having to spend a dollar on paid advertising that all comes from proven systems that somebody's dialed in and they're implementing on your behalf. So you just have to do the return on investment on that. What does it cost per month? How much can you expect to get back?

How much time savings do you have? And then that's how you make the decision, right? So you're looking for things like this to reinvest in, because if you can take. Let's call it, 1, 500 bucks a month and you can reinvest in something that's going to help you make an extra 10, 000 a month over the course of a year.

Do you take, do you do that if you could go to, if you go to a slot machine and put in 1, 500 and pull the, the handle, and then it gave you 10, 000 back, like how many times would you put 1, 500 back in and pull the handle probably every time you possibly could. So that's a great example of somebody.

And if you want to see. What that [00:57:00] vendor looks like, go to get patch system dot com. And you can see what he's doing. And as an example of a vendor that, that we've worked with, that's a really dialed in one because sometimes that's the hard part. The hard part is like, who should I work with that, especially on the vendor side, because there's, it's so hard to tell if someone.

It is reputable and that they know how to actually get your business results. I've worked with a number of local marketing companies that didn't work out. I had three that just didn't work out. And a lot of it was, they didn't know a damn thing about my business. They were just doing these general techniques that were getting a bunch of trash leads and traffic to our website.

And it wasn't helping at all. If anything, it was creating a problem for us because we had a bunch of just trash people we had to have conversations with. They're just like, this isn't even close to the right fit, and it ended up wasting more of our time than anything else. So just as an example, that's probably a great one.

If you're thinking about where does this fit? Aside from bookkeeping and from design or, whatever else you need help with on the financial side. That's a really good example of a relevant one [00:58:00] that, that we see work to this day.

Yves: Yeah. I still think it's really awesome.

When you look at these vendors, word of mouth referrals is still the best way, right? Like I've got somebody who I trust who's used this already and they've done that. Okay, cool. This is going to be a good experience. This is how I've done like the amount of people that I've sent to a friend of mine who owns like an insurance company for like business insurance, or like a website person. I think it's the best way. Okay. I've got somebody they've proven it. It's worked for them. This is a similar business. Awesome. Let's do this. As opposed to somebody more generic, right? Oh, I'm an accountant for, see, S and P 500 companies that are worth millions and millions of dollars, as opposed to, I work with small businesses or I've worked with medical small businesses.

Like you're obviously going to get a way better result. And I've used this person. Oh, cool. That's the one I want to go with.

Danny: Yeah, that's a great point. Like being specialized to an industry and a specialized knowledge base is probably the most important thing [00:59:00] because yeah, you could have an accountant that's I build tax structures for, billion dollar C corpse.

And you're like, Oh, that sounds. Impressive. But I have a small physical therapy practice and they have no idea what you're like, what to do with your business because it's not in there and he just doesn't make any sense for them because they're dealing with such far more complex problems that they don't know the nuances of these other areas.

And vice versa. If somebody is like, yeah, I primarily work with cash based practices for accounting and it's like BP oil calls them up to do some sort of mergers and acquisition. He's gonna have no idea what you're talking about, right? Like it has to match what your business is. And yeah, so I agree. I think the vendor.

Referrals is actually really helpful. That's where I've gotten a lot of these myself and it's like trusted resources and and other business owners is is where we see a lot of that. Let's do this. Let's summarize. Cause we got five main areas. So if you're gonna reinvest in your business, number one, realize there's a unique tax advantage there.

There's a unique advantage for you for wealth building net worth building. When it comes to the enterprise value of your businesses over [01:00:00] a long period of time. So it's worth doing if you're going to get an ROI on that. So knowledge is the first place, don't just go buy an expensive golf club, learn how to swing it first and then get that bad boy.

Number two is space. So having the space to see more people to have more staff. Number three is people having the people to fulfill on services and help you on the administrative side to get your time back and make you more efficient. Number four is technology and equipment. So bolting these things onto the business.

To increase efficiency to increase revenue opportunities. And number five is vendors. So external specialists that you can bolt on to the business that can quickly help you add specialized skills. That would typically take you a much longer time to learn yourself. And most cases, probably not worth learning, but you need to find the right vendors that fit your business and have a skillset that.

They understand your business, it can really help them. And if you can do that, those are the five areas that you'll get a reinvestment or a big return on investment. I should say in your business for every dollar that you put into it. That's the goal. We want to reinvest in the business. [01:01:00] We want to let it grow and grow.

And then you have a choice, build a business to a point where you can either say, okay, cool. I have this entity. I want to sell exit and have this, windfall of money, potentially life changing money. Or you can say, Hey, I've dialed this thing in so well, it's taking me like five, 10 hours a week.

I'm cool with that. I'm going to, I basically created my own retirement vehicle. This spits off, thousands and thousands of dollars of cashflow every single month that you can decide, all right, cool. This is what I want to do from now on. Or maybe you want to move on to something else and autopilot that business and leave it like that.

You can decide what you want. Either way you have to reinvest because if you don't, it's just going to be you in a room by yourself, treating people until you're sick of it and you don't have a business, you have a job, which is okay if that's what you want, but just know that. Like you're going to that with your eyes wide open, you've created a job for yourself.

If that's what you want, cool. If you want more than that, and you want a business that is really functioning without you, it's going to take reinvesting in the right things.

Yves: Yeah. And that's the goal, right? Of all these live streams, podcasts is just, I want everyone to make really informed decisions. I [01:02:00] want you to learn from the stuff that, that we've learned, the mistakes we've made and go into it, like you said, eyes wide open, you know?

And when you look at these to add to this, I think what kind of skills people space, like what kind of lens can I look at to make sure that I'm picking the right ones? And it goes back to what I said before, as I was thinking about it, it's like, how did these, how does it provide value? To myself and to my business, and to my people and how does this create leverage for me? And it also always comes down to time and kind of what Danny said is it a force multiplier? What does it look like? And if you can look at those things, man, this is adding a lot of value to me and my business, and this is, allowing me to leverage my time.

My resources in a positive way and like those things max out like that's typically where I would go right because you do have a lot of options. But, I was like, creating frameworks and I'm building a framework almost as we talk, but I think, that's a great way to look at and decide, like, where am I going to go with this stuff, and [01:03:00] how can I know that this is worth it, like, where's the ROI, and how.

Why does it make sense for me to invest here? Because I think not only do we need to lay out all these different ways to reinvest, but also how do we, lack of a word, convince y'all that it makes sense to do this. And thinking about it in this way cause I want everyone to move their business forward and is a great way to look at it.

And

Danny: I think about it sometimes and it does it does get frustrating sometimes when you see people that are, they're just like, they're working really hard and they're trying to do everything on their own. And they're trying to learn everything on their own. And I know what that feels like because I did the same thing.

And if you're being honest with yourself, it's probably your ego. It's probably the fact that you don't want to admit that you don't know something that you don't want to admit that. You need help with something and that there's a far more efficient [01:04:00] way with. Much more certainty about getting where you want to go.

And it took me making like almost a mistake that damn near, ruined our business before, I had to sit down and be like, dude, you, this is crazy. Why are you doing, why are you killing yourself and making mistakes that could ruin your business instead of figuring out what you don't know?

Because clinician. That's it. I didn't go to school to learn how to be a business owner that happened to be a clinician, but I put myself in a place where I figured, Oh, I can just, I'm just going to piece this all together. How hard could it be? It's really hard. It's very hard. And I see this in other people.

And I, sometimes I just like. I wish I could just like shake them and be like, dude, wake up. Why are you doing this? I know you think that spending money to like, learn a skillset, like what we help people with, that we, what we teach people on how to actually run these businesses, just want to [01:05:00] shake him and be like you are trading.

The one thing you get no, no more of you literally get no more time. We all don't know how much we have, but we know it's finite. You are. Trading that for dollars that are literally, you're going to get more of them every single month. And then with a skill set that improves your business, it's going to be more of those.

And it's just the fear of either they're making the wrong decision, they're working with the wrong people, or the fear of them if you're listening to this, the fear of you not actually being able to do it. That's, I think, what scares a lot of people off. It's oh if I do learn this information, I'm still incapable of it.

That really sucks. That's hard. That's a hard pill to swallow. So you can say if I never learned this, I learned on my own, like that's why it's taking a long time and slow or whatever. And you can just blame it on that. But if you get help from people that have helped hundreds of people grow their practices, the person you can blame, but yourself and doing the work that you know, works over and over again.

So I think that scares a lot of people off, but you got to [01:06:00] really look in the mirror and ask yourself are you willing to trade out time for. Fabricated resource of money that just buys us our time back that just proves value to other people. That's all it is. And if that's what you want to do, cool, we're going to be here for a long time.

We'll be around when you're ready. We're here. We're in no hurry. But if you're listening to this and you're like, man, this is dumb. You're right. Like I'm going to go for a walk and really think about if I'm doing the right thing for my family and my business, because if your business is how you provide for your family and it's how you buy groceries and you pay your mortgage and you have this desire to want to have a a lifestyle there, you can board more and you can have more time freedom.

Why try to figure it out on your own? I just don't understand. I don't get it except for your ego is probably getting in the way.

Yves: It's still a tough decision to make, but I still remember the thing that I thought that might be helpful to other people. A. We're clinicians. We can go get a job. Let's say you do mess it up.

You can go get a job anytime. Pretty awesome. B it's going to suck either way. [01:07:00] You know what I mean? If I'm frustrated with where I am now and I can't get anywhere, reinvesting and making this leap. Yes. It's uncomfortable and scary, but it was, so is the position I was in right then and there.

And I, that's when I looked at it, I was like, man, I might as well be uncomfortable with this possible future goal in mind that is amazing. As opposed to where I'm now, which. Didn't really necessarily have an end in sight. Yeah I think you're right. It is a tough decision to make, all we can do is continue to do what we're doing now, which is give out as, basically, as much as we can, as much value as we can and get people to, understand like this next step is pretty awesome.

And, we want you to take that leap.

Danny: Totally. And I hope this helps these five areas will change your business. If you reinvest in the right things that sometimes that's the hardest part, figuring out where to allocate that. Allocate those resources. So they'll continue to compound and they'll continue to get you the knowledge and skillset and the time back that you really need to build a focus on bigger tasks and really in the end to focus on the things you value the most which are probably the people around you and your health and relationships and all the things that are actually [01:08:00] outside the business that, the business.

You build the business so you can have the life you want. You don't build a business. So it becomes your life and that. Too often, that's what actually happens. So hopefully this helps guys. We really appreciate it as well. Listen to this and if you're watching this on on Facebook group, thanks so much for being in there.

Check it out if you're not as always we'll see you next week. Eve, thanks so much for the conversation, man. Really enjoyed it. Yep. Thanks y'all. Bye.

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