April 25, 2023

Profit First for Christian Counselors with Julie Herres | WP26

33 minutes

WP 26 | Profit First for Christian Counselors with Julie Herres

The Wise Practice Podcast recently featured Julie Ayers, an expert on using Profit First for private practices, in a conversation with Whitney Owens, a group practice owner, and faith-based practice consultant. They discussed how Christian therapists can use Profit First to grow their businesses while still maintaining their faith. The podcast also highlighted the services of Private Practice Elevation, a company that helps practice owners attract more ideal clients through custom website design and SEO services.

What is Profit First for Therapists?

Julie explained the Profit First system, a cash flow management tool that essentially reverses the accounting equation. The equation is now income minus profit equals expenses, which helps to be intentional about having a profitable practice. Whitney shared her positive experience with Great Oak Accounting and the Profit First system, and they dived into what Profit First is and how it can benefit private practice owners. They also touched on how Christian therapists can incorporate this system into their practices.

Using Profit First for Therapists is a Mindset Shift

Julie stated using Profit First for Therapists is partly a mindset shift and it is possible to carve out profit from the very beginning. Making small incremental changes is more impactful than making big shifts that feel almost impossible, and it's important to remember that one step, whether it's one more dollar in profit or two, is crucial.

“It’s not going from a thousand dollars to $500 in spending, that is such a big shift that it feels almost impossible. It’s really easy to give up, but when you’re just making those small incremental changes, like let’s go to $990, 980, and slowly kind of chip away at it, it’s so much easier to maintain.” — Julie Herres A Profitable Therapist Means a Business that is Open and Available to Help the Community

The conversation emphasized the importance of profit for businesses in the mental health industry, as well as the guilt and stigma around making money in the mental health industry. The hosts explained that profit is necessary to take care of oneself, reward hard work, and further the impact of one's practice. They also discussed the need for therapists to address their own relationship with money to show up with integrity for their clients. The conversation emphasized the importance of letting go of guilt around making money and managing finances well in order to sustain the practice and provide quality care.

“Profit is not a dirty word. Profit is simply the reward for serving people well.” — Julie Herres The Benefit of Having a Profitable Business

In a Profit First Therapy Office, the business takes care of the owner. The conversation also discussed the importance of business owners taking care of themselves in order to be better therapists and bosses. The conversation then shifted to the use of profit first for business owners, which involves earmarking funds for an owner's pay account, tax account, and profit account. The profit account can be used to reward the business owner with something fun or extravagant, which can contribute to their overall happiness and well-being.

The speakers shared personal stories about the importance of enjoying life and taking time for oneself, which can ultimately make one a better therapist. They also discussed customizing accounts within the Profit First system based on individual needs, such as creating accounts for travel expenses or rent. By having specific accounts for different expenses, individuals can better manage their finances and make decisions based on the balance in each account.

Profit First for Therapist Book Release

A highlight of the episode is the upcoming release of the book Profit First for Therapists on May 2nd, and the ongoing pre-sale bonuses available for the readers. The discussion also highlighted an interactive tool available on Profitfirstotherapist.com that helps calculate the size of the business needed based on personal needs and expected revenue. The tool provides information on the number of sessions and clinicians required for the business.

“Profit is not a bad thing. Profit is a sign that we’re doing good work.” — Julie Herres

The conversation concluded with the speakers discussing the ease of setting up Profit First accounts and how quick and easy it is to do transfers. The book Profit First for Therapists was highlighted as having something for every therapist at any stage of their practice, including a chapter on scaling and compensating employees.

Overall, the conversation emphasized the importance of managing finances well in order to sustain a practice and provide quality care. The hosts encouraged Christian therapists to incorporate the Profit First system into their practices and let go of guilt around making money. They also highlighted the importance of taking care of oneself as a business owner in order to be a better therapist and serve clients well.

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