August 20, 2025 • 31 mins
Every practice owner needs support to thrive and grow. We explore the critical team members you should have in your corner to build a financially healthy, sustainable therapy business.
• Marketing coach or consultant to help get more clients and improve messaging
• HR consultant to ensure compliance and protect your practice once you have employees
• CPA for tax compliance, business structure advice, and money-saving strategies
• Bookkeeper to maintain clean financial records and take administrative tasks off your plate
• Business coach to help navigate growth and scale your practice strategically
The investment in these professionals pays dividends by helping you avoid costly mistakes, save time, and focus on what you do best. Different stages of business may require different levels of support, but all five advisors become essential as your practice grows.
If you need support with profit coaching, visit therapybusinesspod.com to learn how we can help speak into your business and improve it.
Ross Herosian Marketing Program: https://www.getmarketingclarity.com/
Our Profit Coaching program is enrolling new practices now.
We specialize in helping therapy practices like yours achieve financial clarity, so you can focus on what you do best—helping your clients and managing your team- while we help handle all the businessy stuff they didn’t teach you in grad school.
To see if your practice might be a good fit, schedule a free consultation at therapybusinesspod.com.
Meet with one of our coaches
*Intro/outro song credit:
King Around Here by Alex Grohl
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
No practice owner should be going it alone, and
unless you are in a partnership,you probably are and it's one
of those things where you'rejust out there trying to figure
this whole thing out by yourself.
It's overwhelming.
We're constantly secondguessing ourselves and are we
making the right decisions?
Are we making the right moves?
I'm a firm believer that we allneed support, and so just
(00:21):
because you're a solo businessowner doesn't mean that you have
to go it alone.
Today, I'm going to walk youthrough five key people.
I always call these your boardof advisors in a way, five
people that you should have inyour corner, supporting you and
helping you make sure that yourbusiness is thriving and growing
in a financially healthy way.
My name is Craig and I'm theowner of Daisy Financial
(00:44):
Coaching.
Our team is on a mission tomake your therapy practice
permanently profitable.
If you own a solo or grouppractice, we're here to help you
build a business that createsmore time, makes more money and
serves more people.
This is the Therapy BusinessPodcast podcast.
No practice owner should begoing it alone, and unless you
(01:09):
are in a partnership, youprobably are, and it's one of
those things where you're justout there trying to figure this
whole thing out by yourself.
It's overwhelming.
We're constantly secondguessing ourselves and are we
making the right decisions?
Are we making the right moves?
I'm a firm believer that we allneed support, and so just
because you're a solo businessowner doesn't mean that you have
(01:30):
to go it alone.
Today, I'm gonna walk youthrough five key people.
I always call these your boardof advisors in a way, five
people that you should have inyour corner supporting you and
helping you make sure that yourbusiness is thriving and growing
in a financially healthy way.
Maybe it's because I'm a coach,but from day one, I've had
(01:59):
people in my corner.
When I first decided I wasgoing to start this business
venture, the first thing I didis I went out and hired a coach
to help me figure out how to dothis whole thing.
I've worked with all types ofpeople, and I don't think there
has been a day since I startedthis business that I haven't
leaned on support fromconsultants, coaches, financial
(02:21):
gurus all of the above financialgurus, all of the above.
So it's really important thatwe surround ourselves with other
people who have differentperspectives, who can ask
different questions, ask theright questions and really look
out for us and our businessBecause, let's face it, you are
busy.
You're probably busy workingwith clients.
You're probably busy if youhave a team managing those
(02:42):
people.
You're busy marketing, doingsales.
You're busy doing all the adminback work.
So there's so many piecesmoving in our business that
having other people speak intoit can take a lot off your
shoulders.
Having some people takeliterally physically things off
your plate can really reallyhelp.
(03:02):
When we are in our business,sometimes we are so close to it
that it can be really difficultto see things.
We might be almost too close toit.
You know what I mean, likewhere we don't know what's right
in front of our faces.
We're in there day to day andwe see this a lot with our
clients, where they are in theday to day of their industry and
when somebody like us steps inand we can ask questions that
(03:26):
maybe they aren't seeing,there's so many aha moments that
it's they're telling us I can'tbelieve I didn't even think of
this or I didn't see this, or italmost feels obvious.
But at the same time, witheverything they're juggling and
the fact that they're in itevery single day, it doesn't
always jump to them.
So that's what these corepeople can do, and so I want to
really just highlight that valueof why this is important.
(03:50):
Now, all of these pieces aregoing to come with an investment
, so these are not just, for themost part, not going to be free
people speaking into yourbusiness, but that's truthfully.
What we want is somebody who weare investing in them so that
they invest in us.
We don't want a one-sidedarrangement where it's this
person who we're not paying andthen they're giving us advice.
(04:13):
We want a mutually beneficialengagement and that's where
paying and investing in thesethings and that's I will call
every one of these an investment, because in some way, some
capacity, these are all going togenerate an ROI.
Now we're depending on beforeagain, before I get into it
depending on where you are inbusiness.
If you're listening to this andyou are brand new, maybe you
(04:37):
just started on your own.
You're not making, you're onmaking less than a hundred
thousand dollars a year in yourbusiness.
Not all five of these are goingto be things you can run out
and do today, and so what Iwould do is I would think
through some of your key painpoints and maybe that's even
before you continue listening,start thinking about now.
What are some things that makeme anxious, what are things that
(05:00):
stress me out about thebusiness?
Is it about the finances?
Is it about the moneymanagement?
Is it about the finances?
Is it about the moneymanagement?
Is it about growing?
Is it about managing your team?
What are the things or managinga team, I guess, if you're, if
you're smaller what are thethings that really stress you
out and what are time sensitive?
So, for example, the managing ateam, one, if you're just a
solo person, that one may notmake sense to invest in right
(05:21):
now.
So that might be one that you,when we highlight people that
can help in that area, that maybe one you put off for down the
road.
What are ones that are gonna bemost relevant to you today?
What are ones that are gonnarelieve some of that stress and
anxiety or frustrations, andfocus on those first.
So I'm gonna guide you throughfive key people that you should
have in your corner, and then Imight even give some advice on
(05:43):
ones that, depending on whereyou are whether you're making
10,000, 100,000 or a million ayear who, how you can seek out
those people, how you can do itin a way that's going to best
support your size of business.
So the first one I want to talkabout is a marketing coach or
consultant.
Their goal is to get you moreleads, get more money in the
(06:05):
door, get more paying clients,right.
So somebody who can consultwith you.
Now, I'm not talking about,maybe in their realm of
offerings is, you know, admanagement.
Maybe they do some SEO supportor optimization, but those are
not just the things I'm lookingfor.
There's a million companies outthere who offer SEO
(06:25):
optimization and ad management.
What I'm looking for is, ifthat's something we want, then
make sure that's in their suiteof offerings or their suite of
expertise.
I want a consultant or a coach,somebody who's going to meet
with me to get to know my idealclient.
Get to know those things, helpguide me through content
creation, how to speak to myideal client, how to change the
(06:49):
messaging or work the messagingon my website Again, not just to
show up more in searches, butalso to, when people end up on
my website, that it's speakingto them and driving them to that
next step.
If we're just focusing on SEOsearch engine optimization
meaning when somebody types intherapist, physical therapist,
mental health therapist near methat your name pops up pretty
(07:11):
high up in that ranking.
That's what SEO is doing, andthat is important, because
Google is still one of the mostused ways to find what we need.
So that's what we want.
Find what we need, so that'swhat we want.
But it doesn't do us any goodif somebody types in therapist
near me and then they click onyour website and it doesn't
(07:33):
speak to them, right.
So maybe they're looking forwhat you're offering, but you
just don't convert them on thatwebsite.
We do a whole episode on how todo this, so it's called
converting more clients.
Having your website convertmore clients.
You're having your websiteconvert more clients is
basically the premise of theepisode, so I will link to it.
Go find that and listen to somereally, really good elements of
(07:53):
ways to convert more clientsfrom your website.
The key is speaking to theirpain points, speaking to what
life looks like on the otherside, and a good marketing coach
is going to help work that outwith you.
Ross Hiroshim is my marketingcoach.
He's been on this podcastbefore.
In fact, we are recording anepisode that's going to be
(08:13):
coming out soon digging intomore marketing tips and ways to
do this, but he guides methrough these.
We meet twice a month todiscuss all of these things.
We're looking at data togetherand figuring out okay, hey, what
are people searching right now?
What's working?
Okay, how can we tap more intothat idea?
How can we start driving moretraffic to our website?
(08:35):
And, as those leads are comingin, how can we start converting
those leads better?
As I'm creating videos,podcasts, blogs, how can I
create content that iscaptivating, that is aimed at my
target market, so that it'sboth helping them and then also,
ideally, driving them to reachout for help and support in what
we do?
So Ross is amazing.
He has a Get Marketing Clarityprogram that I will link down in
(08:59):
the show notes below.
It's a self-paced programthat's going to guide you
through how to target thosetarget markets, how to take care
of all of those pieces.
So I will link there.
It's very, very cheap andaffordable.
So I highly recommend anybodylistening to this, regardless of
whether you have support yet ornot.
Take advantage of it, becausethe course is amazing.
It should be thousands ofdollars and it's not, so take
(09:22):
advantage of it while it is thischeap, because, as of this
recording, I believe it's like$50 is what he's running the
price on now.
So tap into that before it doesgo up.
So a marketing consultant isgoing to be key.
The next one is an HR consultant.
So this one is really onlyrelevant if you have a team.
So when you hire that first W2employee, whether they're an
(09:44):
admin, whether they are anothertherapist, a physical therapist,
a PTI physical therapistassistant, whatever you hire you
bring in under W-2, you'regoing to want some kind of HR
consultant With your first hire.
(10:06):
It doesn't necessarily makesense to go hire somebody as an
HR person right, or even to geta one-on-one consulting person
for HR.
So there are services to dothis.
Now the HR consultant theirgoal is to protect you.
They want to make sure thatyou're compliant, that
everything is done legally, thatsomebody you can tap into if
there is problems with the team.
If you have two team membersfighting, if you are wanting to
approach restructuring, pay oreven presenting documents for
(10:30):
them to sign, even theonboarding process, making sure
that that's done in the rightway and the offboarding, all of
those elements making sure thatyou are covered.
Now for those smaller businessesand typically I say maybe when
you have a few employees is whenyou should get an actual person
.
So there's probably three tiersto this.
When you hire your firstemployee, there are services
(10:52):
like even through your payroll Iknow Gusto, the payroll service
we use.
They offer HR consulting kindof on an as-needed basis.
It's just they have a team thatyou can tap into and ask
questions to.
So it's not a they know you cantap into and ask questions to,
so it's not a they know you andyour employees and those.
It's more of a generalized hey,we have people on hand that you
(11:12):
can tap into and ask.
So it's an added on servicethat you pay for.
But it's going to be a lot moreaffordable than the other side.
Now, as you grow, you mightconsider contracting somebody,
so an actual individual whoknows you and your business and
your people, and they're on ajust kind of a contracted basis.
They're not an employee butyou're probably connecting with
(11:36):
them multiple times a year andso it's important that they know
your company really well, thatthey've been able to help you
really create that plan and thatstrategy and that process.
Yeah, and then as you grow andgrow, that's when you'll
probably need a full-time person.
So when you hit thosemilestones.
But, like I said those people,if you're really small, it's
(11:58):
okay to tap into your payrollservice.
Like I said, gusto, if you'renot using Gusto, it's what we
use.
We love it.
I'll link that in the shownotes as well, but check to see
what you have if you're using apayroll service and if not,
there are HR services, just likeI described, that are lower
costs that you can look into.
All right, the third person thisone is so incredibly important
(12:20):
and I feel like these might evenbe I guess they're not in a
particular order, but if I did,I probably would have mentioned
this as a number one, because Ithink this one is so key and
that's a CPA.
And I say that from theperspective that I am not a CPA
and we as a team do not do taxstuff, but that is a CPA's goal
is tax compliance and to saveyou money on taxes.
(12:40):
If you own a business, youshould not be doing your own
taxes.
That's my belief, period, nomatter what you're making.
I don't think using a TurboTaxto file your business taxes is a
good idea.
I think it's time to hire a CPAto make sure that it's done
well.
A CPA is going to do a lot ofdifferent things.
So I'm talking about filingyour taxes as being the primary.
(13:03):
Having them do your taxes foryou is going to be so, so
valuable and more times than not, it's going to save you more
money than what you're payingthem to do it.
So, and if it doesn't, it'sstill worth it knowing that it
is being done right, because thelast thing we want is red flags
being going up at the IRS andthen they audit you and you're
(13:25):
in a mess.
A CPA is also going to give youguidance on business
structuring.
So my CPA helped me at the timewhen I went from sole proprietor
to S-corp or to an LLC.
Then S-corp it's kind of a whendoes it make sense to make
those changes?
Is it better to start out as anLLC?
Is it better to go LLC and thenat some point switch to S-corp?
(13:47):
There are tax benefits to both.
So I know at a certainthreshold, when you pass a
certain revenue and it'sdifferent for every business,
different for every areaWhenever you pass a certain
point, it makes more sense toswitch to S-Corp.
So you're going to save moneyon taxes by doing that.
So it's just really valuable tohave that.
(14:10):
There's so many times where Italk to business owners who
switch to S-Corp way late in thegame Not the end of the world,
but they probably could havebeen saving a lot of money if
they had switched sooner.
And that's something your CPA agood CPA will help you with.
They're going to help youoptimize your taxes, so they are
somebody you can speak to on.
How can I do this with the besttax benefit?
(14:32):
Am I putting enough away?
So, for example, my CPA we meetmid-year.
I always schedule anappointment with him mid-year to
review and say, okay, here'swhat my business has done to
this point of the year, here'sour profitability, here's how
much I've been having withheldin payroll tax.
And then he knows our personalside, my wife's salary, all
(14:53):
those things and what she'swithholding, and he can kind of
give me an estimate, like, okay,you are behind, so we probably
need to up what's gettingwithheld or we need to make
quarterly payments or whateverwe want to do.
And then at the end of the yearI'll usually check in again and
there's been times where he'slike, yeah, I would probably go
ahead and make a lump sumpayment of X, and sometimes it
(15:14):
turns out fine and we ended upgetting it back in April and
sometimes it really helpsmitigate.
Your business is growing.
Your profitability is alwayschanging.
I've had years where I grew butmy profitability went down
because we were growing our team.
So all of these things are justso case dependent that having a
good CPA, not somebody who justfiles your taxes, not like an
(15:35):
H&R Block, but somebody who youcan tap into throughout the year
that you can speak to when itcomes time for hiring.
So we hired.
I had an employee who I hired.
We live in Texas, she livedhere with us and then she moved
to Pennsylvania.
My CPA was invaluable in thattransition.
As I'm realizing, oh, I need tostart paying state taxes for
(15:57):
Pennsylvania and I had to learnall about those things and what
needs to be different here.
X, y and Z.
So I can't stress enough howvaluable a CPA is to you and
your business.
And so if you don't have one,regardless of the size, if you
are making $ dollars, go aheadand you have the plan to make a
lot more, I should say Go aheadand get a CPA to help you
(16:18):
structure this and do it right.
All right, the next one, thefourth person you should have in
your corner, is a bookkeeper.
This is different than a CPA.
A CPA is going to be more onthe tax Now a lot of CPA firms
will offer both but a CPA isgoing to be more tax and
guidance in that realm, whereasa bookkeeper is about.
Their goal is to keep cleanrecords, to make sure that you
(16:41):
have the right documentation,that it's accurate, to help you
when the taxes get filed andmake sure that every all the T's
are crossed and the I's aredotted.
So again, sometimes the cpafirm will offer both and you
know that is some really goodsynergy.
But they don't have to be thesame people.
It doesn't have to be the samecompany.
So they're keeping yourdocuments organized through a
(17:03):
software like quickbooks, wherethey are tracking every
transaction that comes in.
They're reconciling your bankaccounts.
They're making sure that youare uploading receipts and that
those are getting documented sothat everything is covered, so
that in case of an audit, yourbooks are safe, they are
accurate, they're clean, and itmakes that process so much
(17:24):
smoother.
A good bookkeeper is going tohelp you figure out what's the
best way to categorize, andthey're going to handle that.
Where does this fall out?
What's the best way tocategorize?
And they're going to handlethat.
What is?
Where does this fall?
What are the best ways to makesure that things are getting
logged correctly?
And, truthfully, they're justtaking a lot of time off your
plate.
(17:47):
So, yes, I think probably one ofthe biggest mistakes people
make and myself included when Istarted was I tried managing the
books myself because I feltlike, yeah, that's something I
can do.
One it's time consuming,especially as you grow and you
get more and more expenses.
If you have an employee, I feellike you shouldn't be doing
your own books, um.
And two, it's I don't even youknow, and this is my world is
finance and business finance.
I don't think I was even doingit correctly.
(18:08):
I don't know that I was doingit well.
So I think as you're growingmaybe some point in the under
$100,000 a year realm it's goingto be time to get a bookkeeper
and there's affordable ways todo it.
I think if you're really small,you can find cheap services out
there.
Remote Books Online is aservice I have used before and
(18:31):
they're great, and I think theirpricing starts as low as like
$175 a month, if not lower.
I can't remember their pricing,but for less than a couple
hundred bucks, you couldprobably get somebody managing
your books for you.
Now, if you can also find VAsyou can find offshore VAs for a
lot cheaper or if you want a VA,us-based either are great,
(18:54):
because the truth is, you'reprobably not going to.
Again.
We're speaking if you're small,you're not making a lot of
revenue, you don't have a lot oftransactions, it's not going to
require a lot of hours, so it'sgoing to be a lot more
affordable.
As you grow, you're going towant somebody who specializes in
this.
That's their expertise.
You're going to make sure youfind somebody who is going to do
(19:16):
it well, um, and that you canspeak to and consult with more
clearly and regularly.
So, again, this could still bethe VA, if that's their
expertise, um.
But you might want to find abookkeeping firm, uh, somebody
who knows what you're doing.
Now, our clients that you'veprobably heard, if you've been
listening to this podcast, thatwe're believers and we recommend
the system profit first, whichis a way to manage your cash.
So we typically recommendfinding bookkeepers who who are
(19:39):
aware of this system and who areopen to it and willing to do it
without charging you an arm anda leg, because profit first
utilizes multiple bank accounts.
Some bookkeepers will see thatand think, oh my gosh, and
they'll start charging you peraccount, even though
realistically it's not a wholelot of added reconciling, it's
just account to accounttransfers that they are having
(20:01):
to reconcile.
So bear in mind that you wantto find somebody, whether you're
doing that system now or evenif you're not, if it's something
that's on your radar and ifyou've never heard of Proverbs,
go read it, go listen to ourepisodes on it before running
out and hiring a bookkeeper tosee is this something that
really resonates with us?
And if it does, then make sureyou find a bookkeeper who does
(20:23):
that All right From there.
The fifth one is a businesscoach.
I said this was the first hireI made.
That's why I said none of theseare in any particular order,
because I could argue that,aside from the CPA, who, if
you're really small from day one, they should cost you maybe
between $500 and $1,000 a yearmaybe even cheaper, just
(20:46):
depending on what their ratesare just to file the taxes.
A business coach, I think, issomebody also from day one and
that would be an investment fromday one but somebody that you
need to help you do things rightto make sure that you are
growing your business, you arescaling, that you have a game
plan, that you're creatingsystems and processes.
(21:07):
Their goal is to get you frompoint A to point B without
hitting the roadblocks andpotholes right.
So they know the detours, theyknow the straight line path to
get you there faster and to makesure that you don't make the
common mistakes that otherpeople are making, that you are
focusing your time and energy inthe right things.
(21:29):
Now I want to guide you throughwhat to look for in a business
coach because, candidly, thereare a lot of business coaches
out there and some of them areamazing and some of them well, I
think in any industry we canagree, are not?
Some of them well, I think inany industry we can agree, are
not?
So what we want to look for ina business coach is someone who
(21:51):
is a good question asker,someone who knows business, but
what I like to see is someonewho is both growth focused, but
they also focus on the businessowner, and what I mean by that
is they're not only helping youstrategize how to grow your
business, but they're looking atyou as the business owner.
I'm like what is your values?
What's important to you?
How do we make sure that youdon't you didn't just quit your
(22:11):
nine to five to come work longhours for little money in this
business?
To me, a good business coach ishelping you, helping pull out
from you what you want.
They're not telling you what todo on every avenue.
They're giving you insight.
They're asking the questions toextract what you want, what you
(22:33):
believe, and then helping youcraft that and create it.
Here's the difference betweenthat.
A bad business coach is goingto tell you go do this, go do X,
y and Z.
A bad business coach is goingto tell you go do this, go do X,
y and Z.
So go, take out a $20,000business loan to invest in ads,
to get more leads, to do X, yand Z.
That's what a bad businesscoach is going to do.
(22:54):
A good one is going to be like.
What are your goals?
What do you want this businessto look like six months from now
, a year from now, two yearsfrom now?
What do you want your time andenergy to look like?
How do you feel about debt?
What is your values when itcomes to debt?
What keeps you up at night?
How stressed out are you aroundfinances, okay, and then how
(23:17):
quickly do you want to get fromto a caseload of this?
What is your risk tolerance?
So you hear all these questionsthat we're finding out about
the client to extract beforesaying go, do X, y and Z.
It's getting to know what thosethings are and then helping
craft that plan and helping themcreate that vision and getting
them from point A to point B.
I also think a good businesscoach knows that business looks
(23:40):
drastically different at 100,000, 500,000, a million and so on.
The problems you're facingtoday are going to be different
five, 10 years from now and ifyou've been in business a while,
they're different than theywere five years ago.
Right when I was a solobusiness owner.
The things I was doing don'twork anymore now that I have a
(24:00):
team and the things I'm doingnow aren't going to work anymore
as we scale and grow an evenbigger team.
You know what I mean.
So a good business coach isgoing to know your value or the
valuable areas to be puttingyour energy into at each phase
of business.
They're going to know thestruggles, the things to the
hurdles to look out for and helpyou really just clear out the
(24:21):
noise and stay clear, focused,moving forward.
Now our team we are businesscoaches.
We call ourselves profitcoaches, and here's the
distinction, and this is why Ibelieve profit coaching is in
that realm of well, of course.
I believe that we are the goodbusiness coaches, because I
(24:42):
wouldn't be here doing what I'mdoing if I didn't believe that
and truly believe that weprovide value into our clients'
businesses.
We, profit coaches, look ateverything through the lens of
profitability.
So, as I talked about that badbusiness coach mentality, even
marketing coaches can be thisway too, of if their goal is
(25:04):
just to get you leads, then theydon't care necessarily about
your profitability, right?
They don't.
They care more about your.
Goal with me is to get moreclients in the door and increase
revenue.
So we're going to do that.
Whether that means you knowyou're taking out loans, whether
that means you're operating inthe red, they don't necessarily
care.
Again, the good ones will.
(25:26):
But, generally speaking, that'stheir primary focus and that's
what we want their primary focusto be, kind of honestly, is to
focus on generating more leads,generating more clients.
That's why having multiplepeople speak into your business
is so important, because theyare speaking to that side,
whereas a good business coach isgoing to be speaking into
(25:46):
growth and scale Now, where Ilean more on the finding one.
Like I said, whether it's aprofit coach, whether it's
working with us or just abusiness coach, who we want to
make sure they are keepingfinancial health as a priority.
They're looking at it throughthe lens of a financially
healthy business.
That goes back to the tellingyou to go borrow a bunch of
(26:08):
money to reinvest in thebusiness so that you can scale
really quickly.
Depending on who you are, youmight be like, yeah, that's
great advice, but to me, throughthe lens of financial health
and profitability, it may not bethe right move.
And so that's what we want is.
And if it is the right move,it's because they've looked at
all aspects of your life, yourbusiness, your finances, to make
(26:31):
sure that that's the rightadvice to give.
So profitability is key.
A good business coach profitcoach is going to help you put
in systems and processes.
They're going to help make surethe business is efficient.
They're going to look at yourpricing and margins and they're
going to do exercises with youto improve those if they need
improving.
A good business coach is almostlike a business therapist, and I
(26:54):
know I apologize if that'sblasphemy, speaking to
therapists, but you know, whenyou have a client show up,
typically I know when I go to mytherapy sessions it's just like
so, what's been going on orwhat's on your mind.
They don't come with an agendaof their own and you may not
(27:14):
come with an agenda on your own.
You come prepared.
You come prepared knowing whatyou talked about last time.
You come, maybe with follow-upquestions.
You come knowing what they wantto work on and what they're
struggling with, but the sessionis theirs and that's.
You come knowing what they wantto work on and what they're
struggling with, but the sessionis theirs, and that's how we
treat our clients.
It's I make our coaches comeinto a session with an agenda.
I may come to the session withan agenda in mind of okay,
(27:35):
here's some things I know thatthey're wanting to work on.
They're wanting to improve on.
Here's some things we talkedabout that we can pick up on
from last time.
But I always start with what'son your mind today, like what is
, what's your focus in businessright now?
What's what's something that'sfeeling like a real pain point
or feeling like it's just youreally want to improve on and
we're going to start there.
(27:55):
And if, if, like man, I don'tknow, everything's good or I
don't.
Sometimes we don't know what wedon't know, that's where we can
step in and start extractingsome of those pieces, asking
questions, figure out, okay,what is those pain points we can
focus on or let's tap into this.
But in that sense it's kind oflike the business therapist.
It's like what you came to uswith two months ago when we
(28:16):
started may not be as relevantor as urgent as something that
you that just popped up on yourplate three days ago.
And so that's the key of thebusiness coaches they're open to
evolving, into adapting to whatyou need.
I personally think all five ofthese people have a place on
your board for the life of yourbusiness, whether you use the
(28:38):
same person or not.
I think you should have allfive of these.
Probably, by the point timeyou're at $150,000, $200,000,
you should have a bookkeeper, aCPA, a marketing coach and a
business coach.
Probably, by the time you're at$100,000, you should have all
four of these in some capacity.
Again, the bookkeeper can belike a bookkeeping service.
(28:58):
The HR consultant that's theonly one that it's a.
When you have a team.
That's when you need tointroduce it, so that one may be
the later on.
You don't necessarily need itwhen it's just you, but all four
of those from and some of thosewill come in early, like the
CPA and probably even thebusiness coach before a hundred
thousand Bring them in and thenagain, problems are going to be
(29:20):
different.
Every milestone you hit, thingsyou're dealing with are going
to be different.
You're constantly going to beneeding to rework everything and
that's why I think the life ofyour business, you should have
these five people speaking intoit, helping you and supporting
you.
In the show notes I'm going togive, like I said, some links to
marketing coaches.
Um, like I said, ross, hisprogram you can check that out.
(29:41):
Um, I'll give a link todifferent things resources for
each of these categories andthen, of course, if you need
some support from on thebusiness coaching side, if you
don't have a business or profitcoach in your corner yet, that's
what we do.
So there's always a link to ourcalendar.
It's a free call just to for usto get to know you and see if
we can help, how we can helpspeak into your business and
(30:03):
improve it.
So this is something that's beenon my heart, on my mind, for a
while, and I think this is justsuch an important thing.
If you can start slowly addingthese elements into your
business, you're going to seeamazing, amazing change, amazing
results.
If there's any of the five thatI said that are not in your
corner yet, make it a priorityto start seeking that out, and I
(30:27):
promise you that investment isgoing to be worth it.
Thanks for joining us on thetherapy business podcast.
Be sure to subscribe, leave areview and share it with a
practice owner that you may know.
If your practice needs helpgetting organized with its
finances or just growing yourpractice, head to
therapybusinesspodcom to learnhow we can help.
No practice owner should be going it alone, and
unless you are in a partnership,you probably are and it's one
of those things where you'rejust out there trying to figure
this whole thing out by yourself.
It's overwhelming.
We're constantly secondguessing ourselves and are we
making the right decisions?
Are we making the right moves?
I'm a firm believer that we allneed support, and so just
(00:21):
because you're a solo businessowner doesn't mean that you have
to go it alone.
Today, I'm going to walk youthrough five key people.
I always call these your boardof advisors in a way, five
people that you should have inyour corner, supporting you and
helping you make sure that yourbusiness is thriving and growing
in a financially healthy way.
My name is Craig and I'm theowner of Daisy Financial
(00:44):
Coaching.
Our team is on a mission tomake your therapy practice
permanently profitable.
If you own a solo or grouppractice, we're here to help you
build a business that createsmore time, makes more money and
serves more people.
This is the Therapy BusinessPodcast podcast.
No practice owner should begoing it alone, and unless you
(01:09):
are in a partnership, youprobably are, and it's one of
those things where you're justout there trying to figure this
whole thing out by yourself.
It's overwhelming.
We're constantly secondguessing ourselves and are we
making the right decisions?
Are we making the right moves?
I'm a firm believer that we allneed support, and so just
because you're a solo businessowner doesn't mean that you have
(01:30):
to go it alone.
Today, I'm gonna walk youthrough five key people.
I always call these your boardof advisors in a way, five
people that you should have inyour corner supporting you and
helping you make sure that yourbusiness is thriving and growing
in a financially healthy way.
Maybe it's because I'm a coach,but from day one, I've had
(01:59):
people in my corner.
When I first decided I wasgoing to start this business
venture, the first thing I didis I went out and hired a coach
to help me figure out how to dothis whole thing.
I've worked with all types ofpeople, and I don't think there
has been a day since I startedthis business that I haven't
leaned on support fromconsultants, coaches, financial
(02:21):
gurus all of the above financialgurus, all of the above.
So it's really important thatwe surround ourselves with other
people who have differentperspectives, who can ask
different questions, ask theright questions and really look
out for us and our businessBecause, let's face it, you are
busy.
You're probably busy workingwith clients.
You're probably busy if youhave a team managing those
(02:42):
people.
You're busy marketing, doingsales.
You're busy doing all the adminback work.
So there's so many piecesmoving in our business that
having other people speak intoit can take a lot off your
shoulders.
Having some people takeliterally physically things off
your plate can really reallyhelp.
(03:02):
When we are in our business,sometimes we are so close to it
that it can be really difficultto see things.
We might be almost too close toit.
You know what I mean, likewhere we don't know what's right
in front of our faces.
We're in there day to day andwe see this a lot with our
clients, where they are in theday to day of their industry and
when somebody like us steps inand we can ask questions that
(03:26):
maybe they aren't seeing,there's so many aha moments that
it's they're telling us I can'tbelieve I didn't even think of
this or I didn't see this, or italmost feels obvious.
But at the same time, witheverything they're juggling and
the fact that they're in itevery single day, it doesn't
always jump to them.
So that's what these corepeople can do, and so I want to
really just highlight that valueof why this is important.
(03:50):
Now, all of these pieces aregoing to come with an investment
, so these are not just, for themost part, not going to be free
people speaking into yourbusiness, but that's truthfully.
What we want is somebody who weare investing in them so that
they invest in us.
We don't want a one-sidedarrangement where it's this
person who we're not paying andthen they're giving us advice.
(04:13):
We want a mutually beneficialengagement and that's where
paying and investing in thesethings and that's I will call
every one of these an investment, because in some way, some
capacity, these are all going togenerate an ROI.
Now we're depending on beforeagain, before I get into it
depending on where you are inbusiness.
If you're listening to this andyou are brand new, maybe you
(04:37):
just started on your own.
You're not making, you're onmaking less than a hundred
thousand dollars a year in yourbusiness.
Not all five of these are goingto be things you can run out
and do today, and so what Iwould do is I would think
through some of your key painpoints and maybe that's even
before you continue listening,start thinking about now.
What are some things that makeme anxious, what are things that
(05:00):
stress me out about thebusiness?
Is it about the finances?
Is it about the moneymanagement?
Is it about the finances?
Is it about the moneymanagement?
Is it about growing?
Is it about managing your team?
What are the things or managinga team, I guess, if you're, if
you're smaller what are thethings that really stress you
out and what are time sensitive?
So, for example, the managing ateam, one, if you're just a
solo person, that one may notmake sense to invest in right
(05:21):
now.
So that might be one that you,when we highlight people that
can help in that area, that maybe one you put off for down the
road.
What are ones that are gonna bemost relevant to you today?
What are ones that are gonnarelieve some of that stress and
anxiety or frustrations, andfocus on those first.
So I'm gonna guide you throughfive key people that you should
have in your corner, and then Imight even give some advice on
(05:43):
ones that, depending on whereyou are whether you're making
10,000, 100,000 or a million ayear who, how you can seek out
those people, how you can do itin a way that's going to best
support your size of business.
So the first one I want to talkabout is a marketing coach or
consultant.
Their goal is to get you moreleads, get more money in the
(06:05):
door, get more paying clients,right.
So somebody who can consultwith you.
Now, I'm not talking about,maybe in their realm of
offerings is, you know, admanagement.
Maybe they do some SEO supportor optimization, but those are
not just the things I'm lookingfor.
There's a million companies outthere who offer SEO
(06:25):
optimization and ad management.
What I'm looking for is, ifthat's something we want, then
make sure that's in their suiteof offerings or their suite of
expertise.
I want a consultant or a coach,somebody who's going to meet
with me to get to know my idealclient.
Get to know those things, helpguide me through content
creation, how to speak to myideal client, how to change the
(06:49):
messaging or work the messagingon my website Again, not just to
show up more in searches, butalso to, when people end up on
my website, that it's speakingto them and driving them to that
next step.
If we're just focusing on SEOsearch engine optimization
meaning when somebody types intherapist, physical therapist,
mental health therapist near methat your name pops up pretty
(07:11):
high up in that ranking.
That's what SEO is doing, andthat is important, because
Google is still one of the mostused ways to find what we need.
So that's what we want.
Find what we need, so that'swhat we want.
But it doesn't do us any goodif somebody types in therapist
near me and then they click onyour website and it doesn't
(07:33):
speak to them, right.
So maybe they're looking forwhat you're offering, but you
just don't convert them on thatwebsite.
We do a whole episode on how todo this, so it's called
converting more clients.
Having your website convertmore clients.
You're having your websiteconvert more clients is
basically the premise of theepisode, so I will link to it.
Go find that and listen to somereally, really good elements of
(07:53):
ways to convert more clientsfrom your website.
The key is speaking to theirpain points, speaking to what
life looks like on the otherside, and a good marketing coach
is going to help work that outwith you.
Ross Hiroshim is my marketingcoach.
He's been on this podcastbefore.
In fact, we are recording anepisode that's going to be
(08:13):
coming out soon digging intomore marketing tips and ways to
do this, but he guides methrough these.
We meet twice a month todiscuss all of these things.
We're looking at data togetherand figuring out okay, hey, what
are people searching right now?
What's working?
Okay, how can we tap more intothat idea?
How can we start driving moretraffic to our website?
(08:35):
And, as those leads are comingin, how can we start converting
those leads better?
As I'm creating videos,podcasts, blogs, how can I
create content that iscaptivating, that is aimed at my
target market, so that it'sboth helping them and then also,
ideally, driving them to reachout for help and support in what
we do?
So Ross is amazing.
He has a Get Marketing Clarityprogram that I will link down in
(08:59):
the show notes below.
It's a self-paced programthat's going to guide you
through how to target thosetarget markets, how to take care
of all of those pieces.
So I will link there.
It's very, very cheap andaffordable.
So I highly recommend anybodylistening to this, regardless of
whether you have support yet ornot.
Take advantage of it, becausethe course is amazing.
It should be thousands ofdollars and it's not, so take
(09:22):
advantage of it while it is thischeap, because, as of this
recording, I believe it's like$50 is what he's running the
price on now.
So tap into that before it doesgo up.
So a marketing consultant isgoing to be key.
The next one is an HR consultant.
So this one is really onlyrelevant if you have a team.
So when you hire that first W2employee, whether they're an
(09:44):
admin, whether they are anothertherapist, a physical therapist,
a PTI physical therapistassistant, whatever you hire you
bring in under W-2, you'regoing to want some kind of HR
consultant With your first hire.
(10:06):
It doesn't necessarily makesense to go hire somebody as an
HR person right, or even to geta one-on-one consulting person
for HR.
So there are services to dothis.
Now the HR consultant theirgoal is to protect you.
They want to make sure thatyou're compliant, that
everything is done legally, thatsomebody you can tap into if
there is problems with the team.
If you have two team membersfighting, if you are wanting to
approach restructuring, pay oreven presenting documents for
(10:30):
them to sign, even theonboarding process, making sure
that that's done in the rightway and the offboarding, all of
those elements making sure thatyou are covered.
Now for those smaller businessesand typically I say maybe when
you have a few employees is whenyou should get an actual person
.
So there's probably three tiersto this.
When you hire your firstemployee, there are services
(10:52):
like even through your payroll Iknow Gusto, the payroll service
we use.
They offer HR consulting kindof on an as-needed basis.
It's just they have a team thatyou can tap into and ask
questions to.
So it's not a they know you cantap into and ask questions to,
so it's not a they know you andyour employees and those.
It's more of a generalized hey,we have people on hand that you
(11:12):
can tap into and ask.
So it's an added on servicethat you pay for.
But it's going to be a lot moreaffordable than the other side.
Now, as you grow, you mightconsider contracting somebody,
so an actual individual whoknows you and your business and
your people, and they're on ajust kind of a contracted basis.
They're not an employee butyou're probably connecting with
(11:36):
them multiple times a year andso it's important that they know
your company really well, thatthey've been able to help you
really create that plan and thatstrategy and that process.
Yeah, and then as you grow andgrow, that's when you'll
probably need a full-time person.
So when you hit thosemilestones.
But, like I said those people,if you're really small, it's
(11:58):
okay to tap into your payrollservice.
Like I said, gusto, if you'renot using Gusto, it's what we
use.
We love it.
I'll link that in the shownotes as well, but check to see
what you have if you're using apayroll service and if not,
there are HR services, just likeI described, that are lower
costs that you can look into.
All right, the third person thisone is so incredibly important
(12:20):
and I feel like these might evenbe I guess they're not in a
particular order, but if I did,I probably would have mentioned
this as a number one, because Ithink this one is so key and
that's a CPA.
And I say that from theperspective that I am not a CPA
and we as a team do not do taxstuff, but that is a CPA's goal
is tax compliance and to saveyou money on taxes.
(12:40):
If you own a business, youshould not be doing your own
taxes.
That's my belief, period, nomatter what you're making.
I don't think using a TurboTaxto file your business taxes is a
good idea.
I think it's time to hire a CPAto make sure that it's done
well.
A CPA is going to do a lot ofdifferent things.
So I'm talking about filingyour taxes as being the primary.
(13:03):
Having them do your taxes foryou is going to be so, so
valuable and more times than not, it's going to save you more
money than what you're payingthem to do it.
So, and if it doesn't, it'sstill worth it knowing that it
is being done right, because thelast thing we want is red flags
being going up at the IRS andthen they audit you and you're
(13:25):
in a mess.
A CPA is also going to give youguidance on business
structuring.
So my CPA helped me at the timewhen I went from sole proprietor
to S-corp or to an LLC.
Then S-corp it's kind of a whendoes it make sense to make
those changes?
Is it better to start out as anLLC?
Is it better to go LLC and thenat some point switch to S-corp?
(13:47):
There are tax benefits to both.
So I know at a certainthreshold, when you pass a
certain revenue and it'sdifferent for every business,
different for every areaWhenever you pass a certain
point, it makes more sense toswitch to S-Corp.
So you're going to save moneyon taxes by doing that.
So it's just really valuable tohave that.
(14:10):
There's so many times where Italk to business owners who
switch to S-Corp way late in thegame Not the end of the world,
but they probably could havebeen saving a lot of money if
they had switched sooner.
And that's something your CPA agood CPA will help you with.
They're going to help youoptimize your taxes, so they are
somebody you can speak to on.
How can I do this with the besttax benefit?
(14:32):
Am I putting enough away?
So, for example, my CPA we meetmid-year.
I always schedule anappointment with him mid-year to
review and say, okay, here'swhat my business has done to
this point of the year, here'sour profitability, here's how
much I've been having withheldin payroll tax.
And then he knows our personalside, my wife's salary, all
(14:53):
those things and what she'swithholding, and he can kind of
give me an estimate, like, okay,you are behind, so we probably
need to up what's gettingwithheld or we need to make
quarterly payments or whateverwe want to do.
And then at the end of the yearI'll usually check in again and
there's been times where he'slike, yeah, I would probably go
ahead and make a lump sumpayment of X, and sometimes it
(15:14):
turns out fine and we ended upgetting it back in April and
sometimes it really helpsmitigate.
Your business is growing.
Your profitability is alwayschanging.
I've had years where I grew butmy profitability went down
because we were growing our team.
So all of these things are justso case dependent that having a
good CPA, not somebody who justfiles your taxes, not like an
(15:35):
H&R Block, but somebody who youcan tap into throughout the year
that you can speak to when itcomes time for hiring.
So we hired.
I had an employee who I hired.
We live in Texas, she livedhere with us and then she moved
to Pennsylvania.
My CPA was invaluable in thattransition.
As I'm realizing, oh, I need tostart paying state taxes for
(15:57):
Pennsylvania and I had to learnall about those things and what
needs to be different here.
X, y and Z.
So I can't stress enough howvaluable a CPA is to you and
your business.
And so if you don't have one,regardless of the size, if you
are making $ dollars, go aheadand you have the plan to make a
lot more, I should say Go aheadand get a CPA to help you
(16:18):
structure this and do it right.
All right, the next one, thefourth person you should have in
your corner, is a bookkeeper.
This is different than a CPA.
A CPA is going to be more onthe tax Now a lot of CPA firms
will offer both but a CPA isgoing to be more tax and
guidance in that realm, whereasa bookkeeper is about.
Their goal is to keep cleanrecords, to make sure that you
(16:41):
have the right documentation,that it's accurate, to help you
when the taxes get filed andmake sure that every all the T's
are crossed and the I's aredotted.
So again, sometimes the cpafirm will offer both and you
know that is some really goodsynergy.
But they don't have to be thesame people.
It doesn't have to be the samecompany.
So they're keeping yourdocuments organized through a
(17:03):
software like quickbooks, wherethey are tracking every
transaction that comes in.
They're reconciling your bankaccounts.
They're making sure that youare uploading receipts and that
those are getting documented sothat everything is covered, so
that in case of an audit, yourbooks are safe, they are
accurate, they're clean, and itmakes that process so much
(17:24):
smoother.
A good bookkeeper is going tohelp you figure out what's the
best way to categorize, andthey're going to handle that.
Where does this fall out?
What's the best way tocategorize?
And they're going to handlethat.
What is?
Where does this fall?
What are the best ways to makesure that things are getting
logged correctly?
And, truthfully, they're justtaking a lot of time off your
plate.
(17:47):
So, yes, I think probably one ofthe biggest mistakes people
make and myself included when Istarted was I tried managing the
books myself because I feltlike, yeah, that's something I
can do.
One it's time consuming,especially as you grow and you
get more and more expenses.
If you have an employee, I feellike you shouldn't be doing
your own books, um.
And two, it's I don't even youknow, and this is my world is
finance and business finance.
I don't think I was even doingit correctly.
(18:08):
I don't know that I was doingit well.
So I think as you're growingmaybe some point in the under
$100,000 a year realm it's goingto be time to get a bookkeeper
and there's affordable ways todo it.
I think if you're really small,you can find cheap services out
there.
Remote Books Online is aservice I have used before and
(18:31):
they're great, and I think theirpricing starts as low as like
$175 a month, if not lower.
I can't remember their pricing,but for less than a couple
hundred bucks, you couldprobably get somebody managing
your books for you.
Now, if you can also find VAsyou can find offshore VAs for a
lot cheaper or if you want a VA,us-based either are great,
(18:54):
because the truth is, you'reprobably not going to.
Again.
We're speaking if you're small,you're not making a lot of
revenue, you don't have a lot oftransactions, it's not going to
require a lot of hours, so it'sgoing to be a lot more
affordable.
As you grow, you're going towant somebody who specializes in
this.
That's their expertise.
You're going to make sure youfind somebody who is going to do
(19:16):
it well, um, and that you canspeak to and consult with more
clearly and regularly.
So, again, this could still bethe VA, if that's their
expertise, um.
But you might want to find abookkeeping firm, uh, somebody
who knows what you're doing.
Now, our clients that you'veprobably heard, if you've been
listening to this podcast, thatwe're believers and we recommend
the system profit first, whichis a way to manage your cash.
So we typically recommendfinding bookkeepers who who are
(19:39):
aware of this system and who areopen to it and willing to do it
without charging you an arm anda leg, because profit first
utilizes multiple bank accounts.
Some bookkeepers will see thatand think, oh my gosh, and
they'll start charging you peraccount, even though
realistically it's not a wholelot of added reconciling, it's
just account to accounttransfers that they are having
(20:01):
to reconcile.
So bear in mind that you wantto find somebody, whether you're
doing that system now or evenif you're not, if it's something
that's on your radar and ifyou've never heard of Proverbs,
go read it, go listen to ourepisodes on it before running
out and hiring a bookkeeper tosee is this something that
really resonates with us?
And if it does, then make sureyou find a bookkeeper who does
(20:23):
that All right From there.
The fifth one is a businesscoach.
I said this was the first hireI made.
That's why I said none of theseare in any particular order,
because I could argue that,aside from the CPA, who, if
you're really small from day one, they should cost you maybe
between $500 and $1,000 a yearmaybe even cheaper, just
(20:46):
depending on what their ratesare just to file the taxes.
A business coach, I think, issomebody also from day one and
that would be an investment fromday one but somebody that you
need to help you do things rightto make sure that you are
growing your business, you arescaling, that you have a game
plan, that you're creatingsystems and processes.
(21:07):
Their goal is to get you frompoint A to point B without
hitting the roadblocks andpotholes right.
So they know the detours, theyknow the straight line path to
get you there faster and to makesure that you don't make the
common mistakes that otherpeople are making, that you are
focusing your time and energy inthe right things.
(21:29):
Now I want to guide you throughwhat to look for in a business
coach because, candidly, thereare a lot of business coaches
out there and some of them areamazing and some of them well, I
think in any industry we canagree, are not?
Some of them well, I think inany industry we can agree, are
not?
So what we want to look for ina business coach is someone who
(21:51):
is a good question asker,someone who knows business, but
what I like to see is someonewho is both growth focused, but
they also focus on the businessowner, and what I mean by that
is they're not only helping youstrategize how to grow your
business, but they're looking atyou as the business owner.
I'm like what is your values?
What's important to you?
How do we make sure that youdon't you didn't just quit your
(22:11):
nine to five to come work longhours for little money in this
business?
To me, a good business coach ishelping you, helping pull out
from you what you want.
They're not telling you what todo on every avenue.
They're giving you insight.
They're asking the questions toextract what you want, what you
(22:33):
believe, and then helping youcraft that and create it.
Here's the difference betweenthat.
A bad business coach is goingto tell you go do this, go do X,
y and Z.
A bad business coach is goingto tell you go do this, go do X,
y and Z.
So go, take out a $20,000business loan to invest in ads,
to get more leads, to do X, yand Z.
That's what a bad businesscoach is going to do.
(22:54):
A good one is going to be like.
What are your goals?
What do you want this businessto look like six months from now
, a year from now, two yearsfrom now?
What do you want your time andenergy to look like?
How do you feel about debt?
What is your values when itcomes to debt?
What keeps you up at night?
How stressed out are you aroundfinances, okay, and then how
(23:17):
quickly do you want to get fromto a caseload of this?
What is your risk tolerance?
So you hear all these questionsthat we're finding out about
the client to extract beforesaying go, do X, y and Z.
It's getting to know what thosethings are and then helping
craft that plan and helping themcreate that vision and getting
them from point A to point B.
I also think a good businesscoach knows that business looks
(23:40):
drastically different at 100,000, 500,000, a million and so on.
The problems you're facingtoday are going to be different
five, 10 years from now and ifyou've been in business a while,
they're different than theywere five years ago.
Right when I was a solobusiness owner.
The things I was doing don'twork anymore now that I have a
(24:00):
team and the things I'm doingnow aren't going to work anymore
as we scale and grow an evenbigger team.
You know what I mean.
So a good business coach isgoing to know your value or the
valuable areas to be puttingyour energy into at each phase
of business.
They're going to know thestruggles, the things to the
hurdles to look out for and helpyou really just clear out the
(24:21):
noise and stay clear, focused,moving forward.
Now our team we are businesscoaches.
We call ourselves profitcoaches, and here's the
distinction, and this is why Ibelieve profit coaching is in
that realm of well, of course.
I believe that we are the goodbusiness coaches, because I
(24:42):
wouldn't be here doing what I'mdoing if I didn't believe that
and truly believe that weprovide value into our clients'
businesses.
We, profit coaches, look ateverything through the lens of
profitability.
So, as I talked about that badbusiness coach mentality, even
marketing coaches can be thisway too, of if their goal is
(25:04):
just to get you leads, then theydon't care necessarily about
your profitability, right?
They don't.
They care more about your.
Goal with me is to get moreclients in the door and increase
revenue.
So we're going to do that.
Whether that means you knowyou're taking out loans, whether
that means you're operating inthe red, they don't necessarily
care.
Again, the good ones will.
(25:26):
But, generally speaking, that'stheir primary focus and that's
what we want their primary focusto be, kind of honestly, is to
focus on generating more leads,generating more clients.
That's why having multiplepeople speak into your business
is so important, because theyare speaking to that side,
whereas a good business coach isgoing to be speaking into
(25:46):
growth and scale Now, where Ilean more on the finding one.
Like I said, whether it's aprofit coach, whether it's
working with us or just abusiness coach, who we want to
make sure they are keepingfinancial health as a priority.
They're looking at it throughthe lens of a financially
healthy business.
That goes back to the tellingyou to go borrow a bunch of
(26:08):
money to reinvest in thebusiness so that you can scale
really quickly.
Depending on who you are, youmight be like, yeah, that's
great advice, but to me, throughthe lens of financial health
and profitability, it may not bethe right move.
And so that's what we want is.
And if it is the right move,it's because they've looked at
all aspects of your life, yourbusiness, your finances, to make
(26:31):
sure that that's the rightadvice to give.
So profitability is key.
A good business coach profitcoach is going to help you put
in systems and processes.
They're going to help make surethe business is efficient.
They're going to look at yourpricing and margins and they're
going to do exercises with youto improve those if they need
improving.
A good business coach is almostlike a business therapist, and I
(26:54):
know I apologize if that'sblasphemy, speaking to
therapists, but you know, whenyou have a client show up,
typically I know when I go to mytherapy sessions it's just like
so, what's been going on orwhat's on your mind.
They don't come with an agendaof their own and you may not
(27:14):
come with an agenda on your own.
You come prepared.
You come prepared knowing whatyou talked about last time.
You come, maybe with follow-upquestions.
You come knowing what they wantto work on and what they're
struggling with, but the sessionis theirs and that's.
You come knowing what they wantto work on and what they're
struggling with, but the sessionis theirs, and that's how we
treat our clients.
It's I make our coaches comeinto a session with an agenda.
I may come to the session withan agenda in mind of okay,
(27:35):
here's some things I know thatthey're wanting to work on.
They're wanting to improve on.
Here's some things we talkedabout that we can pick up on
from last time.
But I always start with what'son your mind today, like what is
, what's your focus in businessright now?
What's what's something that'sfeeling like a real pain point
or feeling like it's just youreally want to improve on and
we're going to start there.
(27:55):
And if, if, like man, I don'tknow, everything's good or I
don't.
Sometimes we don't know what wedon't know, that's where we can
step in and start extractingsome of those pieces, asking
questions, figure out, okay,what is those pain points we can
focus on or let's tap into this.
But in that sense it's kind oflike the business therapist.
It's like what you came to uswith two months ago when we
(28:16):
started may not be as relevantor as urgent as something that
you that just popped up on yourplate three days ago.
And so that's the key of thebusiness coaches they're open to
evolving, into adapting to whatyou need.
I personally think all five ofthese people have a place on
your board for the life of yourbusiness, whether you use the
(28:38):
same person or not.
I think you should have allfive of these.
Probably, by the point timeyou're at $150,000, $200,000,
you should have a bookkeeper, aCPA, a marketing coach and a
business coach.
Probably, by the time you're at$100,000, you should have all
four of these in some capacity.
Again, the bookkeeper can belike a bookkeeping service.
(28:58):
The HR consultant that's theonly one that it's a.
When you have a team.
That's when you need tointroduce it, so that one may be
the later on.
You don't necessarily need itwhen it's just you, but all four
of those from and some of thosewill come in early, like the
CPA and probably even thebusiness coach before a hundred
thousand Bring them in and thenagain, problems are going to be
(29:20):
different.
Every milestone you hit, thingsyou're dealing with are going
to be different.
You're constantly going to beneeding to rework everything and
that's why I think the life ofyour business, you should have
these five people speaking intoit, helping you and supporting
you.
In the show notes I'm going togive, like I said, some links to
marketing coaches.
Um, like I said, ross, hisprogram you can check that out.
(29:41):
Um, I'll give a link todifferent things resources for
each of these categories andthen, of course, if you need
some support from on thebusiness coaching side, if you
don't have a business or profitcoach in your corner yet, that's
what we do.
So there's always a link to ourcalendar.
It's a free call just to for usto get to know you and see if
we can help, how we can helpspeak into your business and
(30:03):
improve it.
So this is something that's beenon my heart, on my mind, for a
while, and I think this is justsuch an important thing.
If you can start slowly addingthese elements into your
business, you're going to seeamazing, amazing change, amazing
results.
If there's any of the five thatI said that are not in your
corner yet, make it a priorityto start seeking that out, and I
(30:27):
promise you that investment isgoing to be worth it.
Thanks for joining us on thetherapy business podcast.
Be sure to subscribe, leave areview and share it with a
practice owner that you may know.
If your practice needs helpgetting organized with its
finances or just growing yourpractice, head to
therapybusinesspodcom to learnhow we can help.
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