2018 year-end numbers

[Kevin Slater]

Per annual tradition:

 

Revenue decreased 17% from 2017.

 

Most of that drop was in the first quarter, with income stabilizing the rest of the year.

 

47% of 2018 revenue came from the year’s top three clients, compared to 40% in 2017.

 

http://www.laterslater.com/YE2018.png

Kevin Slater

[+ purplekow]

I guess Jack Nicholson was right, all you need are a Few Good Men. You want the truth You need my on your bed. You want me on your bed. Or some such. I always find these statistics interesting and fun. When I ran my business I kept track of how many patients came in each day. Each day of the week. Which hours in 2 hour blocks. Of course by the month. New patients vs established patients. Insured patients vs uninsured patients. The number of patients from the individual insurance companies. Some of it was of value and some was just for curiosity. For Some reason in the 22 years I had this office, April 27th was my least busy day and December 28th was my busiest day. Spring lull and Winter rush with all the other docs on vacation I came to surmise.

[+ Keith30309]

What is your strategy for retaining your top 3 clients ?

[mike carey]

What is your strategy for retaining your top 3 clients ?

I may have misunderstood but it appeared to me that the top three clients were the three who happened to be the top each year not the same three from one year to the next. (I'm not suggesting you meant to imply that it was the same three throughout.) So I suspect that a strategy would be to develop regular relationships with clients in general rather than a strategy aimed at three individuals. I await being corrected on this.

[+ Keith30309]

I may have misunderstood but it appeared to me that the top three clients were the three who happened to be the top each year not the same three from one year to the next. (I'm not suggesting you meant to imply that it was the same three throughout.) So I suspect that a strategy would be to develop regular relationships with clients in general rather than a strategy aimed at three individuals. I await being corrected on this.

You’re correct. I wasn’t implying there were the same year over year... but 12 months is a long enough period to establish a relationship with an individual and I was curious about how @Kevin Slater had been so successful in sustaining this ratio repeatedly.

If I had 3 clients who comprised nearly half my income I’m not sure if I’d be thrilled or terrified.

[Kevin Slater]

You’re correct. I wasn’t implying there were the same year over year... but 12 months is a long enough period to establish a relationship with an individual and I was curious about how @Kevin Slater had been so successful in sustaining this ratio repeatedly.

 

 

Yup, it's not always the same three, but a small cast of revolving characters (always including Mr. Green).

 

http://www.laterslater.com/2018Top3.png

 

I don't think there's a generic retention model, but rather specific attention to each client dynamic.

 

If I had 3 clients who comprised nearly half my income I’m not sure if I’d be thrilled or terrified.

 

Exactly. Glad to have 'em, wouldn't mind a few more.

 

Kevin Slater

[crushme99]

From a client's standpoint, thank you for demonstrating the business side of all this, which is very often unappreciated.

[Smurof]

From your graph, 2014 and 2012 should have swapped, to make it look like a very excited person on their back!

[+ sam.fitzpatrick]

@Kevin Slater, the banker in me always appreciates your charts. Thank you for openly sharing your information.

[+ nycman]

I admit I eagerly await the "Slater Year End" report.

 

Thank you for sharing.

[Kevin Slater]

For Some reason in the 22 years I had this office, April 27th was my least busy day and December 28th was my busiest day.

 

Damn you, now I got to wondering...

 

My busiest day in terms of number of appointments is February 18, but that's only my 19th most highly paid day. Conversely, my most highly paid day, April 5, ranks 123 in terms of number of bookings. It would make sense that highly paid days would have relatively few but longer bookings. Indeed, on the high end there seems to be little correlation between number of bookings and total revenue.

 

Understandably, there's a much tighter correlation on the low end. My worst day for both number of bookings and total revenue is of course February 29. Excepting that, my fewest number of bookings is October 19 (364th in total revenue) and my least paid day is February 23 (360th in terms of bookings).

 

God love pivot tables.

 

Kevin Slater

[marylander1940]

What is your strategy for retaining your top 3 clients ?

 

@Kevin Slater has a big... brains and charm!

 

[+ VictorPowers]

Victor Powers Year End Statistics

 

- Net Profit decrease of 7%

- Expenses decreased 1.52%

- Tip percentage increased 1.3%

- 12 more appointments

- Job satisfaction remains at 100%

[+ honcho]

Victor Powers Year End Statistics

 

- Net Profit decrease of 7%

- Expenses decreased 1.52%

- Tip percentage increased 1.3%

- 12 more appointments

- Job satisfaction remains at 100%

 

I'm really, really happy to learn of the last statistic!

[+ purplekow]

Victor Powers Year End Statistics

 

- Net Profit decrease of 7%

- Expenses decreased 1.52%

- Tip percentage increased 1.3%

- 12 more appointments

- Job satisfaction remains at 100%

Is that your job satisfaction or your clients? I am betting it is both.

[+ sf westcoaster]

Thanks for sharing the statistics - it is nice to know that some escorts realize that this is a business and should be treated like one. Wishing you continued success in 2019!

[Milo Farnsworth]

Forgive me, is it in bad taste to ask how many people those numbers reflect?

[+ purplekow]

You’re correct. I wasn’t implying there were the same year over year... but 12 months is a long enough period to establish a relationship with an individual and I was curious about how @Kevin Slater had been so successful in sustaining this ratio repeatedly.

If I had 3 clients who comprised nearly half my income I’m not sure if I’d be thrilled or terrified.

My brother had a very successful business that was 3 client top heavy. In one year, 2 of the 3 ran into problems and the next year he was out of business. Lucky for him, he took his skills and his remaining client to a competitor and became the CEO for that company. He had the good sense to negotiate that 3/4 of the net from his one remaining client would stay with him. That company went from a small company to a national company and he was able to retire from the CEO position and was held on just o manage that one large account. He worked 3 hours a day 5 days a week 3 weeks a month and enjoyed a very very nice life. He stayed on for 18 years and then when the large client got bought out and withdrew their business from his account, he was able to comfortably retire completely.

So three large clients can be tricky, but if they are the right three, a business can be made.

[+ purplekow]

What is your strategy for retaining your top 3 clients ?

Speak softly and carry a big dick.

[Ryan Roman]

Damn you, now I got to wondering...

 

My busiest day in terms of number of appointments is February 18, but that's only my 19th most highly paid day. Conversely, my most highly paid day, April 5, ranks 123 in terms of number of bookings. It would make sense that highly paid days would have relatively few but longer bookings. Indeed, on the high end there seems to be little correlation between number of bookings and total revenue.

 

Understandably, there's a much tighter correlation on the low end. My worst day for both number of bookings and total revenue is of course February 29. Excepting that, my fewest number of bookings is October 19 (364th in total revenue) and my least paid day is February 23 (360th in terms of bookings).

 

God love pivot tables.

 

Kevin Slater

 

I've got to start keeping better track of business via an Excel file...

[+ azdr0710]

I don't think there's a generic retention model, but rather specific attention to each client dynamic.

 

....wisdom for the ages.....

 

we all could learn a thing or three from this thread.....

[+ purplekow]

....wisdom for the ages.....

 

we all could learn a thing or three from this thread.....

Running a small business requires attention to all details if you want to maximize the chances of success. When I first opened my office, I knew every detail My personal business plan included earnings expectations and expense expectations. For the first two years those estimates were within 1=2 % of actual. After that, the actual work of taking care of patients outstripped my abilities to keep as close tabs on the finances, but I still knew the numbers but I did not have the same fluency with changes and the like.

If you are going to run a small business correctly , it takes a large portion of your life, not just your usual acheduled working hours.

Edited January 15, 2019 by purplekow

[LivingnLA]

I don't think there's a generic retention model, but rather specific attention to each client dynamic.

 

Yes! In any very high-end service-related business, it isn't possible to be generic. In fact, it's probably counter-productive, beyond the obvious "generic" best-practices like timely clear customer-centric communication and the like. Ask anyone in very high-end hospitality. The customer dossiers are extensive and closely guarded to ensure retention and repeat business.

[+ VictorPowers]

Ah @Kevin Slater you were praised the other day by a client talking about your data. Always a good icebreaker and turn on! Lol

[mike carey]

Ah @Kevin Slater you were praised the other day by a client talking about your data. Always a good icebreaker and turn on! Lol

An icebreaker? Just to be clear, are you talking 'data' or 'stats', Victor?