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Welcome to the Treat Your Business Podcast! 🎉 In this episode, I’m diving into the steps to stop underpaying yourself and start earning like the business owner you truly are.
Episode Summary
When was the last time you gave yourself a pay rise? Many clinic owners prioritise others and leave themselves last, staying stuck in "small business survival mode." In this short episode, I’ll help you shift your mindset, structure your finances, and start paying yourself properly.
I’ll explain the Profit First Formula by Mike Michalowicz, how to allocate funds for taxes, operating costs, and owner’s pay, and why paying yourself first is key. From setting profit targets to reverse-engineering your pricing, I’ll share practical tips to ensure your business works for you.
Key Takeaways
- Why clinic owners often pay themselves less than their staff.
- The difference between an employee and owner mindset.
- How to implement the Profit First Formula.
- Setting profit targets and adjusting pricing to meet income goals.
- Tips to reduce expenses and maximise profits.
Actionable Takeaways
- Audit Your Pay: Are you paying yourself fairly?
- Set Profit Targets: Define what you want to earn.
- Adopt the Profit First Formula: Allocate funds for taxes, VAT, profit, and pay.
- Review Pricing: Ensure your rates align with your goals.
- Cut Expenses: Focus on activities that impact profitability.
- Commit to Change: Decide on one thing to improve this week.
Resources & Links
- Profit First by Mike Michalowicz – A must-read for transforming your finances.
Let’s Keep the Conversation Going
I’d love to hear from you! What’s one thing you’ll do this week to increase your take-home pay? Leave a comment, send me a DM, or tag me on social media.
This episode of the Treat Your Business Podcast is proudly sponsored by:
- Nookal – The go-to practice management software for clinic owners. Learn more at nookal.com.Â
Treat Your Business podcast is proudly sponsored by MBST, the groundbreaking technology revolutionising recovery and rehabilitation. Offering a non-invasive, drug-free solution for musculoskeletal conditions and nerve injuries, MBST works at a cellular level to stimulate regeneration. Expand your services and deliver long-term patient improvements without increasing your workload.
Learn more at mbstmedical.co.uk.
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