Yesterday was a big day in our family. Our beloved LSU Tigers made the SEC Championship game for the first time in 8 years (but who’s counting?) and won! The weekend has been filled with conversations about statistics—passing yards, rushing yards, completions, sacks, and on and on. Most football fans can recite a breathtaking number of player and team facts, but there are a lot of numbers that are more important than your favorite football team’s that you should know.
Most ODs I talk with know their practice numbers off the top of their head—gross collected revenues, operating margins, net revenue. But a lot of times they struggle with the numbers that relate to their personal finances. One of the most time-consuming projects I do with clients is to crunch the numbers and pin down some very important figures every OD should know:
- The net cash flow their practice is providing
- How much they should be distributing to themselves
- How much they can be/should be saving per year for retirement
- What their actual spending is
- The amounts and how they are going to save for large expenses such as weddings and college tuition
So if I know off the top of my head that Joe Burrows completed 28 of 38 passes for a 74% completion rate, threw for 4 touchdown passes, 349 passing yards, and that he caught one of his own blocked passes and ran it for a 16 yard game (my personal favorite play of the game), shouldn’t I know how much I need to save every year for retirement and what my approximate annual spending is?
There is so much we can learn from athletes about discipline, teamwork, and hard work, but if your December is a slow month, take some time to engage in one of the most effective drivers of team performance is: knowing your numbers. And Geaux Tigers!
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