How the Impact Lab Gave This Chiropractor a More Organized Financial Model
Sometimes, the best adjustments come in spreadsheets
Dr. Darcy White is passionate about cultivating a community of compassionate, empowered individuals who want to improve the quality of their lives, heal, and create a brighter future for themselves and humanity.
That’s a lot to be known for. But it’s what her business, Source Connection Chiro & Light, seeks to accomplish for its clients.
In Dr. Darcy’s first meeting with our Impact Lab finance expert Patrick Phelan, she wanted to have a better understanding of the current state of her business and establish goals for the future.
She walked away with a completely transformed vision and strategy for her business, which will ultimately allow her to help more people achieve the best versions of themselves. (That’s what we call a win-win-win.)
Here’s the story of Dr. Darcy’s journey with the Impact Lab.
challenges
Dr. Darcy encountered a few common small business challenges – nothing Pat Phelan, our finance expert, hasn’t seen before. She needed a clearer understanding of her:
Revenue targets
Cost structures
Revenue across different service offerings.
Pat and Dr. Darcy’s goal was to create a financial model that would provide insights into her business’s financial health and growth potential.
Where the Impact Lab Came In
Mission Edge intervened by working collaboratively with Dr. Darcy to define the services offered, determine their prices and costs, and set high-level revenue targets.
In their one-on-one coaching sessions, they dissected revenue targets, dove into where revenue was coming from across various services, and examined all of Dr. Darcy’s business expenses.
By the end of it, we were able to create a detailed financial model so Dr. Darcy would have more clarity and confidence when making future business decisions.
The results
Here at the Impact Lab, we’re all about tangible results and deliverables that our coaching clients can walk away with.
For Dr. Darcy, this deliverable looked like a comprehensive Excel spreadsheet that factored in operating expenses, served to project revenue, helped her allocate funds strategically, and allowed her crystal-clear insight into the financial health of her business.
Dr. Darcy’s experience highlights the importance of financial planning and modeling for small businesses, particularly in service-oriented industries.
She walked away with a tool that will be essential moving forward as she makes decisions to grow and scale.
The next steps for Dr. Darcy involve implementing the strategies outlined in the financial model to achieve her business goals.
Take Control of your Business
At the Impact Lab, we’ve graduated entrepreneurs who struggled with burnout, questioned the vitality of their business, and were unable to pay themselves a livable wage.
We’ve also worked with small business owners like Dr. Darcy who simply needed help making a personalized Excel spreadsheet that would serve as a helpful financial tool.
Our point is this: Wherever you’re at in your business journey – and whatever your challenges are – we can help.
And the best part is that it’s completely free.
(We’re a nonprofit organization with donors who fund this program, so there are no strings attached).
What are you waiting for? Apply now!
Want to keep the inspiration going? Read more success stories.
See how Impact Lab could help you gain financial clarity for your business in 2024
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