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 responsibility
- Hire sub-contractors
- Change your phone plan
- Explore office space options
- Hire an accountant and/or bookkeeper, financial advisor
- Buy second hand office equipment
7 ways to increase your therapy business income include:
- Raise fees for new clients
- Package your services
- Offer coaching services
- Offer concierge services
- Offer group programs
- Offer group supervision
- Create a product to sell through your website
and the bonus tip: Take credit cards.
I also interview Sydney accountant Janice Melville, who is a Sydney accountant, Super Fund Auditor, and Registered Tax Agent with more than 400 clients.
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 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 many small business owners forgot to deduct?
- Are there any specific deductions therapists and counsellors might not have considered in their business?
- If you know you’ve been avoiding doing your accounts for a while, what should you start doing today to get control of your finances?
Janice also shares lots of tips for us to make the process of accounting easier and less stressful.
Links and resources mentioned in this episode:
- Sydney accountant Janice Melville. Click here to email her or call her on +61 411 534 993
- Xero.com Cloud accounting software
- oDesk for outsourcing
- Elance for outsourcing
- Fivrr for small outsourcing jobs
- eBay and Gumtree for second hand office furniture
- eJunkie for selling products through your website
- GumRoad for selling products through your website
- Square for taking credit cards via your Smartphone or iPad (available in North America only at this point)
- Australia Counselling membership – Join Australia Counselling to promote your private practice
Listen to the audio above, listen on SoundCloud, or subscribe in iTunes or Stitcher Radio.
photo credit: Michael Scott | scottphotographics.com