Do you need to readdress your relationship with money? Are there some money blocks that are holding you back from investing in the growth of your group practice? Why should you start with the end in mind?
In this podcast episode, LaToya Smith speaks about the profitable performance playbook with Alan Pruitt, CPA.
Podcast Sponsor: Therapy Notes
Is managing your practice stressing you out? Try TherapyNotes! It makes notes, billing, scheduling, and telehealth a whole lot easier.
Check it out and you will quickly see why TherapyNotes is the highest-rated EHR on TrustPilot with over 1000 verified customer reviews and an average customer rating of 4.9/5 stars.
You’ll notice the difference from the first day you sign up for a trial. They offer live phone support 7 days a week, so when you have questions, you can quickly reach someone who can help, and you are never wasting your time looking for answers.
If you are coming from another EHR, they make the transition really easy. TherapyNotes will import your clients’ demographic data free of charge during your trial so you can get going right away.
Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached, and remember, telehealth is included with every subscription free. Make 2022 the best year yet with TherapyNotes.
Meet Alan Pruitt, CPA
Alan Pruitt is the Owner and CEO of Pruitt Prep CPA, a dynamic CPA firm dedicated to empowering and informing individuals and businesses on the best ways to minimize their tax liability, improve growth potential, and implement efficient and effective processes. He takes a proactive approach with his clients to not only implement valuable tax-saving strategies but also serve as an advisor and valuable resource anytime they have questions or need assistance.
In This Podcast
- Start with the end in mind
- Working past money fears
- Leveling up your practice
- The profitable performance playbook
Start with the end in mind
When I talk about 10, 15 years down the road, I want to break that down … where do you want to be in two years? Then we backtrack and say, “Okay, to be in this place in two years, where do I need to be at the end of the year, where do I need to be at the end of this quarter?” (Alan Pruitt)
Before you launch something new and try to create momentum in your practice, you need to know in which direction you are traveling in.
Have your long-term goal in mind and break it down into actionable steps.
Now, you need to know your numbers.
I do think that’s one of the key things to know because the last thing you want is to start building on something when you have a shaky foundation, so you have to build that foundation first. (Alan Pruitt)
Meet with and work with someone who knows numbers if they are not your strong point, and let them help you build a healthier relationship with numbers and money.
Working past money fears
A lot of people have trauma behind money. Again, break it down and make it simple for yourself.
Approach this [un]learning with a compassionate, qualified money professional who can help you to see money for what it is, a building block, and take some of the emotion away.
First, look at how much money is coming in.
Then, what are the necessary expenses?
What is the revenue? What’s the income? Let’s figure that piece out and then we can branch off from there. (Alan Pruitt)
Leveling up your practice
To level up your practice, you need to level up your approach to money. There will be necessary spending that may make you feel nervous but is nevertheless integral to building your practice.
Invest in a good EHR system, in a good onboarding process, and in creating smooth systems within the practice.
What does your first, second, and third therapist need in your new ground practice? Again, look at your income and necessary expenses, and work backward from your point of success to where you are now.
The profitable performance playbook
This is a guide on how to get sustainable profit performance running in your practice.
It includes passages on:
- How to get your money mindset right
- Learning how to delegate
- Creating a board of directors that guides your company
And more! Find your free copy by clicking on this link.
Useful links mentioned in this episode:
- Use promo code ‘JOE’ to get three free months to try out TherapyNotes, no strings attached.
- Visit Pruitt Prep CPA and connect on Facebook, Instagram, and LinkedIn.
Check out these additional resources:
- Streamline Your Practice: How to Create a Procedural Manual with Nakita W. Scott, MA, MSW, LCSW | GP 130
- Practice of the Practice Network
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Practice of the Practice Network
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired outcome.
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Email her at email@example.com
Thanks For Listening!
Feel free to leave a comment below or share this podcast on social media by clicking on one of the social media links below! Alternatively, leave a review on iTunes and subscribe!