Do you fear looking at your financial situation? How do you structure your finances to ensure that you’re bringing in enough money? Can looking at your numbers on a regular basis help you run your business more efficiently?
In this podcast episode, Alison Pidgeon speaks with Julie Herres about getting your head out of the sand about your practice financials.
Meet Julie Herres
Julie Herres is the owner of GreenOak Accounting. The firm provides bookkeeping, accounting, payroll, Profit First services to private practice owners throughout the United States.
Julie and her team have worked with hundreds of private practice owners, so they are uniquely positioned to be a trusted advisor to clients.
In This Podcast
- Why do therapists avoid looking at their financial situation?
- Things you can find out when looking at your numbers on a regular basis
- Structuring finances to ensure you’re bringing in money
Why do therapists avoid looking at their financial situation?
If you’re only looking at the bank balance, that really doesn’t tell the whole picture.
Therapists feel fear about their financials and may feel that if they don’t look at this side of the business there is no problem. There may also be a lot of shame sometimes where practice owners feel that they don’t deserve to make money in their business.
Things you can find out when looking at your numbers on a regular basis
- You may find that there is not enough income to cover your expenses. If this happens you may need to ramp up your marketing efforts or sublet some space.
- Look for where there is inconsistent income. This could be due to a scheduling problem or you’re not enforcing your cancellation policy or there are billing issues.
- On paper, it may look like you’ve made a lot of money during the year but in reality, there is not much money left and this could be an indication of too much personal spending. Personal and business expenses should not be mixed.
- Compensation structures are not sustainable
Structuring finances to ensure you’re bringing in money
Alot of people don’t calculate how much it takes to keep the doors open.
You need to calculate what it takes to keep lights on. If you’re making x amount per session, you need to know how much of that is going towards your overhead and what’s left to go towards you or paying a clinician.
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Meet Alison Pidgeon
Alison is a serial entrepreneur with four businesses, one of which is a 15 clinician group practice. She’s also a mom to three boys, wife, coffee drinker and loves to travel. She started her practice in 2015 and, four years later, has two locations. With a specialization in women’s issues, the practices have made a positive impact on the community by offering different types of specialties not being offered anywhere else in the area.
Alison has been working with Practice of the Practice since 2016 and has helped over 70 therapist entrepreneurs start and grow their businesses, through mastermind groups and individual consulting.
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