Adding groups into your private practice may seem intimidating or impossible, but in this week's episode, we make it easy! Julie sits down with Carrie Haynes, the genius behind The Art of Groups, and talks all about when it's a good time to implement groups into your practice, how to manage compensation of clinicians while adding groups, and some tips & tricks she's learned along the way!

Carrie Haynes is a Licensed Professional Counselor who has been practicing for over 10 years. She is a specialist in group therapy, and has led numerous therapy groups, workshops, and retreats. She is also a faculty member at Colorado State University and teaches courses in group therapy!

Episode Highlights:

• One of the many ways you can diversify the services your practices offers is by implementing group therapy
• Groups are a great way to increase your capacity to serve more clients, while offering an affordable solution for the client and a profitable service for your business
• Group therapy services can be the main source of a client's treatment, or it can be an additional treatment used alongside individual therapy work, making group therapy very versatile in a number of situations
• Getting started:
  • You can expand your service offerings to include groups once you have around 10+ clients
  •  You want to create the groups based on looking at your existing clients that have similar needs and taking on new clients that could also participate in the groups
  • Ask yourself, "What are the common themes we are seeing in our clients and what expertise can we offer them?"
• Dedicate one of your clinicians as the Group Coordinator
  • This is not a position that you need to hire full-time for
  • They will delegate a few administrative hours per week/month to create groups, schedule them, spread the message to clients about group offerings, and follow up once everything is up and running to make sure things are running smoothly or adjust as needed
• How long should you run your groups?
  • The standard timeline of a group therapy service is around 12-16 weeks
  • This timeframe gives clients enough time to get to know other group members in a comfortable setting while also giving you enough time to see if you are enjoying the group work, if the group is effective, and deciding if you need to extend/shorten the group timeframe in the future

Links & Resources:
Carrie Haynes
The Art Of Groups - Website
The Art of Groups - Podcast
The Life Coach School Podcast
GreenOak Accounting
Therapy For Your Money Podcast

If you are wondering if it's time to shift your private practice to a non-profit, or if you're interested in adding a non-profit arm to your business, check out today's episode featuring Tosha Anderson! She and Julie chat all about non-profits in private practice from compliance to compensation. Tosha also mentions some great resources for when you are looking to get started!

Tosha Anderson is the founder of The Charity CFO, an accounting firm that specializing in working with non-profits across the United States. She has years of experience as an auditor, non-profit board member, and a consultant. Tosha enjoys sharing her knowledge and experience with non-profits of all sizes to help them better understand their finances and set them up for success!

Episode Highlights:

• When does it make sense to start a non-profit?
  • When you want to create some kind of foundation to help your audience
  • When you are looking for funding from specific sources that only offer support to non-profits (family foundations, some government entities, etc.)
• Compensation
  • When you become a non-profit, you have to consult with your board about your compensation and any raises or bonuses you may receive
  • Bonuses are sometimes frowned upon in the non-profit community, so take that into consideration if you plan on expanding your services or generating additional sources of income, you may not always be able to reap the financial benefits of doing so
  • Your personal income becomes public knowledge when you have a non-profit, be aware that people will be able to comment or scrutinize your pay
• Compliance
  • Annual Compliance
    • Generally, every state requires you register as a non-profit but the federal government is who decides if you are a tax exempt entity
    • You are required to file an annual tax return regardless of if you have made money or if your non-profit is even active
  • Maintenance Compliance
    • You are responsible for maintaining your board, meeting funder's requirements (trainings, reporting, etc.), and meticulous recordkeeping
    • It is recommended that you seek professional accounting services when you run a non-profit in order to manage your books as efficiently and accurately as possible
• Audits
  • Audits are unique by state. Some states require audits while others don't.
  • Non-profits are required to pay for their own independent auditor. Keep that extra expense in mind when starting your non-profit.

Links & Resources:
Tosha Anderson - The Charity CFO
The Charity CFO Facebook
Passion to Execution by Lyn Scott
The EMyth by Michael E. Gerber
Atomic Habits by James Clear
GreenOak Accounting
Therapy For Your Money Podcast

Are you looking for some ideas of ways you can grow your private practice outside of regular clinical work? You're in luck! This week, Julie sits down with Katie Vernoy of Therapy Reimagined to talk about alternate revenues streams for you to incorporate into your own business!

Katie Vernoy is a therapist, coach, consultant, and co-founder of Therapy Reimagined! She is also the co-host of The Modern Therapist Survival Guide Podcast, a podcast created to teach therapists how to approach their roles in a modern age. She believes in empowering private practice owners to create businesses that they can healthily sustain and happily enjoy.

Episode Highlights:

• If private practice isn't quite enough to fulfill your business needs, there are many different options to explore to expand your brand
• Consulting - non-profit support, business mentoring, peer coaching, career advancement, etc.
• Networking - find support within your community, and learn ways you can help peers and colleagues as well
• Pricing - research to time and resources you will be utilizing in order to determine a ballpark price to start, don't be afraid to adjust as you go!
• Different options to expand your business & increase revenue:
  • Podcasting
  • Writing a book
  • Training seminars
  • Online webinars & courses
  • Create a conference
• Recognize & adjust how you focus your attention to avoid burnout or distractions - set aside specific time to work on each aspect to stay organized and meet deadlines/goals with multiple facets of the businesses working

Links & Resources:
Katie Vernoy
The Modern Therapist Survival Guide
Therapy Reimagined
When: The Scientific Secrets of Perfect Timing by Daniel H. Pink
GreenOak Accounting
Therapy For Your Money Podcast

Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!

Growing from a solo practice to a group practice doesn't have to be a challenge! This week, Julie breaks down common financial hurdles that most therapists encounter when growing their private practice, and different ways you can avoid them to make your transition easy.

Episode Highlights:

• Hiring: Your first hire is critical! You are setting the stage for all future hires
• Compensation: This will become the highest expense of your practice once you transition into a group. Setting up compensation correctly can make or break the business
• Take a look at your numbers and ratios (expenses based on your income) in order to hire at a proper compensation rate
• Make a Plan: Roughly calculating where you want to see your business financially in the future can help determine compensation rates that will help your business flourish
• Benefits: Slowly grows over time - you won't start out offering full benefits but will be able to make a plan to add vacation time, health insurance, etc. over time

Links & Resources:
Gusto
GreenOak Accounting
Therapy For Your Money Podcast

"The goal of your business is always profitability, but the purpose of your business is to help people and impact the community." -Kasey Compton

Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!

Automating financial systems in your business is necessary in order to thrive! This week, we chat with Kasey Compton of Consult with Kasey and talk all things automation and systems. We cover systems to make your billing, payroll, accounting, and so much more a breeze.

(HINT: Make sure to listen to the full episode for the secret code to access Kasey's mentorship program!)

Episode Highlights:

• Change Over Time : Keep track of the systems you are using as your business grows and changes over time (you can use Google Docs for example)
• Growth: As your business expands, make sure to create systems in the beginning that can make transitions easier in the future
• Communication: Applying automatic systems will show you what areas of your business need attention at a specific time (hiring, target marketing, expansion, etc.)
• Data-Drive Decisions: Instead of making decisions for your business based on feeling, make sure you have data and numbers to make those decisions confidently
• The Order to Automate: The systems you implement will vary based on your business needs
  • Marketing systems - generating leads and clients
  • Billing systems - filing claims and making sure your business is bringing in money
  • Onboarding systems - hiring your team and expanding your business

Links & Resources:
Kasey Compton
Consult with Kasey
Mindsight Partners
Zapier
Profit First
Fix This Next
The Goal by Eliyahu Goldratt
GreenOak Accounting
Therapy For Your Money Podcast

"Every time revenue comes into your practice, you subtract a predetermined amount as profit, and you run your business on the remainder" - Mike Michalowicz

The Profit First methodology has transformed thousands of struggling businesses into money making machines! If you're interested in implementing Profit First into your private practice, today's episode is made for you.

Register for our FREE Live Profit First Webinar on Dec. 18th, at 1 PM EST - CLICK HERE!

This week, Julie sits down with the genius behind Profit First, Mike Michalowicz. Mike is a successful business owner, author, and keynote speaker. He has founded two multi-million dollar businesses where he researches and develops his methods for increasing profitability, automating systems, and prioritizing problems.

Episode Highlights:

• Basic Principle of Profit First: Sales - Profit = Expenses
• The 5 Bank Accounts:
  • Income
  • Profit
  • Taxes
  • Operating Expenses
  • Owner's Draw/Payroll
• Transfer Schedule: Profit First recommends completing transfers every two weeks
• CAPS: Current Allocation Percentages
• TAPS: Target Allocation Percentages
• Do More With Less: Your business will tell you what is financially available to operate
• Parkinson's Law: Our demand for a resource increases to meet the supply of the resource. It can also mean that our work expands to fill the allotted given time for completion.
• Start Slow & Let It Grow: Profit First is a behavioral system. You must ease yourself into the process for it to be successful. Start with a low profit percentage and increase over time.
• Behavioral Intercept: The system needs to be set up naturally in order to make it for your patterns/schedule

Links and Resources:
Mike Michalowicz
Profit First - Website
Profit First - Book
Clockwork
The Pumpkin Plan
Fix This Next
Influence: The Psychology of Persuasion
10-10-10: A Transforming Idea
Rejection Proof
GreenOak Accounting
Therapy For Your Money Podcast

Taxes can be a huge surprise if you haven’t planned how to pay for them. There’s no time like the present to start saving for taxes. You have until April 15 to come up with enough cash.

Today, Julie Herres of Greenoak Accounting shares year-end tax saving tips. Frequently, she is asked about what can be done to save on taxes. For private practice business owners—whether you are a sole proprietor or have a corporation, LLC, or partnership—it’s likely that a portion of your take-home income is not taxed.   

Episode Highlights:

• Tip 1: Accelerate expenses on what you need (software, vehicles, office supplies)
• Tip 2: Plan for retirement (SEP, IRA, other retirement accounts)
• Tip 3: Tack business use of personal vehicles (reimbursable business mileage)
• Tip 4: Take home office deduction (if room is exclusively used for business)
• Tip 5: Regularly review entity structure (most beneficial from tax perspective)
• Tip 6: Hire your children (shift income from your high tax bracket to their low tax bracket)
• Tip 7: Use Augusta Loophole (rent primary residence tax-free for up to 14 days per year)
• Tip 8: Take self-employed health insurance deduction if eligible and contribute to HSA
• Year-End Tip: Treat yourself to business credit card points for personal presents

Links and Resources:

Tax Information for Retirement Plans
Tax Information for Business Types
Tax Cuts and Jobs Act (TCJA)
Augusta Loophole
QuickBooks
TurboTax
GreenOak Accounting
Therapy For Your Money Podcast 

Most people experience financial anxiety, including private practice therapists. Why? Money is highly emotional and psychological. Learn how to manage and overcome financial blocks in today's episode. 

Today’s guest is Lindsay Bryan-Podvin, a clinical social worker, financial therapist, and private practice owner. The clinical side of her business helps couples cultivate a happy and healthy relationship with money. Also, Lindsay’s coaching and consulting side helps private practice providers build a profitable and sustainable business.

Episode Highlights:

• Money Scripts: What are the benefits and strengths to your relationship with money?
• Four Financial Archetypes:
  • Blissfully Ignorant: Doesn't look at money, pretends it exists and sorts itself out
  • Admirer: Money solves problems and creates happiness
  • Doomsday Prepper: Money means safety and security - hold on to it
  • Spender: Money affords them to buy things to appear successful
• Personal vs. Business Life: Different financial archetypes show up, opposites attract
  • Step 1: Acknowledge archetype to protect yourself
  • Step 2: Is archetype helping or hurting you? Cultivate relationship with numbers
• Financial Literacy & Education:
  • Avoid buzzwords and blank statements
  • Fear, shame, and blame are not motivators
  • Align ideals, values, and goals
  • Basic Financial Advice: Have emergency fund, pay down debt, and invest in the future
  • Financial House: Nobody's perfect; use power of your own journey to heal others

Links and Resources:

Mind Money Balance
Mind Money Balance on Instagram
The Financial Anxiety Solution by Lindsay Bryan-Podvin
Therapy Reimagined Conference
Brad Klontz - Your Mental Wealth
Chiron - The Wounded Healer
The Millionaire Next Door by Thomas J. Stanley and William D. Danko 
GreenOak Accounting
Therapy For Your Money Podcast

Do you dream about growing and scaling your group practice from six to seven figures? It takes practice, partnerships, and profit. It’s a numbers game to add space and staff.

Today’s guest is Maureen Werrbach from The Group Practice Exchange. Maureen owns a group practice in three locations and started The Group Practice Exchange. Also, she partners with Mike Blumberg to present Group Practice Builders, an annual conference for group practice owners.

Episode Highlights:

• Starting Out Rule: When hired clinician is 70% full, onboard another provider
• Shift and Scale: Hire when you want and hire multiple people at the same time
• Staffing: Part-time people cost more for less work, full-times contribute more time and work
• Plan to Expand: Vision for group practice owners to add locations or expand space
• Work Culture: Minimal marketing by opening nearby locations and sharing clinicians
• Day-to-Day Decisions: Do what needs to be done, but add leadership to grow practice
• Tracking Metrics: Include clinician retention, intakes, inquires, and future appointments
• Decider vs. Delegator: Truly delegate by trusting those you hire to own the outcome
• Stressors: Going from six to seven figures? To scale and sell or not?
• Profit First: Maureen's favorite book to recommend when making financial decisions

Links and Resources:

The Group Practice Exchange
Group Practice Builders
Mike Blumberg
Profit First by Mike Michalowicz
GreenOak Accounting
Therapy For Your Money Podcast