Develop a money mindset to track your finances with Danielle Hayden | PoP 693

A photo of Danielle Hayden is captured. Danielle Hayden is a reformed corporate CFO (chief financial officer) who is on a mission to help rule-breaking female entrepreneurs understand their numbers. Danielle Hayden is featured on Practice of the Practice, a therapist podcast.

Do you want to learn more about the numbers in your practice? How can you develop your money mindset? Can you measure your numbers to track growth in your practice?

In this podcast episode, Joe Sanok speaks with Danielle Hayden about how to become financially literate.

Podcast Sponsor: Brighter Vision

An image of Brighter Vision Web Solutions is featured as the sponsor on Faith in Practice Podcast, a therapist podcast. Brighter Vision builds all in one websites for therapists.

When you’re in private practice it can be tough to find the time to even review your marketing efforts, let alone to make improvements where needed.

Whether you are a seasoned clinician with an existing website in need of a refresh, or a new therapist building a website for the first time, Brighter Vision is the perfect solution.

By first understanding your practice and what makes it unique, Brighter Vision’s team of developers are then able to create you a beautiful website that will attract your ideal clients and get them to contact you. Better yet, they also provide unlimited tech support to make sure it’s always up-to-date, and professional search engine optimization to make sure you rank high in online searches – all at no additional cost.

But best of all, we’ve worked with them to create a special offer just for Practice of the Practice listeners. Get your first 3 months of website service completely FREE. To take advantage of this amazing deal, head to brightervision.com/joe.

Meet Danielle Hayden

A photo of Danielle Hayden is captured. She a reformed CFO, podcast host and business consultant. Danielle is featured on the Practice of the Practice, a therapy podcast.Danielle Hayden is a reformed corporate CFO who is on a mission to help rule-breaking female entrepreneurs understand their numbers and create sustainable profits.

After spending 10+ years in the boardroom as a corporate finance officer, Danielle is now in her sweet spot as the owner of Kickstart Accounting, Inc. where she helps business owners with bookkeeping, financial analysis, and education and as the author of the Profit Planner book series.

Danielle is also the host of the Entrepreneur Money Stories Podcast, where she breaks down people’s limiting beliefs around money.

Visit Kickstart Accounting, Inc. and connect with them on Facebook, Instagram, Twitter, and LinkedIn.

Schedule a call with Danielle!

In This Podcast

  • Important numbers to know in the startup phase
  • Do what is good for you and your business
  • Important numbers to know when growing your practice
  • Danielle’s advice to private practitioners

Important numbers to know in the startup phase

Whatever your startup funds are to get your practice going, cash is king. Monitor your cash flow every week.

Use a weekly dashboard, which tracks your:

  • Cash
  • Credit cards
  • What is owed and to who in the next 30 days
  • Income that will come through in the next 30 days
  • Available money to use

People call it investing … in their business, however, [they’re] not investing smartly, so looking at this weekly dashboard can help you to make the best business decisions. (Danielle Hayden)

Do what is good for you and your business

Spend time doing some self-reflection on what is going to be the best risk profile for you and your business.

For startups, having access to cash is good, but only if you are not going to blow through it. If you are at risk of unnecessary spending, then place it somewhere safe, and give yourself an allowance.

Be mindful of “shiny object syndrome”. Do not give in to purchasing and doing everything that everyone else is doing around you if it is not going to support your goals.

I want you to reflect on [whether] this is the right professional development for [you]. Is this what [you] need, today? There comes a point where we need to stop learning and start doing. (Danielle Hayden)

Important numbers to know in growing your practice

Every month, look at:

  • Profit and loss statement: look at gross margin, which is sales minus labor costs. Aim for a minimum of 30% profit.
  • Balance sheet: a review of your assets, cash, liabilities, and owner withdrawals.
  • Cash flow statement

You need to know where you see your business going before you can plan your expenses, because you have to have those measurables, but you need to have the intention before [working with] the measurables. (Danielle Hayden)

Have a high plan and a low plan:

  • High plan: for when you have extra budget and how you can use it properly
  • Low plan: for when you have less money than you expected and what you can do

You have a responsibility as a business owner to look at your numbers regularly so that you are sure you have enough cash to keep serving your clients, to provide for your contractors, employees, vendors. (Danielle Hayden)

Danielle’s advice to private practitioners

Start today. Wherever you are in your journey, take one small step.

Books mentioned in this episode:

Useful Links mentioned in this episode:

Check out these additional resources:

Meet Joe Sanok

A photo of Joe Sanok is displayed. Joe, private practice consultant, offers helpful advice for group practice owners to grow their private practice. His therapist podcast, Practice of the Practice, offers this advice.

Joe Sanok helps counselors to create thriving practices that are the envy of other counselors. He has helped counselors to grow their businesses by 50-500% and is proud of all the private practice owners that are growing their income, influence, and impact on the world. Click here to explore consulting with Joe.

Thanks For Listening!

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