Danielle Hayden | Getting Familiar With Your Numbers In Private Practice | TPOT 173
The Practice of Therapy Podcast with Gordon Brewer
Release Date: 04/12/2021
Maureen Clancy | Integrating Diverse Healing Modalities in Private Practice | TPOT 327
The Practice of Therapy Podcast with Gordon Brewer
Maureen Clancy has been a licensed therapist and trauma expert for the past 20 years, helping women go through enormous life changes who have experienced childhood trauma. In this episode, Maureen shares her journey of integrating alternative healing modalities into therapeutic practice. She discusses her exploration of various methods such as energy work, acupuncture, and Reiki alongside traditional therapy, emphasizing the holistic nature of healing. Maureen reflects on the limitations of the conventional therapeutic profession and advocates for the incorporation of alternative approaches to...
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Kasey Compton | Journey to Self-Understanding: Insights for Private Practice Success | TPOT 326
The Practice of Therapy Podcast with Gordon Brewer
Kasey Compton is on a mission to help business owners find their entrepreneurial confidence. She went from bankrupt to Boss Babe when she took her first company from zero to three million in less than three years without ditching her life to do it. She owns three other businesses that have accumulated assets of over two million and are growing by the day. Her superpowers include cutting through the clutter to identify a strategic starting point, increasing efficiency through systems, and tapping into a person’s highest potential. She helps others by designing maps for their...
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Dr. Jan Carney | Empowering Professionals: The Importance of Public Health Education | TPOT 325
The Practice of Therapy Podcast with Gordon Brewer
Dr. Carney is Associate Dean for Public Health and Health Policy, and Professor of Medicine, at the Larner College of Medicine at the University of Vermont (UVM). She is Chief of the Division of Public Health at the Larner College of Medicine and directs graduate public health education. In this episode, we cover Dr. Carney’s multifaceted approach to addressing various aspects of healthcare and public health. From guiding individuals through the maze of health information to advocating for systemic changes and collaborative efforts, Dr. Carney's insights underscore the complexity of...
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Dr. Connor McClenahan | Crafting Client-Centered Profiles: An Approach to Authentic Engagement | TPOT 324
The Practice of Therapy Podcast with Gordon Brewer
Dr. Connor McClenahan founded Here Counseling, which provides a membership model for private practice so therapists can run their own private practices independently while benefiting from group resources. Dr. McClenahan runs a private practice in Los Angeles and Pasadena and has taught, coached, and written on digital marketing for therapists. His new 100-page workbook helps therapists build a strategic marketing plan and grow their practices. In this episode, Dr. McClenahan dives into the delicate balance private practice owners face between self-doubt and sincere empathy. Advocating for a...
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Cameron Schober | Therapeutic Frontiers: Healing Innovation in Private Practice | TPOT 323
The Practice of Therapy Podcast with Gordon Brewer
Cameron Schober is an LPC-S and LMFT-S in the State of Texas, primarily practicing at The Hope Place in Mansfield, TX. Cameron’s main areas of clinical focus is treating trauma using a combination of Accelerated Resolution Therapy, psychedelic-assisted integration, and postmodern therapy approaches in conjunction with psychoeducation related to trauma and it’s effects on our nervous systems as well as our lives. In this episode, we talk about Cameron's journey through the realm of therapeutic practices, navigating challenges, and embracing novel approaches to healing. From grappling with...
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Carla Titus | Financial Foundations for Private Practice | TPOT 322
The Practice of Therapy Podcast with Gordon Brewer
Carla Titus is a finance expert with over 15 years of combined corporate financial planning, analysis, strategy, and online businesses experience. She provides fractional CFO services and financial consulting to business owners looking to grow their business profitably. Her priorities for her clients are to help them grow profits, have cash in the bank, and pay themselves well so they can build personal wealth. The journey to financial success in any business requires a solid foundation and forward-thinking strategies. Carla, a seasoned financial advisor, emphasizes the critical role of...
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Dr. Liz Lasky | Adapting Private Practice for Modern Needs | TPOT 321
The Practice of Therapy Podcast with Gordon Brewer
This episode covers Dr. Liz Lasky's transformative shift from traditional therapy to coaching, driven by her quest for personal fulfillment and financial success. Embracing skepticism, she champions that therapists can thrive financially while providing valuable services, inspiring others to pursue their dreams. We speak about diverse opportunities for therapists, stressing the need for innovation in the evolving landscape of mental health care. She advocates for balancing roles as a business owner and entrepreneur, believing it's safe to have it all. Dr. Lasky reframes success, encouraging...
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Kristie Plantinga | A Guide to Effective Digital Marketing Tactics in Private Practice | TPOT 320
The Practice of Therapy Podcast with Gordon Brewer
Kristie Plantinga is a mental health nerd, writer, and marketer living in Colorado. She is the founder of TherapieSEO—a marketing agency serving therapists and coaches—and —a therapist directory that vets therapists so therapy-seekers can focus on fit, not quality. When she’s not writing about mental health and dreaming up creative content strategies, Kristie can be found snuggling her multiple terriers, sipping a homemade dirty chai, and half-helping her husband cook Lebanese food. This episode is all about navigating the evolving landscape of digital marketing. Kristie emphasizes the...
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Malka Shaw | Combating Anti-Semitism: Strategies for Therapists in Private Practice | TPOT 319
The Practice of Therapy Podcast with Gordon Brewer
Malka is a Licensed Clinical Social Worker in New Jersey, New York, and Florida. She has been in the mental health field for over 25 years and has successfully run her private practice for the last 15 years. In response to the events of October 7th and the ongoing situation, Malka Shaw, LCSW and Stacey Shapiro, LCSW, have co-founded the Kesher Shalom Project. This initiative, led by seasoned trauma specialists, has trained over 2000 therapists globally. Their training equips therapists with vital tools to aid Jewish clients during the conflict, covering trauma assessments, practical...
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Jason Frishman | Presence and Mindfulness: Balancing Work and Family | TPOT 318
The Practice of Therapy Podcast with Gordon Brewer
has been working for over 20 years to support individuals, groups, families, organizations, and businesses. Jason is excited to bring over two decades of work in offices, institutions, kitchens, farmers’ markets, woodlots, and boardrooms to wild new environments. Whether as a psychotherapist, the creator and founder of JourneyMen, public speaker, thought leader, or narrative consultant, Jason believes that our lives are adventurous, and we can and should be active, engaged authors of our own adventure stories! In this episode, Jason critiques the societal norms that suppress male...
info_outlineHave you done your taxes yet? My guest, Danielle Hayden, created The Profit Planner to help business owners know how to analyze their business correctly, generate more profits easily, and gain greater confidence in business and by getting really intimate with their financials. Lucky for us, this episode is all about knowing your numbers. Danielle explains exactly which numbers you need to know and where you can get started. Plus, we chat about accounting software, the importance of building a financial reserve, and what you need to know about self-employment taxes.
Meet Danielle Hayden
Danielle Hayden is a reformed corporate CFO (chief financial officer) who is on a mission to help rule-breaking female entrepreneurs understand their numbers so they can gain the confidence needed to create sustainable profits.
After spending 10+ years in the boardroom as a corporate finance officer, Danielle is now in her sweet spot as the co-owner of Kickstart Accounting, Inc. where she helps business owners with bookkeeping, financial analysis, and education and as the author of the Profit Planner book series.
Know Your Numbers
What numbers do you even need to know? Danielle says she could spend one hour on this question. When someone says, "know your numbers," they want you to understand your financial statements at a high level. Many people are big fans of profit first; so, you can have a combination of knowing your numbers and the profit first allocation. You should also understand your profit and loss statement and how you can prepare for tax season. When you have these things down, that means you are making smart business decisions all year long. When you're making smart business decisions, then you are maximizing your tax deductions. Overall, we need to pay ourselves as business owners and invest enough money in the business, but not too much money.
Where Private Practice Owners Can Start
The very first place you want to start is by having accounting software set up. So you'll always have your client management software, and then you'll have accounting software. It doesn't matter where you are in your journey – it's never too early or too late to get the accounting software you need to thrive. Give yourself grace! Tax management is a critical long-term business decision. Next, you'll need to do "catch up." You'll want to put all your expenses into this software. Once all the data is in, you have a starting point. Think about how much money you brought in, where you spent the money, and any surprises in the process.
Accounting Software To Consider
QuickBooks is an excellent place for private practice owners to work on their accounting. Danielle loves QuickBooks so much that she includes it in her costs. Xero is another popular system, and it's easy to use. Plus, Wave Accounting is free software. It is award-winning financial software designed for entrepreneurs. However, there are some limitations. Danielle says that you should plan for where you want to be. Eventually, you will outgrow a system like Wave because you will want more reporting as you get bigger. Sadly, Wave doesn't have all the reports that you need. Whereas QuickBooks will grow with your practice. Start where you're at and then build on more sophisticated software. Stay away from invoicing software that has turned into accounting software like GoDaddy.
How Often You Should Check Your Numbers
With Danielle, there are three options: weekly, monthly, and quarterly. If you can be in tune with your financials every week, that is the gold standard. That might mean a weekly dashboard of where your cash balance is at. It would help if you also double-check your collection issues on a weekly basis. If weekly feels like a big ask, you will want to look over your finances every month. Check your sales for the previous month and compare them to past months. Once we have the basic financial information, you can also know how much money is set aside for taxes. Looking at your finances monthly, you can make quick and better financial decisions. If you are paying for software that doesn't make you money, you can quickly decide to get rid of it.
Building A Financial Reserve
When you know your numbers and your financials in front of you, you can start to look at how much you need to reserve. Some people say to save three to six months of your expenses. However, do you even know what that number is? Your numbers are trying to tell you a story, it's your job to read the story. Know your expenses and slowly transfer money over to a savings account. Your savings account will be your rainy day operating fund. Start moving that money over there so that you can build three to six months' worth of savings. Also, it's critical to know your slow times; most people will have a slow time of the year.
Self-Employment Taxes
The mental health crisis is causing a tremendous amount of growth for therapists. Danielle says to watch your growth. It is imperative to monitor your development and to decide how you're paying yourself. If you are structured as an LLC and take owner's draws today, that means you're just a cash expense of your business. So, you will pay self-employment tax on that profit or loss. If that number is getting close to $50,000, it's time to really start to think about an S Corp. You grew fast last year, and you're growing fast this year – it's time to reconsider how your finances are set up. Make sure you're structured right for the next year so that you can maximize how much money you're taking home in your pocket.
Being transparent… Some of the resources below use affiliate links which simply means we receive a commission if you purchase using the links, at no extra cost to you. Thanks for using the links!
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Meet Gordon Brewer, MEd, LMFT
Gordon is the person behind The Practice of Therapy Podcast & Blog. He is also President and Founder of Kingsport Counseling Associates, PLLC. He is a therapist, consultant, business mentor, trainer, and writer. PLEASE Subscribe to The Practice of Therapy Podcast wherever you listen to it. Follow us on Twitter @therapistlearn, and Pinterest, “Like” us on Facebook.