If you’re the owner-operator of a small health practice, like a physiotherapy practice, or a wellness coach who practices solo, should you concern yourself about the scalability of your business?
Hang on! What does “being scaleable” even mean?
In very simple terms, a scalable business is one that can handle increases in business volume (like bookings and revenue) without significant increases in operating costs.
A business that is not scalable will see its operating costs increase at a rate that is similar or higher than its revenue growth. By contrast, a scalable business’ operating costs will remain the same or may be minimally higher as the business grows.
Scalability is a good thing because it means that, as your business grows, so does the profit rate. Keeping your operating costs consistent regardless of the volume of transaction translates into (exponentially) higher profitability.
But there is more to life than profits right? For owners/operators of small health practices there’s more to gain from being scaleable. Especially time.
So how can you start to make your business more scaleable? Here are 3 areas in which you can make changes that will help you to get started: