The Australia Counselling Podcast

031: Therapy Finances: How to Cut Costs and Increase Your Income

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So many therapists have issues with money and don’t take care of their books. What’s more, many often have no idea of their current financial position.

So in this podcast, I cover 7 ways you can cut costs in your business and 7 ways you can increase your therapy business income.

The ways to cut costs include:

  1. Practice bottom line responsibility
  2. Hire sub-contractors
  3. Change your phone plan
  4. Explore office space options
  5. Hire an accountant and/or bookkeeper, financial advisor
  6. Buy second hand office equipment

    7. 7 ways to increase your therapy business income include:

    1. Raise fees for new clients
    2. Package your services
    3. Offer coaching services
    4. Offer concierge services
    5. Offer group programs
    6. Offer group supervision
    7. Create a product to sell through your website

      8. and the bonus tip: Take credit cards.

      I also interview Sydney accountant Janice Melville, who is a Sydney accountant who is a Registered Tax Agent with more than 400 clients and a Super Fund Auditor.

      In the interview she answers the following questions:

      • Why do you think so many people (and therapists especially) have difficulty when it comes to managing money in their business?
      • What are the benefits of getting your financial books in order and tracking your expenditure for your small business?
      • What are some of the basic accounting fundamentals that a small business owner needs to start tracking in their business?
      • What are the most common accounting mistakes you see small business owners doing?
      • What are some of the tax deductions that many small business owners forgot to deduct?
      • Are there any specific deductions that therapists and counsellors be missing or might not have considered in their business?
      • If you’re a small business owner and you know you’ve been avoiding doing your accounts for a while, what should you start doing today to get control of your finances?
      • Do you have any tips for us to make the process of accounting easier and less stressful?
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        The Australia Counselling PodcastBy Clinton Power