Trent Lowenstein
speaker
58 appearances
1 recordings
1 series
first heard May 2025
last heard May 2025
Trent Lowenstein’s voice in public audio — every appearance, attributed to the second.
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Appearances
Yeah.
We always said like, if you could measure it, then you could control it. So her issue was she couldn't measure it and she couldn't control it. There was no visibility. And now that you have your chart of accounts dialed in, you're in a lot better position.
So Trent, when you say chart of accounts, can you explain to the viewers more of what that means? Yeah, so on your profit and loss statement, you have descriptions usually on the left-hand side or almost always on the left-hand side that are the actual items that you are, the descriptions of the items that you're spending.
So like materials, direct labor, your insurance, your rent, your operational expenses, and having a clean chart of accounts where you can clearly identify sections where you should be spending a certain amount, like marketing as an example, what's the marketing spend here? help you gain clarity in your business so that you can protect that 25% net profit of your business.
What's the average time that you expect the doctor to spend with the patient?
28%.
That's like your education fees and all the other stuff.
Now, but is $140,000 for a doctor as a podiatrist a salary that's desirable?
It's not very competitive. What's the competitive rate?
Right.
So everybody else gets paid. The entrepreneur goes home and goes like, what do I do? It's just like you're working for everybody else. So when when there is an element of profit sharing or equity or or any of those options, the employees feel a different sense of ownership that they're also pushing the wagon forward.
Well, then you have your choice to work with them or not.
But if you want to recruit A players that want to push the wagon forward, that's who you want on your team. Like Dr. Tim, your husband, shout out Dr. Tim. What up? He does a great, he does a phenomenal job of getting referral businesses, right? He's always going out into the market. He's talking to doctors and he's getting those referrals.
Those referrals have almost no customer acquisition cost other than coffee or bagels or whatever Dr. Tim is bringing. The other locations are not going out to do the referral business at that capacity and you're leaning heavily on a higher customer acquisition cost through traditional marketing channels, traditional digital, social, etc.
So if there was nothing else except that the doctors at the other locations had a different mindset to go acquire inexpensive leads through their referral business and bring patients in and they got to reap the benefits of profit sharing, it's a different, again, it's a different mindset and it's the path to yes. It's the path to how are we going to make this work?
So that's the cool place that you're at. As long as you protect your 25% net profit, you have creativity to build up these step up programs that he's talking about. You know what your cogs are, right? You know what your expenses are. If the 25 is protected, like let it be creative, let it be art. And then once you find out what art works, let it become science.
Got it. Got it. That was one of the metrics that we wanted to dial in because she's spending an enormous amount of money on marketing and you're getting all these referral businesses and then the calls aren't being booked for whatever reason. You can't move it forward.
$50.
And as long as when the person picks up the phone, they don't say, yeah, the doctor can't see you for three weeks. We'll call you back. Right.
I mean, that's just money wasted.
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