Medical Empires12 Jul 2024

Facts Are Friends - Ep 58

In today's episode, we're going to talking about feelings and facts. People feel all sorts of things: they feel like the Earth is flat, they feel like everyone in America should get a standard minimum income, and they even feel like, despite having the body of a man or a woman, they're actually a dolphin. But as it's often said, facts don't care about your feelings. This is absolutely true in business. If you want to succeed, you have to operate on facts, not feelings.

At Genesis Lifestyle Medicine, we thought we were thriving in laser hair removal with fully booked machines at 12 locations. However, after our CFO analyzed each service's profitability, we found out that despite appearing successful on the surface, laser hair removal was actually losing us money. We had to hire more staff, allocate dedicated rooms, and incur high marketing costs. Once all expenses were accounted for, each machine was costing us $14,000 a year, leading to an annual loss of $170,000.

To improve profitability, you need to analyze each service individually. We eliminated laser hair removal and saw a 20% increase in net income. This also allowed our team to focus on more profitable services. Operating on facts, not feelings, is crucial in every area of life. It may hurt to face the truth, but doing so helps you and your business get better. Facts are your friends; they help you improve and succeed.

Welcome to The Spinoso Podcast hosted by CEO, doctor, comic book geek, and car guy, Alex Spinoso. I help people and companies grow - especially in the medical business. While my experience and expertise is in scaling all types of medical businesses to 7, 8, 9-figures or more, I can be a mentor to anyone who wants to take ownership of their lives, become a better leader at home and at work, and overcome any obstacle that stands in their way.

(0:00) - Intro

(1:38) - Feeling vs. facts

(5:03) - Focus on what scales

(7:02) - Facts hurt sometimes

(7:45) - Operate by facts

(8:11) - Conclusion

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