Dr. James R. Fedich, DC Chiropractor, Coach, Speaker, & Podcast Host

Looking for Dr. Fedich's Clinic? Click Here >>

Dr J’s Path to Success Podcast

RSS Grab Podcast's RSS Feeds

Dr. James R. Fedich, DC is a successful chiropractor owning a large multi-disciplinary chiropractic, physical therapy, acupuncture, nutrition and pain management office in northwest NJ. He is also a success coach to other chiropractors, physical therapist, acupuncturist and more. He is the author of Secrets of A Million Dollar Practice and sought after coach and speaker. Listen to his thoughts on success in small business, marriage, fitness and life. Learn short easy practical tips to better your business, fitness, life and relationships.

EPISODE 12 - I Don't Wanna - Avoid the Sinkhole of Complacency

Wednesday, February 07, 2018

Patients not following doctor advice, people not following through on their New Year's resolutions, and business owners not heeding their business/marketing plan. This episode seeks to encourage business owners to push beyond their innate complacencies and establish good habits that will improve their lives and improve the bottom line.


Speaker 1:

Hello, and welcome to Dr. J's Path to Success podcast. Dr. James Fedich is a successful practice owner, best-selling author, and speaker. Listen in as he shares his secrets to a successful business and a successful life. So now, here's Dr. J.

James Fedich:

Hello, everybody. Welcome to this podcast. This episode is entitled "I Don't Wanna." So, why are we gonna title this? So, I was kind of planning this episode out a little bit, and I get these ideas and try to hash them out a little bit before I just go on here. I was trying to hash out this episode of "I Don't Want To". It's something you hear an awful lot. I got a three-year- old at home, so of course you're gonna hear that. But kinda talking it more into a business context. Then I had something happen the other day in the office, a patient's story, and it brought this podcast to a head here.

Here's the basic story. A patient, she's been a patient a long time, in her 50s, pretty regular patient, takes pretty good care of herself. About a year ago, her daughter's got really just horrible severe migraines. I forgot if she'd seen somebody else first or me. I forget really how it went. It was over a year ago. Long story short, I believe we sent her for blood work and she had Lyme's Disease come back, and it was really the cause of her headaches and went to see some specialist. She came in a couple times, didn't really follow through with the chiropractic care, and saw some specialist in this kind of stuff, I think a neurologist and did some protocol for this.

Basically the doctor did blood work and all that stuff, put her on some medications, but was actually a holistic type of doctor as well and had her on some supplement program. It was basically here's the supplements, it was flaxseed oil, couple other things. And the medication, of course, antibiotics and stuff and he had this whole protocol specialist. He was a little more holistic. So pretty good deal.

She stopped following it with me. I've seen the mom over the years on and off and she just came in the other day for a routine visit and was telling me all about the daughter. Said she had a follow up with this doctor. She said he was some sort of holistic neurologist, which was given to her as protocol. But basically the daughter is complaining of headaches a year later. Neurologist sits her down and kind of going through, you haven't been following the protocol, what are you doing? And it basically comes out that she never followed the protocol. Over the years she's never taken the supplements and she didn't take the medications, the supplements, just didn't basically do anything this doctor told her.

So obviously that's not good. The doctor was not happy and the mom basically said, she's in the room with her cause the girl's a little irresponsible, as you'll probably figure, and the mom was in the room and was telling me in my office that basically this neurologist doctor was basically yelling at the mother for a while. Why is she not following this protocol? She can't seem to get better. She won't get better. She's complaining she's still not better but she's not following the protocol.

And basically all the 22 year old had to say at the end of it was, "Well I don't want to take these supplements. I don't want to take the flaxseed oil. It doesn't taste good." He had her on a liquid flaxseed. "And I don't want to, it doesn't taste good." And all this kind of stuff. So she wasn't getting better and the mom's in here all frustrated and she says, "She's 22, I can't tell her what to do." And we end up having this couple minute conversation that she has an older daughter and she said she's never like that. I don't understand this generation, her age, they think that they can just not do anything they don't want to do.

And where this all comes from. And I do feel there's a generational issue there, this kind of millennial issue where they just feel like if they don't want to do things, they don't have to. But me and the mother just got into a conversation now most things that you do as an adult are things you don't want to do. I don't want to pay taxes, I don't want to take out the garbage, I don't mow the lawn, but people don't want to do that, you don't want to clean up. I mean you're doing things you mostly don't want to do in life. And it's maybe a little thing that's avoiding these millennials. They just haven't figured out that a lot of life is doing things you don't want to do.

See I kind I get it when my three year old toddler says I don't want to do this, I don't want to do that. They don't have that kind of mental capacity, but by 22 you should kind of have that capacity where you gotta realize some days you gotta do things you don't want to do. I mean I don't really want to go to the gym every day. But it's something you gotta do for your health and your body to go every day. So there's a disconnect there with this millennial generation. I don't want to pick on a generation, it's certainly not just them, but I also see that in business as well. And that's where we want to transition this podcast that we'll kind of see that in the business end of it too. So think about my three year old or this 22 year old girl, I don't wanna take my medication supplements to get better from Lyme's disease, kind of seems crazy. Probably every body listening here is like why didn't this girl just take the stuff and get better? Right? It's kind of obvious to most of us.

But this transitions to a business conversation, is when I'm doing coaching with me clients, I hear this conversation all the time. I tell [inaudible 00:04:23] appreciation days for a long, long time and he just doesn't want to do them. I don't want to do it and he's not gonna do them and there's that. So that kind of stuff happens in business all the time though. I don't want to go to a screening, I don't want to go to lecture, I don't wanna. I did spinal screenings and health fairs every weekend for the first five years in practice and I certainly didn't want to ever do that. But that's the things you gotta do.

So in business a lot of this necessity you're looking for is doing the things that you don't want to do. And that's a big secret there for you. So the things you really avoid doing that you don't want to do and that's how you're gonna be successful, is getting those things done that you don't want to do. You don't want to do the marketing, I don't want to do staff reviews every six months, I don't want to do a staff meeting every week. That's a big one. And I even said that when I was first in practice. I didn't want to go and have a staff meeting every single week. And implementing a mandatory staff meeting every week is really expanding and growing the business. I mean it's not the first thing I want to do with myself is sit with my staff for an hour every week, but it's something that needs to be done to grow the business.

So you think of that, your bratty three year old or this 22 year old girl, I don't want to take my medication or your kid, I don't want to eat this, I don't want to do that. You don't all understand that have children out there, but you're doing the same thing in your business. You see a three year old and this 22 year old and you say that's silly you should just do it. But you're doing the same thing in your business. So what do you avoid doing in your business? It's the hard things, the things you don't want to do that are gonna help you grow the most. That's a big business secret. It's the thing you're avoiding, the thing you don't want to do. And all the stuff, really, most of the important stuff is stuff you don't want to do.

If you're a physical therapist, chiropractor, we all love treating patients, we don't want to do the marketing, we don't want to do the business end of it, we don't want to do the staff management. That's the stuff that's gonna help you grow the practice and that's most of my providers that I coach, when I'm doing chiropractic Bts, they love treating the patients. And you don't have to ask them to go to a technique seminar, learn more stretching, or whatever. Treating patients is what they love doing and you don't even have to ask them to do that. But getting them to do the events, the open houses, learn marketing, read a marketing book, go to a business seminar, listen to a podcast like this, do the business end of it, that's the stuff that's a struggle for them.

So think about you and your life and what you are being a three year old toddler or this 22 year old patient that you're just not following or don't want to do something that's really, think of this 22 year old girl, that's why I wanted to bring up this example, she's suffering with horrible migraines for a year and having uncontrolled Lyme's disease and doing all kinds of damage to her body, who knows what else is going on in there because she doesn't want to take the supplements and the vitamins. So think about how silly that is. But you're doing the same thing in your business. I guarantee there's something in you're business you don't want to do that needs to be done for your business to grow. Whether it's doing the marketing, whether it's doing staff meetings, doing staff trainings, discipline, getting rid of a staff, hiring more staff, expanding, doing something you don't want to do in the business is holding you back.

So find about something that you're doing that's holding you back right now. There's something you don't want to do that's holding you back. I'm going to a health fair on Saturdays, there's a lot of different examples. I'm also amazed when I interview people, that's why I do say maybe there's this little bit of millennial thing, they have it worse than some of the other generations. But we're open nine to seven every day and we stagger shifts and all that, but a lot of people work til seven every night. It's not till nine o'clock every night, we don't do weekends. But there's a lot of seven o'clock nights and if you're a new employee, for especially non-clinical, you're gonna be here at seven more nights than not. We take turns, but it's gonna be four nights a week or something like that. And I'll go to interview people, they can't find a job, looking for a job for six months, and I'll say, "You're hours will be ten to seven or something like that." "I don't really want to work til seven, can I work til five or six?" And it's just amazing to me, these people are looking for jobs and here I get 100 resumes for this position and they say, "Well I don't want to work those hours. I don't want to work til seven." And meanwhile they can't find a job.

I just interviewed a young lady who said basically the same thing. I said, "There's no weekends, but we do appreciation day twice a year. It's a Saturday, it's ten to one, it's mandatory. All hands on deck. Every doctor, PT, everybody's gotta be there in my office. We do a big event, which we'll do a show on. But everyone's gotta be there. It's really no excuses, we give you a lot of notice ahead of time. It's only two Saturdays and it's four hours of work, where a lot of clinics that do what we do are open Saturdays. So we just ask you come in twice a year." And everybody knows that when you hire them and we talk about the staff meeting, we're just planning our next one actually. And it's everybody's gotta be there. Too bad you got, you just gotta clear your calendar. It's only two days a year I ask you to do that. It's a big event for the office and the staff kind of get it.

So I'm interviewing this young lady who doesn't have a job and first thing, I tell it's til Saturday, or tell her about the Saturdays, she said, "Well you know I really don't want to do Saturdays, can I just not do that?" And then also the seven o'clock thing she said, "I can't do most nights, but I can't do Friday til seven. Can I leave like let's say four?" So she's asking to leave early on Fridays and never work the Saturday big events. And obviously we didn't call her back for another interview, but just that kind of whole attitude, I don't wanna.

So when I think about this 22 year old patient girl I was telling you about, still suffering from Lyme's disease, headaches, and she doesn't want to take a couple pills and a tablespoon of flaxseed, as far as I understand the protocol, there's a couple pills and some flax seed every day. And she doesn't want to do that and is suffering with horrible migraines and all kind of other illnesses for over year cause she doesn't want to take simple regimen. So what in your business do you not want to do that you need to get done to grow? And it's the hard things that you're gonna do that make the difference.

There's that one quote I just posted on Facebook the other day, everything you want is on the other side of fear. It's that one thing that you fear or don't want to do that's really gonna make the biggest difference in your life and your practice. I said one thing for us to do in a weekly staff meeting. I mean I always fought those, other people told me to do them and for years I really just didn't want to do it. Now it's even harder, you see a busy practice, we don't shut down, we're nine to seven. Staff are there by eight every day. It's busy all day. I mean there's three chiros, two PTs, acupuncture, nutrition, the medical [inaudible 00:09:58]. There's stuff going on all day. It's non-stop patients coming in. We shut the place down for an hour and a half on Tuesday, there's no other time. Nine to seven, we go all day. There's no breaks, there's no shut down for lunch for two hours, it just goes all day.

And we stagger shifts, all that kind of jazz, but it's swamped all day every day. But Tuesdays we shut the whole place down for an hour and a half to get in our hour staff meeting. And you gotta shut it down for an hour and a half to get in a 45 minutes meeting by the time everybody gets cleared out and all that kind of jazz and then they start showing up on the other end. But it's not easy to do that, it's harder to do it now than it was back then when we were a smaller office, you got these big long lunches and these gaps in the day. Now we're booked all day, people want those slots, but we shut it down for an hour and a half to do the staff meetings.

Not something I want to do. You're turning down business during that time and I don't necessarily want to sit there for an hour and a half and do, I do that, but that's what you gotta do to grow. And it's doing some of these events, going to these seminars. I've traveled to seminars all over the world to learn some of this business advice that we're giving you. I didn't want to get up at 4:30 in the morning and write my book before my family woke up for two hours every day to get it done. But I got stuff to do at the business, I got practice stuff to do, I wanted to get the book done for you guys. I got up early for months and months and months and wrote that years ago. Where I just got up hours early and got up early and wrote books for two hours every morning for month and months until that got done. I mean not necessarily what I want to do but I wanted to get the book out there for you guys, help practice tips and building tips for your business. And that was how to get it done. It's not something I wanted to do but it was obviously a good thing for me personally and for my businesses. And it's been a good choice.

So just think about that, what are you not doing? What do you say you don't want to do? What's that thing you're avoiding doing? So there's something in your business or even in your personal life that you don't want to, getting up early is a good example. We did an episode on that. I don't want to get up earlier. That can change your life, getting up earlier.

I don't want to go to the gym every day, I don't want to take vitamins. I take 20 supplements a day and that's not really something most people want to do, but you want to live longer, be healthier, be fit, and have energy and all that kind of jazz.

So think of something you're saying that you don't want to do in you're personal life. Let's pick something in your personal life and your business life. There's definitely something in your business you're avoiding doing cause you don't want to do it. Whether that's doing the marketing, learning the marketing, doing the management, there's something you're avoiding doing in your business that you need to do to help it grow. And in your personal life I'm gonna challenge you as well. I mean something like date night, last night I take me three year old, she's almost three year old daughter out on a date night every Tuesday since she was six months old. We go out, just the two of us for dinner, and I've been doing that. And it certainly wasn't easy in the beginning, but it's something to help mom with your child. Give mom a little break. And it's something important to do.

So there's something in your personal life that you're avoiding, something like that, date night with your wife, your kids. Doing something in your personal life, exercising, taking your supplements, doing something to grow your personal life as well that you maybe are avoiding doing, you don't want to do it. And it's something that can help change your life.

So why don't you think of something in your business life and your personal life that you're avoiding doing, that you don't want to do it, and get it done, and grow your practice, grow your business, grow your life by doing the things you don't want to do. And that's really what success is, that's why I feel, it can be interesting with this generation thinking they don't have to do anything they don't want to do. That's why I had this long conversation with this mother. I don't get it, it's always like this, she doesn't want to do something she won't do it.

And that's really where success lies. You won't be too successful if you don't want to do things and you just don't do them. The most of life is things you don't want to do. And certainly the big things are things that you don't want to do that are really gonna help you grow your life. So it'll be interesting to see. Ask some of those people if they can get over that. But a lot of life is doing things you don't want to do. But real success in business and personal life is doing things you don't want to do and getting over that hurdle is going to help you grow tremendously.

So, again, look at your personal life and your business life, what are the things you're avoiding doing? You don't want to do it? And get that thing done. Whether it's going to the gym every day, setting your alarm clock an hour early, get up, go to the gym. Doing the marketing, reading a marketing book, going to screenings, doing seminars, all that kind of stuff. What are you avoiding doing that you don't don't want to do that's gonna help you grow?

So I want you to find something again, in your business life, in your personal life, what are you avoiding doing? Get it done and start growing your business, your practice, your personal life and get things going. So I hope this episode helped you out. Make sure to rate us on iTunes, check out the new version of the book has come out now. We updated the book a little bit, for it's about three or four years from the original edition. Secrets of a Million Dollar Practicce is now available on Kindle and Amazon store and as I said it's slightly updated. We re- edited it and added some more content in there. And if you don't have the book, go ahead and get a copy, and leave us reviews. Thanks for tuning in, have a great day.

Speaker 1:

Thanks for listening to Dr. J's Path to Success podcast. Make sure to subscribe on iTunes and leave us a review. For information, please visit doctorjamesfedish.com. Doctor James R. Fedich, Clinic Director at Village Family Clinic. His book, Secrets of a Million Dollar Clinic is available on Amazon and online at [inaudible 00:14:26]familyclinic.com. Or drjamesfedich.com. Www.drjamesfedich.com.


EPISODE 11 - Weed Your Garden - How and When to Fire a Client

Monday, February 05, 2018

Just as you pull weeds from a garden, so must you weed out bad clients, patients, and customers when they start to affect your bottom line. In this episode, Dr J talks about recognizing when it's necessary and how to do it.


EPISODE 10 - Pay Yourself First

Wednesday, January 31, 2018

Ask any small business owner and they will tell you the same story. They didn't garner a paycheck for 1, 2, even 5 years in business. Is that a good strategy? In this episode, Dr J reveals how he eventually broke the mistake of paying everyone but himself, which allowed him to move his business forward.


Speaker 1:

Hello, and welcome to Dr. J's Path to Success Podcast. Dr. James Fedich is a successful practice owner, best selling author, an speaker. Listen in as he shares his secrets to a successful business and a successful life. So now, here's Dr. J!

James Fedich:

Hello everybody. Welcome to this episode of the podcast. This episode we're talking about paying yourself first. So here's another one of these things that I remember hearing a whole bunch of times and took many years to really understand it, comprehend it, and I'm going to try to get you to that point a little quicker today.

So the first time I remember hearing this pay yourself first, one of my first and earliest mentors, Dr. James Santiago, great chiropractor in Newark. And as a side note, I've been very blessed to have great mentors, really right out of school up until this day. Currently I have three coaches now, I've had great mentors that really got me to where I've been. And that's really one of the reasons why I do this podcast, I wrote the book and I do some coaching, is to kind of give back because I really had some great people helping me along the way. And Dr.Santiago is one of the first to really kind of help me.

Some of these lessons he was trying to teach me at 26 right at the end of school there, 26, 27, I really wasn't ready to hear or didn't understand at the time. But he was one of the first persons to say, "Pay yourself first." And since then, you've probably read it in a business books, and everybody kind of says it. But I'm not sure most of us understand it. I say it myself probably 8, 10 years later before I really understood really what that meant and how to apply it in my life for success. I wish I'd kind of learned this lesson a lot, lot earlier as I heard it a lot of times, but I just didn't really understand it. Kind of like the harder slow, fire fast other episode we talked about. You know, I heard that a hundred time and probably just the last few years I really understood it being in business for 14, 15 years now.

Pay yourself first, there's kind of two meanings. If you own a business, there's kind of one section of that pay yourself first, the way I see it. And then there's on the personal side. So whether you own a business or a practice, or not, there's definitely implications either way. If you own the business, there's even more, but again, both ways there's kind of two ways I see pay yourself first. I'm certainly no CPA or financial advisor, so don't take that advice that way, but it's just kind of my personal observations.

So, first pay yourself first out of the business end of it. Most of my listeners are chiropractors, physical therapist, acupuncturists, you own professional practices. And pay yourself first. So I remember hearing that and for years, I really didn't understand. So the bills, you know, money comes into the practice and the business checking account, goes out to pay bills and kind of, most of us, at the end of the month, if there's something left over, we write ourselves a checks. That's how a lot of practice owners work. But what'll happen really is that the bills and the expenses are going to match that income. So it doesn't matter how much gross income you start bringing in $10,000 a month, $20,000 a month, seem like you can pay all the bills. And now our bills are $100,000 a month in the practice. So the bills are going to meet up with those income. And if you don't get money out of there, the expenses are just going to gobble it all up, whether you're doing $10,00 a month, $100,000, or $1,000,000 a month. Your bills are going to eat it all up. You've got to get the money out of there.

So what does that really mean? There's tax and legal implications of this, but basically ... I'm an LLC for the practice and I paid myself like basically a draw, where you just kind of write yourself a check and you do quarterly estimates. And I found a lot of my coaching clients, doctors, do that as well. State rules vary, you got to talk to your accountant, et cetera. But basically what I did to start paying myself first out of the business, you've got to get that money out of the business. So the point of the business isn't for the business to make money. The point of the business is to give you money, get money out of there. That's the only point to being in business. It's great to give jobs and all that other fun stuff, but the point of that business is to get money out of there into your personal account. So the game that I ... the way I see it, when you put this all together, the money comes into the business, you want to get as much money of that out of there, into your personal accounts as possible. And then we'll talk, in a minute about getting it out of your personal account into your investment account, as well.

So, but anyways. Step one, we're going to get it out of the business account. You want to get as much money out of there as soon as possible. What I did was actually switch the way we file with the tax returns, from just a regular LLC to now we file as an S-corp or a pass through corporation. And again, I'm not going to be your accountant or your legal advisor, et cetera. You need to definitely talk to your accountant for this, but basically there's some advantages of that. Big advantages I saw, pass through income, and mainly I can put myself on a payroll. So here's the million dollar lesson I learned for many years. I just wrote draw checks and I tried to do automatic transfers regularly and all that stuff. It's just so easy to skip your check. But basically what I did is I put myself on payroll, like the whole staff and every two weeks we do payroll. And I'm there with a set dollar amount that comes out. There's other strategies I take money out other ways that we won't get into here. But I'm on payroll just like everybody else. And there's a bunch of us that are salaried and then there's my hourly employees. So I do payroll every two weeks to pay them all up.

And the five of us ... whatever, eight of us are on salary, go out automatically, direct deposit and the eight hourly employees work this many hours each and she does the payroll. And what this did is make me pay myself every two weeks. And I didn't really feel in the business all that different. Before you'd skip a week, you'd skip another week. Instead of every week, you're paying yourself every two or three weeks. You skip too many weeks. But when you're doing payroll for the whole staff and team, you're on that list of people, it actually takes more effort to take you off the payroll, so you got an email, I'm going to skip a payroll this week. And you can always do that when things are tough, but every since I did this ... before, you're skipping checks all the time, "oh, it's a slow week" or collections, I got to pay this or something would come up and you skip it. When you're on payroll, I don't know if I've done that maybe once or twice in five, six years I've been doing that. You just get used to it and you just take that money out every two weeks.

So, that's a big tip to get yourself on a regular pay period. When you write yourself your own check, which a lot of you guys do, it's just really easy to skip it. Put yourself on payroll. The other nice thing with that, I went from quarterly taxes to taking them out every two weeks with your paycheck. So those of you guys that have read the book, is the [inaudible 00:05:25] growing quickly, when I found out those estimates that you do ... if you owed $40,000 in taxes last year, you pay $10,000 four times, quarterlys, but your practice went up 40% this year. So instead of owning $40, you owed $70, that's just raw numbers. At the end of the year, you got to come up with another $30,000. And just because you made it, as you guys know, doesn't mean it's sitting in your business checking account, right?

Just because the gross went up, doesn't mean the net went up. So I really got off that rollercoaster. It's stressful. There's quarterlys and those last minute payments. So I put myself on the payroll and then what I do, is I over deduct. So I make sure they take out extra on top of what normal payroll deductions would be, because you're the business owner and there's other ... it gets complicated. There's other stuff going on. So they take out what you normally would for payroll person making x dollars and then some. And basically, I end up doing pretty good. I kind of planned that out with the accountant, how much to overtake and we look at it as we're growing throughout the year, et cetera. And you got to think, maybe a little short, maybe a little long ... I think one year, they owned me five, I owed them 5. It kind of keeps it a little more tight, instead of owing 20. And you can kind of look at it throughout the year and see where you're at. But it just takes it out every two weeks, instead of coming up with these big estimates. Now, I'm ... our volume, we're looking at a quarterly estimate of $40, $50,000 every quarter. I mean, it's just much easier to take out a couple thousand every paycheck when you come up with $40,000 every quarter. So, that's more advanced stuff. You definitely need to talk to your accountant. You may have to talk to your lawyer.

Basically if you do that LLC, you can file a form with the IRS to just change the ... keep it as an LLC, but you file as an S-Corp, it's a simple one page form your accountant can help you out with. I was talking to another business owner about this. What you'll notice, you start taking a lot more money out of the business if you do that. And it's really easy, too, if you're growing a little bit or you're just feeling that you can just up your salary a little bit a couple hundred dollars every two weeks, that adds up and it's just another way to keep drawing more money out of the business. So that's what they mean by paying yourself first. Most of us are paying yourself last. You say at the end of the month you pay all the bills, you pay all the staff, your employees, the rent, the this, the that, and you forget to pay yourself.

I'm obviously the largest payroll and every two weeks, it's coming out of there. I'm first out. If I'm getting it out, my tax point is going right over to the government and I'm getting the rest right away and it's coming out of the business first. So that's what pay yourself first means to me. There's other strategies to get money out of there and this could get very complicated. But that would just be the real simple thing to get the money out of there. You don't necessarily need to put yourself on payroll and change the filing like I just said, but there's a lot if you're an LLC, you can't just put yourself on payroll, you got to change the filing status. That's what we had to do in New Jersey. But again, not a CPA or a tax advisor or anything like that. Those are just kind of what works for me, your accountant can talk you through this as well.

You can do it other ways. Maybe you're writing yourself a check every week and you can do it that way or you can do auto draft, too. You can do ... I actually do that as well. So I do both strategies where I have the payroll and I also have auto draft, every week there's a certain amount that comes out from the company checking account into my personal checking account as a draw. And that's ... again, we don't want to get too complicated for you guys. But you got to get that money out of the business.

People think of business the wrong way. The point of any business, anywhere, whether it's healthcare, donut store, whatever the heck it is. The object is to get the money out of the business into your personal account. That's the objective of the business. It's not to fund a million jobs and do all this other stuff. And all that stuff is great, we'll talk all about that. But financially, the point of the business is to get money into your personal checking account.

So I want you to think of the business funneling, as much as you can out of the business into your personal checking account. I just want to pay the bills and run everything, but you'd be surprised how much more you can take out of there. I guarantee just doing these strategies, you don't grow your practice or business, you can just grow your personal income by taking more out. The business will survive. Your expenses will rise up to meet what you leave in there. So if you take it out, you can't spend it in the business. So that's step one. Get it out of the business into your personal.

If you don't have a personal ... a business, that part might not have made a lot of sense to you. The next part will. So really, the big picture you want to look at is the business is to make gross profit, take some of that money out ... or as much as you can out into your personal account and the next step to paying yourself first, is to get it out of the personal account and into your investment account. So really you want to think of this funnel, business money into personal account, personal account into investment account. And that's how you're really going to get wealthy down the road. So it goes from business to personal and the personal you're going to pay for your mortgage, you know, all that kind of stuff that you got to pay, all the bills. And then you want to get money out of there.

So in personal finance people, like Dave Ramsey, who's books are good on this kind of stuff for the most part, by the way. Talk about paying yourself first, so the personal side, what they're talking about is kind of the same deal. Getting that money out of that personal account and into some sort of investment or savings account right away. So that's another objective. So how do we do that? Every two weeks, you're getting paid, I do some other stuff as well. Money's going in there, the bills are going to eat that all up. Whatever you leave in there is going to get eaten up by bills. Just like in the business. It's a lot of the same kind of stuff.

We want to get money out of there. So, like I said, big picture, out of the business to into the personal and you want to get it out of the personal. A lot of people, even if they get step one, business into personal, they leave it in their personal. Or even if you're an income earner, regular employee, whether it's practice or whatever, that money's sitting in the personal account, just sitting there and it's going to get eaten up by expenses. No matter what.

There's people that make $1,000,000 a year and their expenses are $1.2 million a year and they're losing $200,000 a year, right. So it doesn't matter how much you make. You've got to do this. And you can get wealthy following this, no matter what. So out of the business into the personal. Or, just from your paycheck into the personal. You've got to get it out of there next. So how do we do that?

Basically I've tried a lot of different stuff and long story short, I do an automatic transfer out of personal checking into my investment fund. Every month, there's a certain amount that goes in. Right now, we're doing 15% of gross. So there's a chapter in my book as well, but basically ... 15% of your gross income for the year is a good savings goal for most of us. If you do more, great. You know, it's basically 40% to get real wealthy, 10%, but 15% is a good goal for most of you. It might seem crazy, so if you just take your gross income for the year, you made $100,000 last year, that's $15,000 is 15% of that. This is gross, don't use take home. So you gross $100,000 and then taxes will come out. So 15% of that total gross, that's $15,000 and divide that by 12, it's $1100 a month or whatever it is. And that's what you're going to transfer out. That's basically what I've done. So it's 15% of what my gross is, ballpark numbers and there's more complicated stuff in this. But basically, this is what we want to shoot for.

So 15% of your gross. Last year we made $100,000, 15% is $15,000, divided by $1200, $1150 whatever it is. That's going to automatically come out of your personal account every month on a set date and go into your investment account. And that's it. That's how you're going to get 15% out of there. You probably don't want to start at 15, for most guys we're in debt and we're going to do an episode just on debt and all this other kind of stuff, as well. But you just want to get 15% out of there.

If you're not at this point, which you may not be, if you're in a lot of student loan debt and all that kind of stuff. We're going to do an episode on debt. You may not be ready to put 15% aside. I'd still encourage you to put something aside. It's $100 a month, it's $200. Even if you've got big student loans and loans and debts and all this stuff. Start getting in the habit of getting some of that money investment account, just a little bit as well. But, if you're a little bit more on, you don't have as much debt ... and even if you have a home loan and all that kind of stuff, which we'll talk about. You still want to do that. But that's the goal, 15% of your gross, whatever you grossed last year, 15% divide by 12. That monthly amount should go out of your personal checking now and into an investment account.

So, you're saying, what kind of investment account. You're going to do it all set on this, not a big fan of financial advisors, nine out of 10 are just there to take your money. And even if they're not, they're just going to skim one or two percent off the top. So people don't realize is financial advisors, the market goes up 7% one year, financial advisors taking ... it actually adds up to about 2% by the time their fees and commissions and all that kind of stuff. So the market went up seven, you only made five. That's not good. If the market goes down five, you lose 2% more. You're going to go down seven, instead of five. So, over 30, 40 years investing, this adds up to a fortune and it's going to actually crush you. We'll probably do an episode just on these fees and stuff, too. And kind of everybody's waking up to this, there's Vanguard Revolution. So basically I have everything with Vanguard, I save with post-tax money, which means I'll pay the tax when I take it out, which we won't get into in this episode. And then we'll put all low cost index funds. And again, we won't get into this this episode either, but their cost are average a .05, .06% fees for Vanguard. It's very low, there's no money transferred over there, no money to set up an account, no minimums.

I encourage you to set that up. They are very good. Their service is great, you can call up, they'll walk you through it. You can do it all online without doing that. Again, we're not going to get all into that this episode, but I am a fan of this more passive, low cost index fund type of investing. And the way we divide that all up and all that kind of stuff. We'll get into it in another episode. There's a good book on that, Index Card Revolution, is the simplest book. There's a bunch of other ones about this kind of stuff. We'll do a whole show on this investing, but the point of the matter is, you need to get it out of there. We're going to set this auto withdrawal. I'd like for you to set about 15% of your gross coming out monthly. I'm going to do it once a month through Vanguard. It'll transfer into money market account. You can leave it in there and then purchase the funds later or ... I kind of try to do it right away mostly. And again, we're get into investing in another episode. But, get it out of the personal into this account right away.

Now the one key thing with this is timing. So we've kind of nailed this timing down at my house, when these transfers and everything all happen. So, the Vanguard transfer from the personal account into the investment account happens somewhere around the 20th or something. But basically, you guys probably mostly the same way, beginning of the month there's a lot of bills, you got to pay your mortgage. We have a rental property we have to pay and then we got to wait for the rental check and all this kind of stuff goes on at the beginning of the month. And then the balance starts building up near the end of the month as you get paid the second time. So, we've kind of timed that transfer to Vanguard out of that second paycheck. Kind of my first paycheck will pay the mortgage and all that kind of stuff and the rentals. And then more money come sin to replenish that and then the balance is up higher and Vanguard takes it out.

So think about this timing. I won't get into this too much. The same with the other accounts, as well. And kind of what I've done for the most time, what I'll do with the business, because myself is on payroll and I have a large staff, a bunch of doctors and stuff, that payroll hit is pretty big every two weeks. And what I timed that as well, is the payroll's every two weeks and I pay the bills on the other two weeks. So, I'll probably do an episode on that, as well. You don't want to pay your bills as they come in. You want to set this all up, plan your finances a little bit better. We do a little bit more on this stuff, if you guys like this. But you just want to time all these transfers. So think about when you do it and it'll make it a lot easier.

Like I said, if you do that first transfer, usually the third of the month when you've paid your mortgage and all those kind of bills come in, it's better off to do it a little bit later. So think about all that, but pay yourself first, just really means get the money into the business. You want to get as much money out of that business into your personal account, as possible. Out of the personal account into an investment account and a good solid investments, low cost solid investments after that. And that's what pay yourself first means. Get it out of the business. Try and think about this, get it out of the business, get it into your personal account, and get it out of your personal account into an investment account. You guys are missing one or two of these steps or a lot of these steps. But that's really the big point of business.

the other nice thing is when you keep taking money out of the business account, it pushes you. I know people who will let $200,000 in their business checking accounts accrue. For one, you should be earning money on all that and all that kind of stuff, and it just kind of makes you lazy and not pushing. I keep the balances a little trimmer and you know, it keeps you pushing. I had a balance a little low this week, we had a slow week, let's push a little bit more. So it's good motivation, as well, to keep the business building. So, pay yourself first. Get the money out of the business into your personal account. Out of the personal account into an investment account. Automatically get it transferred, get it set up. There's some good resources for you. We'll do some more info on that, but don't forget to pay yourself first.

Speaker 1:

Thanks for listening to Dr. J's Path to Success podcast. Make sure to subscribe on iTunes and leave us a review. For information, please visit drjamesfedich.com. Dr. James R. Fedich, Clinic Director at Village Family Clinic. His book, Secrets of a Million Dollar Clinic, is available on Amazon and online at icanstartafamilyclinic.com or drjamesfedich.com. Www.drjamesfedich.com.


EPISODE 9 - Hire Slow, Fire Fast - How to Build a Great Team

Monday, January 29, 2018

Building a great team takes time. Your business will take off when you have good people that run daily operations and processes, freeing you up to work on building the business and taking care of more important things. This podcast discusses how to hire good people and get rid of the ones who aren't cutting it.


EPISODE 8 - Fail To Plan, Plan To Fail, Calendar 101

Friday, January 26, 2018

Does your business feel like it's on a wild roller coaster ride? One month you have tons of business and the next month crickets are chirping. This could be the result of an ineffective marketing plan. In this episode, Dr J discusses how he uses a marketing calendar to keep his office full of patients month after month.


EPISODE 7 - How Changing your Morning Routine can Change your Life

Tuesday, January 23, 2018

Do you feel like you are stuck in a rut? Every day it's the same old routine but you're not getting ahead? In this episode, Dr J discusses how a committed change in your morning routine can help improve your life physically, mentally, and professionally.


Speaker 1:

Hello, and welcome to Dr. J's Path To Success Podcast. Dr. James Fedich is a successful practice owner, best selling author and speaker. Listen in as he shares his secrets to a successful business and a successful life. So now, here's Dr. J.

James Fedich:

Hello and welcome to this podcast. This podcast, we're going to talk about morning routine, morning rituals. I'm sorry I'm not going to be the first person to talk about morning routine, morning ritual. One of the best examples of a good book about this stuff is Hal Elrod's book, The Morning Miracle or Miracle Morning, something like that. He's really good.

The reason I'm bringing this conversation up, is actually my wife is reading this book or listening to it. We're big Audible listening fans, which if you're listening to this podcast you're probably an auditory person as well. Audible is great for listening to books.

But anyway, so she's reading Hal Elrod's book, The Miracle Morning, and was just really impressed with it and I think I read it a while back ago and it got me re-reading it. So we're both adjusting our morning routines, which is something you always constantly do, but I just wanted to kind of talk to you about morning routines and being a morning person.

First things first, if you'd talked to me when I was 27, 28, will you ever be a morning person? I would have said, "Surely never that will happen. You're crazy." So even 27, 28, out of school and running the practice, I was a nighttime person who used to stay up late and watch Conan O'Brien until 1:30 in the morning and come to work groggy and tired and be barely awake for my first patients at nine in the morning.

Obviously, this isn't really a good successful way to go about life. I know some coders and that kind of stuff that are all-time night people, but I'm going to tell you that 98% of successful people are morning people. If you listen to the Shark Tank or any of these real billionaires, they're almost all morning people. They're all going to have routine morning rituals and not only do you need to be a morning person, you need to have a morning routine. That's kind of what we're talking about in this podcast here.

In Hal's book, he goes really in detail exactly what he thinks should be your routine. I think there's some variables there. I think you have a little more flexibility but I do think he's correct in most of his points, the things you need to get done in the morning.

So first thing, I think you need to be a morning person. Most people listening to podcasts are small business owners, physical therapists, acupuncturists, chiropractors and patients in the morning. I do know some people start at 10 or 11 in the morning. I do want you to consider maybe that's something that should stop. People do want to come in early. For example, our clinic's open at nine, but I'll be in the office by 8:00 every day. We'll get into that in just a little bit.

But I definitely challenge you to become a morning person. The older I get, the more a morning person I am, the more productive I become and just a better life it's been. So being a morning person is good. Go to bed earlier. Wake up earlier first of all and that's just going to really change everything. I know it's tough. I used to say, "Hey, we're working until 7, 7:30. You get home. You eat dinner, you clean up and it's time to go to bed if you're going to bed at 10:00," which is kind of what I do now.

I work until about six most nights. Home at 6:30, eat, clean up, get to bed, blah, blah, blah. Yeah, you don't have much time and you go to bed, but that is okay, because you're getting this productivity in the morning. So I want you to think about changing your routine, becoming a morning person if you're not. Most of you probably are, but I want to go through some stuff of morning routines for you.

A lot of us are just waking up in the day, we react to the day as it comes at us. So you wake up, you react to your phone. You're probably checking your email first thing in the morning. Reacting to the day as it goes through instead of purposely planning your day. We're going to kind of through that. I don't like, like I said, Hal is very strict, "This is the way exactly you should do it." I think there is some flexibility here, but there are some key things that we want to talk about.

First thing in the morning, we want to get up earlier for sure. Whatever time you need to be at work; three, four hours before that. For example, we start at nine, I'm up by 5:30, so that's three and a half hour before your first patients. That's probably pretty good. Somewhere in there, three to four hours is a good range to be up early, so you got to be up a lot earlier.

So what are we going to do with all this time? Everyone's routine should be a little different, suited on you, but there's a couple things I want you to do before the day starts. I've actually as I said, just recently switched my routine, but really there's two things you want to get done. Some reading and learning in the morning. You want to plan your day and you want to get some physical activity. Some of the books and speakers on this, they want you to get your workout done early in the morning, which never really works for me because I'm not super ... It's not my best time to be active and just not enough time to get a full workout in. I like to work out for an hour plus and it's just not quite enough time with small children and breakfast and all that kind of jazz.

My wife's kind of in the same boat, raising small kids. So what both of us are doing now, she's doing a quickie. She's a yoga instructor as well as a former teacher. She's doing a quick yoga routine in the morning. Not her full workout. She'll still work out usually when the kids are napping later in the afternoon, but it just gets some activity in the morning.

What I've begun to do, is basically take my dog for a two mile walk every morning. It'll take about 25 minutes to walk him up around the neighborhood. Good exercise for the dog, burns off some steam before I leave for work and he drives my wife crazy. It's just enough physical activity. It's not going to be the workout for the day. My level, I don't think it's quite enough workout. There's some days, if you're busy, at least you've got your 25 minutes in and you did some workout. Nine out of 10 days, I'm still going to go to the gym at lunch for an hour or an hour and a half, but you're getting some physical activity in the morning.

First thing is some physical activity in the morning. A lot of these people are saying you got to get your whole workout in for the morning. I'm not necessarily agreeing with that. If you can, great. When my wife was teaching, she would do that. That's kind of how I started to become a morning person. She would be up at 5:30, going for a workout. Sometimes at the gym or at home for an hour before she went to go teach. She would get her full workout in then because she would teach until 3:30 or 4, tutor and all that stuff and just exhausted. Dinner and went to bed early.

It was a good influence on me, getting me to be a morning person. So if you can't get your full workout in the morning, great, but I don't want you to put the pressure that you have to do that. Like I said, for me that's just never worked. I've never been able to really get it in and I want to be there to get my daughter out of bed at seven, when she gets up. I want to be there for that and breakfast, so I don't want to be at the gym at 5:30 in the morning and missing out on the morning stuff and my wife appreciates a little help in the morning, getting ready as well.

If you can't get your full workout in, that's great. I totally understand. I've never been able to. I've never got my full workout in, but we want to get some sort of physical activity in the morning, so walking the dog is great thing. If you have a pet, most of them need just a little walk, something like that. My wife just does a little 15 minute yoga thing. She does these 90 minute yoga classes. She's not going to have time for that in the morning with both kids, but she'll do a little 15 minute flow, she calls it, and does a little workout.

So just plan some sort of workout in the morning, and next thing I want you to do some sort of learning in the morning. Kind of my routine now, just sort of change it up here, but right now I'll get up about 5:30 and I will go downstairs. The coffeepot's already brewing and I will grab ... I have a book out in my office. I have an office at home, and I will read for about 30 minutes in a book that I'm working on, on my desk in my office. That's kind of my routine. Drink my cup of coffee or two, read the book until about six.

At six, I will take the dog for a 25, 30 minute walk, 6:30 come back in. I take the garbage out, recycling; I'll do that kind of stuff right then and then I'll eat breakfast. Get some stuff going already. Will get my daughter up at seven. Get that going, changed, etc, feed her and then I'll go up in the shower 7:15, 7:20. When that's done and be out of the house at 7:40. Then I'll be at the work at eight.

I'll get two of my important things done in the morning. Well you know, breakfast obviously important too, so if you're not eating breakfast, skipping breakfast, you've got to eat breakfast for sure. You eat breakfast at home. I've got staff picking it up on the way and all that kind of stuff. There's almost nothing healthy out there for breakfast. Make breakfast at home. I'm not going to tell you what to eat. Eat healthy. These people stopping for buttered rolls and bagels on their way and then wonder why you're sluggish in the morning. Eat a good healthy breakfast and eat it at home too. So that would be another thing to add into our morning.

The other really important part of your morning is planning your day. Now a lot of people are going to tell you to do that at home before you leave the door and again, that's great if you can. I found I'm much better leaving that at the office. Everybody's got a different work situation. I have a nice large private office at the house and the office, but I save that daily planning for the office. I can't even really tell you why I've done that. I just leave my daily to do list there and it just worked out better for me to do that. That being said, you need to get into your office a little bit earlier. So if you are a healthcare provider, which a lot of people are ... But it doesn't really matter what you do, get to work earlier.

If you work for somebody else and you work in an office, you're going to impress the boss. It's a good way to get raises, work up the ladder is by being the first one in to work. So if chance you're really the owner or even if you're not, just get to work earlier. If the place isn't open, maybe ask for a key. Say you want to get in earlier, but you should be the first one there. That's going to help you with your career in a lot of ways. For as long as I've been ... I'm never the last one there anymore. The office opens at seven. My late days I open at six. I leave at six. The other three days I leave at two or three, but I'm always the first one there every day pretty much. One of my staff will get there early as well.

Being the first one there is good. Get stuff ready, check the office out. Get your clear head and I like to do my daily planning then at the work. So we're going to work on your goals so we're not going to get into this now, but you should have 90 day goals, so we're going to talk what are your goals for the next 90 days. I want to break this many visits, collections, I want to weigh this much, save this much. Short 90 day goals, we'll work on those and then you're going to work on your daily to do list and that's really kind of what I'll do then, first thing. Work on your daily to do list and work on your 90 day goals, what we're working on there. So get your actions in for the goals.

Then I've found, if you get all that done and you're there at eight, my first patient is at nine, if I'm seeing any patients that morning, but you get all your goals done, you get your to do list straightened out and then we do some emails. Email the accountant and all that kind of stuff that needs to get done before the day starts, instead of interrupting your day. I get a lot of those things done. Look at the ad, look at the TV commercial, email back, set up the direct mail. All of those kind of non-patient oriented stuff that you need to get done for your business.

I want to challenge you, it's really going to be a jump for your business. That was one of the big leaps we had years ago when we started really growing the place faster, is getting in early and getting all that stuff done before. You get in at eight, patients are at nine. They show up at 8:45. Most of the staff's getting in at 8:30. You're getting your goals, your daily to do list done. Then you can start working on the business. For most of us, that 15, 20 minutes, you probably get a half hour of it done in the morning before I get interrupted and it's a half hour on your business, not in the business. You're getting in early, you're working on the business, not in the business.

What's the advertising campaign, what's the marketing campaign, your day one, day two. That's really where some of my best stuff comes up. It's also a good time you can meet with the staff, before patients come in. If you have other healthcare providers working for you, you talk, "Hey, what's up with this patient? What's going on here?" Kind of clear that all out.

I want to challenge you to become a morning person for one, if you're not already and then set up a morning routine. Even some of us that are morning people, they're just waking up at 5:30, drinking coffee, watching TV. You cannot watch TV in the morning. I was an offender of this too. We used to watch Sports Center early in the morning, years ago. I'd be up early and just watching ESPN for 40 minutes. That's really not going to set off your day in a good way.

So our challenge one, I want you to become a morning person if you're not already. Set your alarm clock, start getting up earlier. In Hal's book he says you can just get up earlier and earlier. Your body doesn't need as much sleep as you think. You can train it to be awake earlier and earlier. So start setting your alarm clock. If you get up at 6:30, do 6:15, 6, 5:15 or 5:30. Something like that. Get up earlier and earlier and you can get more and more done in the morning. Get productive. So start that alarm clock, no matter what, pretty much. Just start setting an alarm clock to get up a little bit earlier every morning and then I want you to set up a morning routine.

So don't just get up, flip on the boob tube, drink coffee, whatever you do. Set up a routine. You have a specific routine. You're going to get up. Mine's the same. Get up, turn the alarm system off. Go downstairs. The coffee's ready. Grab the coffee. Go to the bathroom. Go to the office. Start reading for a half hour. Second cup of coffee, take the dog for a walk. Came back in, eat breakfast. Take your vitamins. Take my green drink. Get my daughter up, hang out with her for a little while in the morning. Take a shower. Go to work. Either listen to audios on the way to work or record audios for you guys.

Then get to work, work on your to do list. Daily to do list. Go through your calendar for the week, all that kind of planning stuff before, as well as time working on the business. Handling those emails that need to get done before you start getting busy with patients. A lot of you guys, your day gets interrupted no matter what you're doing, whether you're a healthcare provider or not. You want to start getting the important stuff done in the business. It's just hard as you're getting interrupted, so it's always really important to get it done.

If you work for somebody else, your hours are at nine, ask to get the key or come in early. Be the first one in there. It's only going to help your career no matter what.

So challenge one, become a morning person. Start setting your alarm clock. Go to bed earlier. You'd be surprised how early you can go to bed if you try. Go to bed a lot earlier. You say, "I can't fall asleep." You can. Go to bed earlier. Set your alarm clock and have a morning routine. Do something intentional to start your day. The way you set up your day is how the whole day is going to unfold. So set a routine in the morning. You don't have to do exactly what I'm telling you. You want to learn, read something. You want to get some nutrition in. You want to plan your day, and you want to get your exercise. Those are the real three things you want to do to get things done.

The one thing I did forget about too, when I walk the dog, I'm always listening to a podcast when I walk the dog as well, so it's a good time to get some reading for 30 minutes most mornings; 20, 30 minutes. Then I'm going to do 20, 30 minutes of podcast. So before a lot of people have even gotten up, I've been learning for an hour. I've got a half hour of audio in me, and a half hour of book in me every morning before even a lot of people have even gotten up. Think about how that adds up 360 days a year that we're doing that. Maybe not Christmas I'm doing that, but about 360 hours a year of learning on top of other people.

That's on top of me listening to audio books in my car and all that other kind of jazz. I challenge you to become a morning person. Get up early and set a morning routine. A morning routine you got to learn something, you got to get your nutrition in you and you got to set your day up, and you got to get some exercise, so it's really kind of important things that you've got to do every morning. This will change your life. Stick with this for 90 days. It'll be a new habit. I like 90 goals for you, but stick with 90 days of morning routine and watch it completely change your life.

For more information, Hal Elrod's book is really good. The Morning Miracle or something like that. Miracle Morning, that's what it's called. Miracle Morning. So it's a good book. It's more detailed. Like I say, he's real specific about the exact order. I think you can set it up yourself but anyway ... Become a morning person. Set your morning routine, get your fitness in, get your mental nutrition in, get your regular nutrition, and your daily to do list done before you get to work or start work.

Have a great day. Start your mornings right.

Speaker 1:

Thanks for listening to Dr. J's Path To Success Podcast. Make sure to subscribe on iTunes and leave us a review. For information, please visit Drjamesfedich.com. Dr. James R. Fedich, Clinic Director at Village Family Clinic. His book Secrets Of a Million Dollar Clinic is available on Amazon and online at Hackettstownfamilyclinic.com or Drjamesfedich.com, www.drjamesfedich.com.


EPISODE 6 - How to Delegate Responsibilities and Make More Money Doing It

Monday, January 22, 2018

How much do you make an hour? Do you find yourself doing many of the tasks that employees should be doing when you could be spending your valuable time building the business? If so, Dr J has some advice for you that could change your whole perspective on how to run and grow your business.


Speaker 1:

Hello, and welcome to Dr. J's Path to Success Podcast. Dr. James Fedich is a successful practice owner, best selling author, an speaker. Listen in as he shares his secrets to a successful business and a successful life. So now, here's Dr. J!

James Fedich:

Hello everybody. Welcome to this episode of the podcast. This episode we're talking about paying yourself first. So here's another one of these things that I remember hearing a whole bunch of times and took many years to really understand it, comprehend it, and I'm going to try to get you to that point a little quicker today.

So the first time I remember hearing this pay yourself first, one of my first and earliest mentors, Dr. James Santiago, great chiropractor in Newark. And as a side note, I've been very blessed to have great mentors, really right out of school up until this day. Currently I have three coaches now, I've had great mentors that really got me to where I've been. And that's really one of the reasons why I do this podcast, I wrote the book and I do some coaching, is to kind of give back because I really had some great people helping me along the way. And Dr.Santiago is one of the first to really kind of help me.

Some of these lessons he was trying to teach me at 26 right at the end of school there, 26, 27, I really wasn't ready to hear or didn't understand at the time. But he was one of the first persons to say, "Pay yourself first." And since then, you've probably read it in a business books, and everybody kind of says it. But I'm not sure most of us understand it. I say it myself probably 8, 10 years later before I really understood really what that meant and how to apply it in my life for success. I wish I'd kind of learned this lesson a lot, lot earlier as I heard it a lot of times, but I just didn't really understand it. Kind of like the harder slow, fire fast other episode we talked about. You know, I heard that a hundred time and probably just the last few years I really understood it being in business for 14, 15 years now.

Pay yourself first, there's kind of two meanings. If you own a business, there's kind of one section of that pay yourself first, the way I see it. And then there's on the personal side. So whether you own a business or a practice, or not, there's definitely implications either way. If you own the business, there's even more, but again, both ways there's kind of two ways I see pay yourself first. I'm certainly no CPA or financial advisor, so don't take that advice that way, but it's just kind of my personal observations.

So, first pay yourself first out of the business end of it. Most of my listeners are chiropractors, physical therapist, acupuncturists, you own professional practices. And pay yourself first. So I remember hearing that and for years, I really didn't understand. So the bills, you know, money comes into the practice and the business checking account, goes out to pay bills and kind of, most of us, at the end of the month, if there's something left over, we write ourselves a checks. That's how a lot of practice owners work. But what'll happen really is that the bills and the expenses are going to match that income. So it doesn't matter how much gross income you start bringing in $10,000 a month, $20,000 a month, seem like you can pay all the bills. And now our bills are $100,000 a month in the practice. So the bills are going to meet up with those income. And if you don't get money out of there, the expenses are just going to gobble it all up, whether you're doing $10,00 a month, $100,000, or $1,000,000 a month. Your bills are going to eat it all up. You've got to get the money out of there.

So what does that really mean? There's tax and legal implications of this, but basically ... I'm an LLC for the practice and I paid myself like basically a draw, where you just kind of write yourself a check and you do quarterly estimates. And I found a lot of my coaching clients, doctors, do that as well. State rules vary, you got to talk to your accountant, et cetera. But basically what I did to start paying myself first out of the business, you've got to get that money out of the business. So the point of the business isn't for the business to make money. The point of the business is to give you money, get money out of there. That's the only point to being in business. It's great to give jobs and all that other fun stuff, but the point of that business is to get money out of there into your personal account. So the game that I ... the way I see it, when you put this all together, the money comes into the business, you want to get as much money of that out of there, into your personal accounts as possible. And then we'll talk, in a minute about getting it out of your personal account into your investment account, as well.

So, but anyways. Step one, we're going to get it out of the business account. You want to get as much money out of there as soon as possible. What I did was actually switch the way we file with the tax returns, from just a regular LLC to now we file as an S-corp or a pass through corporation. And again, I'm not going to be your accountant or your legal advisor, et cetera. You need to definitely talk to your accountant for this, but basically there's some advantages of that. Big advantages I saw, pass through income, and mainly I can put myself on a payroll. So here's the million dollar lesson I learned for many years. I just wrote draw checks and I tried to do automatic transfers regularly and all that stuff. It's just so easy to skip your check. But basically what I did is I put myself on payroll, like the whole staff and every two weeks we do payroll. And I'm there with a set dollar amount that comes out. There's other strategies I take money out other ways that we won't get into here. But I'm on payroll just like everybody else. And there's a bunch of us that are salaried and then there's my hourly employees. So I do payroll every two weeks to pay them all up.

And the five of us ... whatever, eight of us are on salary, go out automatically, direct deposit and the eight hourly employees work this many hours each and she does the payroll. And what this did is make me pay myself every two weeks. And I didn't really feel in the business all that different. Before you'd skip a week, you'd skip another week. Instead of every week, you're paying yourself every two or three weeks. You skip too many weeks. But when you're doing payroll for the whole staff and team, you're on that list of people, it actually takes more effort to take you off the payroll, so you got an email, I'm going to skip a payroll this week. And you can always do that when things are tough, but every since I did this ... before, you're skipping checks all the time, "oh, it's a slow week" or collections, I got to pay this or something would come up and you skip it. When you're on payroll, I don't know if I've done that maybe once or twice in five, six years I've been doing that. You just get used to it and you just take that money out every two weeks.

So, that's a big tip to get yourself on a regular pay period. When you write yourself your own check, which a lot of you guys do, it's just really easy to skip it. Put yourself on payroll. The other nice thing with that, I went from quarterly taxes to taking them out every two weeks with your paycheck. So those of you guys that have read the book, is the [inaudible 00:05:25] growing quickly, when I found out those estimates that you do ... if you owed $40,000 in taxes last year, you pay $10,000 four times, quarterlys, but your practice went up 40% this year. So instead of owning $40, you owed $70, that's just raw numbers. At the end of the year, you got to come up with another $30,000. And just because you made it, as you guys know, doesn't mean it's sitting in your business checking account, right?

Just because the gross went up, doesn't mean the net went up. So I really got off that rollercoaster. It's stressful. There's quarterlys and those last minute payments. So I put myself on the payroll and then what I do, is I over deduct. So I make sure they take out extra on top of what normal payroll deductions would be, because you're the business owner and there's other ... it gets complicated. There's other stuff going on. So they take out what you normally would for payroll person making x dollars and then some. And basically, I end up doing pretty good. I kind of planned that out with the accountant, how much to overtake and we look at it as we're growing throughout the year, et cetera. And you got to think, maybe a little short, maybe a little long ... I think one year, they owned me five, I owed them 5. It kind of keeps it a little more tight, instead of owing 20. And you can kind of look at it throughout the year and see where you're at. But it just takes it out every two weeks, instead of coming up with these big estimates. Now, I'm ... our volume, we're looking at a quarterly estimate of $40, $50,000 every quarter. I mean, it's just much easier to take out a couple thousand every paycheck when you come up with $40,000 every quarter. So, that's more advanced stuff. You definitely need to talk to your accountant. You may have to talk to your lawyer.

Basically if you do that LLC, you can file a form with the IRS to just change the ... keep it as an LLC, but you file as an S-Corp, it's a simple one page form your accountant can help you out with. I was talking to another business owner about this. What you'll notice, you start taking a lot more money out of the business if you do that. And it's really easy, too, if you're growing a little bit or you're just feeling that you can just up your salary a little bit a couple hundred dollars every two weeks, that adds up and it's just another way to keep drawing more money out of the business. So that's what they mean by paying yourself first. Most of us are paying yourself last. You say at the end of the month you pay all the bills, you pay all the staff, your employees, the rent, the this, the that, and you forget to pay yourself.

I'm obviously the largest payroll and every two weeks, it's coming out of there. I'm first out. If I'm getting it out, my tax point is going right over to the government and I'm getting the rest right away and it's coming out of the business first. So that's what pay yourself first means to me. There's other strategies to get money out of there and this could get very complicated. But that would just be the real simple thing to get the money out of there. You don't necessarily need to put yourself on payroll and change the filing like I just said, but there's a lot if you're an LLC, you can't just put yourself on payroll, you got to change the filing status. That's what we had to do in New Jersey. But again, not a CPA or a tax advisor or anything like that. Those are just kind of what works for me, your accountant can talk you through this as well.

You can do it other ways. Maybe you're writing yourself a check every week and you can do it that way or you can do auto draft, too. You can do ... I actually do that as well. So I do both strategies where I have the payroll and I also have auto draft, every week there's a certain amount that comes out from the company checking account into my personal checking account as a draw. And that's ... again, we don't want to get too complicated for you guys. But you got to get that money out of the business.

People think of business the wrong way. The point of any business, anywhere, whether it's healthcare, donut store, whatever the heck it is. The object is to get the money out of the business into your personal account. That's the objective of the business. It's not to fund a million jobs and do all this other stuff. And all that stuff is great, we'll talk all about that. But financially, the point of the business is to get money into your personal checking account.

So I want you to think of the business funneling, as much as you can out of the business into your personal checking account. I just want to pay the bills and run everything, but you'd be surprised how much more you can take out of there. I guarantee just doing these strategies, you don't grow your practice or business, you can just grow your personal income by taking more out. The business will survive. Your expenses will rise up to meet what you leave in there. So if you take it out, you can't spend it in the business. So that's step one. Get it out of the business into your personal.

If you don't have a personal ... a business, that part might not have made a lot of sense to you. The next part will. So really, the big picture you want to look at is the business is to make gross profit, take some of that money out ... or as much as you can out into your personal account and the next step to paying yourself first, is to get it out of the personal account and into your investment account. So really you want to think of this funnel, business money into personal account, personal account into investment account. And that's how you're really going to get wealthy down the road. So it goes from business to personal and the personal you're going to pay for your mortgage, you know, all that kind of stuff that you got to pay, all the bills. And then you want to get money out of there.

So in personal finance people, like Dave Ramsey, who's books are good on this kind of stuff for the most part, by the way. Talk about paying yourself first, so the personal side, what they're talking about is kind of the same deal. Getting that money out of that personal account and into some sort of investment or savings account right away. So that's another objective. So how do we do that? Every two weeks, you're getting paid, I do some other stuff as well. Money's going in there, the bills are going to eat that all up. Whatever you leave in there is going to get eaten up by bills. Just like in the business. It's a lot of the same kind of stuff.

We want to get money out of there. So, like I said, big picture, out of the business to into the personal and you want to get it out of the personal. A lot of people, even if they get step one, business into personal, they leave it in their personal. Or even if you're an income earner, regular employee, whether it's practice or whatever, that money's sitting in the personal account, just sitting there and it's going to get eaten up by expenses. No matter what.

There's people that make $1,000,000 a year and their expenses are $1.2 million a year and they're losing $200,000 a year, right. So it doesn't matter how much you make. You've got to do this. And you can get wealthy following this, no matter what. So out of the business into the personal. Or, just from your paycheck into the personal. You've got to get it out of there next. So how do we do that?

Basically I've tried a lot of different stuff and long story short, I do an automatic transfer out of personal checking into my investment fund. Every month, there's a certain amount that goes in. Right now, we're doing 15% of gross. So there's a chapter in my book as well, but basically ... 15% of your gross income for the year is a good savings goal for most of us. If you do more, great. You know, it's basically 40% to get real wealthy, 10%, but 15% is a good goal for most of you. It might seem crazy, so if you just take your gross income for the year, you made $100,000 last year, that's $15,000 is 15% of that. This is gross, don't use take home. So you gross $100,000 and then taxes will come out. So 15% of that total gross, that's $15,000 and divide that by 12, it's $1100 a month or whatever it is. And that's what you're going to transfer out. That's basically what I've done. So it's 15% of what my gross is, ballpark numbers and there's more complicated stuff in this. But basically, this is what we want to shoot for.

So 15% of your gross. Last year we made $100,000, 15% is $15,000, divided by $1200, $1150 whatever it is. That's going to automatically come out of your personal account every month on a set date and go into your investment account. And that's it. That's how you're going to get 15% out of there. You probably don't want to start at 15, for most guys we're in debt and we're going to do an episode just on debt and all this other kind of stuff, as well. But you just want to get 15% out of there.

If you're not at this point, which you may not be, if you're in a lot of student loan debt and all that kind of stuff. We're going to do an episode on debt. You may not be ready to put 15% aside. I'd still encourage you to put something aside. It's $100 a month, it's $200. Even if you've got big student loans and loans and debts and all this stuff. Start getting in the habit of getting some of that money investment account, just a little bit as well. But, if you're a little bit more on, you don't have as much debt ... and even if you have a home loan and all that kind of stuff, which we'll talk about. You still want to do that. But that's the goal, 15% of your gross, whatever you grossed last year, 15% divide by 12. That monthly amount should go out of your personal checking now and into an investment account.

So, you're saying, what kind of investment account. You're going to do it all set on this, not a big fan of financial advisors, nine out of 10 are just there to take your money. And even if they're not, they're just going to skim one or two percent off the top. So people don't realize is financial advisors, the market goes up 7% one year, financial advisors taking ... it actually adds up to about 2% by the time their fees and commissions and all that kind of stuff. So the market went up seven, you only made five. That's not good. If the market goes down five, you lose 2% more. You're going to go down seven, instead of five. So, over 30, 40 years investing, this adds up to a fortune and it's going to actually crush you. We'll probably do an episode just on these fees and stuff, too. And kind of everybody's waking up to this, there's Vanguard Revolution. So basically I have everything with Vanguard, I save with post-tax money, which means I'll pay the tax when I take it out, which we won't get into in this episode. And then we'll put all low cost index funds. And again, we won't get into this this episode either, but their cost are average a .05, .06% fees for Vanguard. It's very low, there's no money transferred over there, no money to set up an account, no minimums.

I encourage you to set that up. They are very good. Their service is great, you can call up, they'll walk you through it. You can do it all online without doing that. Again, we're not going to get all into that this episode, but I am a fan of this more passive, low cost index fund type of investing. And the way we divide that all up and all that kind of stuff. We'll get into it in another episode. There's a good book on that, Index Card Revolution, is the simplest book. There's a bunch of other ones about this kind of stuff. We'll do a whole show on this investing, but the point of the matter is, you need to get it out of there. We're going to set this auto withdrawal. I'd like for you to set about 15% of your gross coming out monthly. I'm going to do it once a month through Vanguard. It'll transfer into money market account. You can leave it in there and then purchase the funds later or ... I kind of try to do it right away mostly. And again, we're get into investing in another episode. But, get it out of the personal into this account right away.

Now the one key thing with this is timing. So we've kind of nailed this timing down at my house, when these transfers and everything all happen. So, the Vanguard transfer from the personal account into the investment account happens somewhere around the 20th or something. But basically, you guys probably mostly the same way, beginning of the month there's a lot of bills, you got to pay your mortgage. We have a rental property we have to pay and then we got to wait for the rental check and all this kind of stuff goes on at the beginning of the month. And then the balance starts building up near the end of the month as you get paid the second time. So, we've kind of timed that transfer to Vanguard out of that second paycheck. Kind of my first paycheck will pay the mortgage and all that kind of stuff and the rentals. And then more money come sin to replenish that and then the balance is up higher and Vanguard takes it out.

So think about this timing. I won't get into this too much. The same with the other accounts, as well. And kind of what I've done for the most time, what I'll do with the business, because myself is on payroll and I have a large staff, a bunch of doctors and stuff, that payroll hit is pretty big every two weeks. And what I timed that as well, is the payroll's every two weeks and I pay the bills on the other two weeks. So, I'll probably do an episode on that, as well. You don't want to pay your bills as they come in. You want to set this all up, plan your finances a little bit better. We do a little bit more on this stuff, if you guys like this. But you just want to time all these transfers. So think about when you do it and it'll make it a lot easier.

Like I said, if you do that first transfer, usually the third of the month when you've paid your mortgage and all those kind of bills come in, it's better off to do it a little bit later. So think about all that, but pay yourself first, just really means get the money into the business. You want to get as much money out of that business into your personal account, as possible. Out of the personal account into an investment account and a good solid investments, low cost solid investments after that. And that's what pay yourself first means. Get it out of the business. Try and think about this, get it out of the business, get it into your personal account, and get it out of your personal account into an investment account. You guys are missing one or two of these steps or a lot of these steps. But that's really the big point of business.

the other nice thing is when you keep taking money out of the business account, it pushes you. I know people who will let $200,000 in their business checking accounts accrue. For one, you should be earning money on all that and all that kind of stuff, and it just kind of makes you lazy and not pushing. I keep the balances a little trimmer and you know, it keeps you pushing. I had a balance a little low this week, we had a slow week, let's push a little bit more. So it's good motivation, as well, to keep the business building. So, pay yourself first. Get the money out of the business into your personal account. Out of the personal account into an investment account. Automatically get it transferred, get it set up. There's some good resources for you. We'll do some more info on that, but don't forget to pay yourself first.

Speaker 1:

Thanks for listening to Dr. J's Path to Success podcast. Make sure to subscribe on iTunes and leave us a review. For information, please visit drjamesfedich.com. Dr. James R. Fedich, Clinic Director at Village Family Clinic. His book, Secrets of a Million Dollar Clinic, is available on Amazon and online at icanstartafamilyclinic.com or drjamesfedich.com. Www.drjamesfedich.com.


EPISODE 5 - Working with Vendors - How the Squeaky Wheel Gets the Grease

Friday, January 19, 2018

Do you have problems getting the most out of your vendors? This podcast gives practical tips on how to be the squeaky wheel and stay on top of deliverables.


Speaker 1:

Hello and welcome to Dr. J's Path to Success Podcast. Dr. James Fedich is a successful practice owner, best-selling author, and speaker. Listen in as he shares his secrets to a successful business and a successful life. So now, here's Dr. J!

James Fedich:

Hello and welcome to this episode of the podcast. The title of this episode is Squeaky Wheel. Why are we named the squeaky wheel? We're going to talk about vendors and getting attention, getting the squeaky wheel gets the grease so the old adage is, the squeaky wheel gets the grease. We're going to talk about this in context under vendors. Most small business owners, and even if you're not a business owner, you deal with a lot of vendors. You need work done, plumbers, electricians, all kinds of different service providers, landscapers that you have in your life. And if you have a business, you have ten times as many.

The reason this is coming up is, I'm actually on my way to my clinic at 7:20 in the morning, and I'm meeting with a new insurance broker, because we're not getting the service from our insurance broker that we need or deserve, and we're going to switch brokers. When I complained about it, they basically told me to be nicer to the staff. We were complaining that we weren't getting our health insurance done, and we have staff that are uncovered, and staff that's no longer with us that is being covered. It's a bit of an issue, obviously, and the insurance is pretty experience, so it was a couple thousand dollar a month mistake, not to mention we have staff members that want to have health insurance and don't, which is obviously not okay.

As I was getting on this vendor about not having our insurance done properly, I was told to be nice to the woman, she's getting older. Please be nice. You're calling and yelling at her and all this stuff, and so long story short, we're going to switch vendors, obviously. One thing I'm known for around the clinic is being really tough on our vendors. A lot of you, I'm going to encourage you, are being a little bit too nice letting people get away with stuff. If you're paying people money, you should be getting the service.

So, if you've been in business, or even if you're not in business, but you've just been around for a little while, you've probably noticed service slipping everywhere. Just yesterday, I'm at Target grabbing a couple things for my wife's birthday. Wrapping paper, a card, little stuff, and you go to check out, there's four self-checkout lanes with two or three people waiting in each person and one person overseeing, one actual checkout line with a real customer service person and a line going down there, and standing in line to wait to check myself out, I'm just astonished that this is kind of where customer service has gotten to.

I'm waiting in line to check myself out, bag my own stuff, pay you, and leave. How am I waiting in line to work for you and pay you? That's just unbelievable how customer service is going, and I think we kind of know where that all came from with the $15 minimum wage, et cetera. We won't get into that conversation today. But customer service is slipping everywhere, with your vendors and everywhere, all around. But when you're paying somebody money, you should expect some certain level of service.

So we want to talk about encouraging you to be a little bit tougher on your vendors, today. To your suppliers you're getting your supplies from, your vendors for telephone, cable, internet, things like your insurance broker. We're not getting service like this, I demand better service, they can't do it, so they're out. They're fired. And that's it.

There's a million insurance brokers that like our business. It's a pretty big clinic. It's a good client for a new guy that I'm on my way to meet, now. He's willing to meet me at 8am in the morning, and he's going to get the business of all my property & casualty, health insurance, you know we have a lot of insurance, a big clinic like that, and he'll get a nice book of business, because they weren't willing to give me the customer service.

So I want to encourage you to look at some of your vendors and realize you've got to be tougher on them. Another thing, my staff are always commenting, like half the day I'm spending just keeping up on people. Keeping on the vendor, "Where is this? Where's my supplies? How come this is late? Where's this?" And you're just on these people all the time. It's a real sad state of affairs when we can talk all about that, but you just need to be on your vendors all the time. You have to realize, if you're paying somebody money, the more you pay them, the more of a customer you are, the more you should be able to demand that you're getting better service.

So if you're a better client, or even if you're not. You know, a smaller client, you deserve service, but the bigger the client you are, the more service you should be demanding. A lot of people are just sitting on the back waiting to be done. I was just talking to a patient the other day and kind of saying, you know, being at the bottom of the pile.

You know, the squeaky wheel is going to get the grease. You're calling, complaining, emailing, and you're on top of these people, they're going to put you on top of the pile. Half the time, I get good service with these vendors only because I'm a pain in their butt, and they don't want me calling all day and emailing them, and I'll just be on them. You know, my wife's learned the same thing, too. But I've really learned, and it's a shame. Trust me, I don't want to do this, but really if you're not the squeaky wheel, you're not going to get things done, especially in this day and age of poor customer service just all around.

On the flip side of this, I want to encourage you to look at some of your vendor relationships, your suppliers, your service providers, landscapers. I was just talking with another M.D. at the clinic, our landscaping company may not be the cheapest, but they just get anything done for me. Last year, a bear knocked down our fence. I took a picture of the fence, emailed it to them, and the next day there's two young guys out there putting a new fence in, and they send me a bill for it.

The gutter was hanging off or something a couple years back. Same deal, picture I sent it over, they sent a guy to get over there. So I'm probably paying a little bit more for a cut than I need to be, a weekly cut, and all that kind of jazz, but you know what? They get the service done, and I don't have to worry about stuff like that. The plow the driveway, they salt the driveway, they trim the bushes, they do the leaves, they do all that stuff for me. It might be a little more expensive, but like that fence is a big thing. I've got a dog, kids, and you know, the fence was down. I took a picture and emailed it, and they came out and did it.

I may or may not be overpaying for that service, but I don't mind, because they're going to give me that customer service. So number one when you think about this kind of vendor service relationship, your squeaky wheel conversation, who are you not getting the service from in your vendors relationships. Is there somebody who is just not giving you the service or not on top of things. Things are late. You need to be on them and expect more from them.

Like this vendor today with the health insurance, they can't give me what I need, you're fired. You're out. There's a million other people that will do it, especially with a bigger business. But even if you're small, they'll take you. You know, demand that high level service or get rid of them. I was calling and emailing every day. Someone, two weeks ago should have been put on our health insurance plan. I've got employees not covered when they're supposed to be covered. That's not okay. I'm going to be on them, and basically the supervisor told me to lay off the lady, she'd get it done. He just told me, "She's an older woman. Take it easy on her." And it's like, it's been sitting in her pile for two weeks. No. We have staff that needs insurance. I'm not going to take it easy on you. If you can't give the service, you're out. So that's that. Once you appear to be a little bit tougher on some of your suppliers and vendors and your relationships like this, you know.

And then, when they do give good service, you treat them well. So that's the flip side of this conversation. My computer guy, after going through a million computer guys, I finally found a good computer guy, finally. It's a nightmare if you have an IT guy. So, he's good. He comes in prompt. My staff can call him when I'm not there, and he'll show right up to the office within a day or two, call, he does a lot of repairs on the phone and doesn't even charge me. But one of the things I always do with him, and this is a good tip with a lot of your vendors, and I just did this a couple times is, I write him a check right when he's there. So when he's done with his service at the office, "Mike, what was the bill? How long were you here?" And he leaves with a check.

So if you know any of these service providers, they are always chasing down money. Plumbers, electricians, all that kind of jazz. And him, too. So he's billing, and he does these big loggers, he bills on the system, it sits on this big pile, and you know next month, it's 90 days were unpaid, you've got to send a second invoice. These guys don't have time for that, especially most service providers are kind of mom and pop of just a guy or two. So these are really good tricks for you, and I do the same with a couple vendors. The computer guy, I always do that.

He also does my house. We have a bigger house, and the whole network and all that kind of jazz, and he installed ... The WiFi couldn't reach the whole house, because it's a big house. He put these repeater things, and we still had problems with the internet. He's texting me back and forth, try this, try this, and finally it just wasn't working. He said, "I'll come out on Tuesday. I'll be out in the area." He stops by. Long story short, a wire went bad, so he came to the house. My house is 30 minutes from the office, and it's not in the same town. He replaces the wire, and tells my wife, "I'll get you a bill." She says, "Oh, I'll pay what it was." He said, "The wire's $15." He didn't charge, he drives out to the house 20 minutes away, service call. My wife give him $20 cash, done.

Same thing, we had a HVAC unit issue at the office. I had a great guy, actually, that did all my HVAC for rentals and my house and my office, and he had an injury. He said, "I can't repair this thing." I was calling around, problems getting somebody to come back, get this new guy who finally does it at much less than the estimate $200 when I was calling around to fix this HVAC unit, and he was just getting ready to go, and I said, "You know what? Come on in here. We'll write you the check." So they'll pay him right away.

The flip side is if you have good service providers, treat them really well, but demand that you get the good service. You guys know that I might be a pain, I'm going to call you to get it done, but they know you're going to get paid on time right away, and it's worth it to them. So that's definitely two things to think about there.

The other thing to think about, it's a good opportunity for us, especially if you're in the healthcare field, and really any business. Service is getting so terrible anywhere that you have to be the squeaky wheel. If you give exceptional service, it stands out more than ever. Even if you give mediocre service, for goodness sakes.

Things we talked about in my book is shop in all packages, the Dan Kennedy thing, new patients get mailed a box in the mail with a bunch of goodies in it. We give them a little welcome bag when they come in with a coffee cup and a book in it, and that kind of stuff. If you're giving above average customer service, it's going to stand out more than ever because you're getting worse customer service than ever.

So I want you to think about this squeaky wheel conversation in a couple ways. One, what vendor, supplier, or service provider are you letting get away with not treating you with enough service that you need? Maybe you've got to fire somebody like I just fired my health insurance broker. If you want to know who it is, just email me through the site and I'll let you know.

So whoever you're not getting the proper service from, you need to be the squeaky wheel. Sometimes you've just got to be on people. We ordered Leander tables a couple of years ago, some $10,000 tables, three of them. They were just taking forever. Backed up supply, and we just get in the habit of calling them. We also had an issue with the building that I'm renting for my office, and I just got in the habit of calling the landlord every week at the same time. I called him every Friday at 8:00 until it was repaired. And that's it, he's going to hear from me every week. Sometimes you've got to do that, be really tough on people, tough on vendors, suppliers. Even with your landlord. Don't forget, you're the customer if you're renting. But I do like renting commercial space, actually.

But you're the customer, they're not. So you've got to be tough on them sometimes, as well. So we've got to be tough on a supplier. We can be tougher on a vendor, supplier, or service provider that you're letting get away with not treating you with enough service.

And number two, think about how you can give better service so that you stand out. Again, it's easier than ever. Small things are going to stick out, because like I said, if you're at Target, you're checking yourself out, bagging your own stuff, waiting in line. I mean, it's kind of unbelievable when you think about it, really. You're giving them money to stand in line and bag your own stuff.

So where are you not getting the service you deserve or need and you need to be tougher on your vendors or suppliers or service providers. And think about how you can improve your customer service experience at your clinic, office, small business, whatever you're doing in order to get a little bit better referrals, retention, et cetera by getting better customer service.

So, squeaky wheel gets the grease.

Speaker 1:

Thanks for listening to Dr. J's Path to Success podcast. Make sure to subscribe on iTunes, and leave us a review. For information, please visit drjamesfedich.com. Dr. James R. Fedich, Clinic Director at Village Family Clinic. His book, 'Secrets of A Million Dollar Clinic' is available on Amazon and online at hackettstownfamilyclinic.com or drjamesfedich.com, www.drjamesfedich.com.


EPISODE 4 - The Importance of Maintenance in Body, Mind, & Office Equipment

Thursday, January 18, 2018

In this episode, Dr J discusses the Importance of Maintenance in Body, Mind, Spirit, and....Office Equipment! http://www.drjamesfedich.com


Speaker 1:

Hello, and welcome to Dr. J's Path to Success podcast. Dr. James Fedich is a successful practice owner, bestselling author and speaker. Listen in as he shares his secrets to a successful business, and a successful life. So now, here's Dr. J.

James Fedich:

Hello there, welcome to this episode. We are going to talk about maintenance today. Maintenance, maintenance, maintenance. So what are we going to talk about maintenance for? We're talking about it for a couple of reasons, couple of reasons just came up. I had a coaching client yesterday, talking to me about a maintenance issue in his office. And also, I happened to be at the dentist today, so maintenance is on my mind, that's why we're going to be talking about maintenance today. We're talking about this in a couple of different ways.

Maintenance as far as health so I coach a lot of chiropractors, physical therapists, acupuncturists. We're always talking about maintenance of your health, right? You're coming in regularly for some sort of maintenance care and again, I was at the dentist today. Dentists done this better than all of us combined so just about most people are going to the dentist twice a year for a checkup. Just there for my cleaning and check-up. I do not have any problems, anything that need to be done. But we're all just in the system of coming twice per year and basically the American Dental Association teamed up with dentists, went into the schools many years ago and basically promoted the message that we need maintenance care of our teeth and we've all come to accept this.

So the rest of us healthcare professionals certainly learn something from these dentists about maintenance. So most of us are not doing a great job with maintenance care. Even ourselves included. We could probably throw it a lot more in the office, we're actually more [inaudible 00:01:34] focused office so don't promote as much maintenance. But we certainly could promote maintenance a lot more. Most of us are maintaining our health, going to the gym, exercise and eating healthy and we're maintaining our bodies and maintaining our minds. Hopefully you're maintaining your minds with good mental nutrition with things like this podcast. Reading books regularly. Doing things to maintain your mind as well 'cause it's really important.

But I wanna talk to you more about maintenance today is more about your office. So this coaching client today was talking to me about actually muscle stim pads, funny enough. So you're going to chiropractor, physical therapy, go through those little stim pads and I'll flatten your clinic and this stim machines, if you do a lot of that. I know there's straight chiropractors, some people may or may not do a lot of passive modalities but it doesn't matter all that much, but most of you guys listen to us know what a muscle stim machine is, if you don't, it's a little stim pads that go on your back, neck, whatever else. They give you a little electric stim. Feels like electric massage, helps loosen up muscles. It can do more than that but that's the short end of that story.

So anyways, we do a lot of this in the clinic. We probably have six or eight of these machines, there's quite a few of them around. A lot of the patients do get some passive therapy at our clinic, which you can argue good or bad but anyways, we do a lot of that and we have a lot of stim machines. So the stim machines are three or four thousand dollars, depending on what you're doing. They have a little electrical wire that comes out and usually few or four electrode stim pads that go to the patient, and hook up and give them the stim. There's different stim pads that you can use, but we're not gonna get into all that.

Long story short, these machines ... they can break down, have some issues once in a while so talking to this client about maintenance, he's had some issues with the pads and using a different type of pad and all that kind of stuff. But here's what I found with these machines. I've had these machines for years, we're busy, we use them all day, a lot of patients like it. A lot of patients are on them. They always seem to break at the most inopportune time. A wires broken, a stim pads broken, something's down all the time and it's constant. You gotta get the guy out there and it's a couple days, you gotta order a stim pad, you gotta order a wire.

So eventually a few years back I just had enough of this, so a lot of times the wires lead the stim to the pad, they'll last ... depending on how busy you are, a couple years, a year. It depends on what you're doing but I got tired of the wires fraying and breaking and having problems, there's a crack, test the wire, bring the guy out. So every six months we order new wires on all the machines. I throw out all the old wires then we put all new wires in. Last thing you need is somebody getting burned on the stim wires or the machine being down in front of a busy shift so it's on our Google calendar.

We just absolutely replace all the stim wires every six months whether they need it or not, probably nine out of ten of them don't need it, but I'd rather hit that issue up before it's a problem, somebody gets burned or you get backed up on a busy day. We do the same thing with the electrodes, they may last a lot longer. I think we do those quarterly if I'm not mistaken. Weekly we clean 'em and do all the maintenance on them. Then I think quarterly, that's the Google calendar, again there's 40 of those stim pads, we're gonna throw 'em all out and replace 'em all with brand new ones every quarter I believe. Again, probably 20 of those are good and you can test them all and figure that all out but we found same deal. Throw 'em all out, it's not risk burning somebody over or having a backed up office or trying to figure out on your lunch break what's going on with the stim pads. That's' really freed us up.

So that's the kind of maintenance we're talking about. Maintenance in your practice, maintenance in your life. Same thing with your car, you know. We drive right now a Porsche and a Mercedes. Oil change on my Porsche is $1,050 per oil change and people say, what do you spend all that money for? For one, it's only every 10,000 miles on these newer cars so it's only every 10 months, eight months, I don't put a lot of miles on. But the whole car is being maintained and checked by someone who's a professional in checking Porsche's. They know how to check the valves, the stems, all the liquids, all the fluids, make sure everything's working properly and it's peace of mind. I don't wanna be broken down on the side of the road. So instead of getting $100 oil change from the Jiffy Lube who won't work on these cars anyways, that's besides the point. Pay a little more, have it maintained by a professional and I don't get worried driving around. I can drive up, going skiing up at the mountain, I can drive all over to work and not worried about the car breaking down because of maintenance issues.

What I really wanna talk about is preemptive maintenance. Again, its the dentist too, you're in there to make sure you don't get cavities. We don't wait 'til we get a cavity, we do it with our health but let's think about doing it in your life as well. So what are you not maintaining in your life, in your business and your practice or in your personal life? Is maintaining your relationships, maintaining your home. Same goes true with your house. A lot of people wait 'til things break down. Get things maintained and take care of them sometimes little maintenance issues can really be a hassle. Calling somebody to fix something that's broken when something just should've been maintained. So what do you need to maintain properly in your office?

If you are a physical therapist, chiropractor, acupuncture, a lot of people tuning in, think about some of your office equip. What needs to be maintained? Again, I just have a schedule we're throwing those wires out every six months. We're replacing the stim pads every three months whether they need it or not. It's just a maintenance issue, it gives me peace of mind, helps me sleep at night. [inaudible 00:06:02] equipment the same way. Maybe the computers are slowing down every three months, three years you need a new computer. Or you get a guy to come and maintain the computers every couple of months so it's not just always an emergency. So doing proper maintenance and make sure you don't have emergencies with your house, your practice or your life.

Same with your health. People are waiting 'til they have a heart attack to start going to the gym and most of us healthcare providers know that's not a great way to go about life, obviously, but we wanna maintain our health but exercise, gym, etc ... same so what are you doing to maintain yourself? So as you're maintaining your life, there's a lot of things I want you to think about this way.

Shoes, I just get a new pair of shoes every couple months. I don't ... get new pairs of pants. You get new clothes and they wear out. You maintain the things that you have. Makes life a lot easier, lot of stress free. I tell you that stim thing, it makes life a lot less stressful. Not worrying about machine burning someone or having an issue or going down when you last need it. You can never get the workers when you need it. We also actually have the company that does do it and they do an inspection on them every year. They come out and inspect all the machines, certify them and all that jazz as well. So that's another level of maintenance on that. That's just a couple thousand dollar stim machines. We found an ounce of prevention is worth a lot of cure. Get your stuff maintained, get your equipment maintained, your body maintained and your mind maintained.

Good positive mental trition like this podcast, others out there. Read some good books, mine's on Amazon. Secrets of a Million Dollar Practice. The updated version just came out. But how you maintain your health, your body, your mind and your practice. So just think about maintenance for this episode of the podcast.

Speaker 1:

Thanks for listening to Dr. J's Path to Success podcast. Make sure to subscribe on iTunes and leave us a review. For information, please visit DrJamesFedich.com Dr. James R. Fedich clinic director at Village Family Clinic. His book, Secrets of a Million Dollar Clinic, is available on Amazon and online at [inaudible 00:07:45]familyclinic.com or DrJamesFedich.com www.D-R-J-A-M-E-S-F-E-D-I-C-H.com


EPISODE 3 - Weather Permitting

Thursday, January 18, 2018


Get e-mail notifications of new blog posts! Enter email address below.

Subscribe

Enter your email address:

Delivered by FeedBurner

Follow Podcast on your favorite portal

Recent Posts


Archive