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:
Practice bottom line responsibilityHire sub-contractorsChange your phone planExplore office space optionsHire an accountant and/or bookkeeper, financial advisorBuy second hand office equipment7 ways to increase your therapy business income include:
Raise fees for new clientsPackage your servicesOffer coaching servicesOffer concierge servicesOffer group programsOffer group supervisionCreate a product to sell through your websiteand 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?