Once you have an Office Manager that really steps into their role, amazing things happen.
This week I dive into how to empower your Office Manager, and place them in the role of a Chief Operations Officer (COO). And, it doesn’t take much to make this change. In fact, it only takes the leap to be open and trusting enough to reveal your financial comings and goings.
Your COO, to truly take a decision-making role, needs to understand the difference between revenue (collection, production, hygiene-per-visit) and profit. Remember, profit is not your salary. It is what’s left after you’ve taken your salary.
If you have a COO that knows the full picture of your business finances, they will spontaneously generate solutions to cashflow problems that crop up. Believe me, it feels so good to have someone in your corner, helping you think about the bigger picture. But, that is only possible if you share everything needed to evaluate the health of your business.
On the podcast I discuss:
- Why you should treat your Office Manager as your Chief Operations Officer
- How to define the Office Manager role with specific accountability
- The story of my first business – a lemonade stand – and how my mom taught me what profit means
- Why it’s crucial to separate your salary from your business’s profit
- Getting your scheduling coordinator excited about their calls with patients by imparting the right skills and systems
- The importance of your Office Manager understanding profit and your practice’s financial health
- A story of the last time my Office Manager made a very helpful and proactive evaluation to help solve a cashflow problem
Here is a short video trailer of the podcast episode where I'm talking about the process of turning your Office Manager into a COO: