Navigating Pay Raises in Therapy Practices: Key Considerations
In this episode of Therapy for Your Money, host Julie Herres explores critical factors therapy practice owners need to consider when team members request raises. Julie highlights the importance of ensuring the business's financial health before rewarding employees and provides a comprehensive analysis of different compensation models, including salary, hourly rates, and commission-based structures. She shares practical tips on aligning raises with business profitability, evaluating team performance, and having transparent conversations with employees about financial realities. Julie also touches upon the pros and cons of offering bonuses as a short-term motivation tool. Quote: 'Your most important role as the business owner is to ensure the survival of the business.' Tune in to gain valuable insights on maintaining a profitable practice while fairly compensating your team.
Highlights
00:00 Welcome to Therapy for Your Money
00:42 Listener-Suggested Topic: Handling Raise Requests
01:09 Key Considerations for Granting Raises
03:55 Evaluating Team Performance and Financial Health
07:13 Insurance vs. Cash Pay Practices
14:13 Communicating with Your Team
15:47 Exploring Additional Income Opportunities
18:20 Conclusion and Final Thoughts
Links and Resources
- Do you have a question or idea for an episode - https://www.therapyforyourmoney.com/contact
- Money for Therapists Practice Startup - https://www.greenoakaccounting.com/startup
- GreenOak Accounting - www.GreenOakAccounting.com
- Therapy For Your Money Podcast - www.TherapyForYourMoney.com
- Profit First for Therapists - www.ProfitFirstForTherapists.com
- Profit First Academy - www.ProfitFirstForTherapists.com/Academy
- Podcast Production and Show Notes by Course Creation Studio
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