There are so many little things about running a practice that you NEED to know, but no one ever tells you about. Right?
So this month, I’ve set out to help with a 3 part series on Banking Basics for your Private Practice. Yes some of this seems oh-so-simple. Obvious even. And yet, it isn’t.
Because, heck, if no one ever tells you about this stuff, how are you supposed to know what to do?
So here, as we do each week, you’ll find one video, one quote, one idea, and one thing you might want to try.
This is your 11:11 for today.
When you had a J.O.B., you only had to worry about taxes once a year. But when you’re a business owner, that changes. In today’s video we’ll cover how to prepare for your QUARTERLY taxes. (Did you even know you had to pay those?)
As I said in the video, I lost a LOT of sleep in the beginning, worrying about how to handle this big bill that came due every few months.
But if you’ll follow these simple tips, you’ll never lose a night’s sleep worrying about taxes at all!
PRACTICE is SIMPLY
Putting systems in place to manage the financial back end of your business prepares you for the day when you have more finances to manage. :)
So as you set up your practice, take the time to get those systems in place. That’s really what we’re talking about this month, after all.
Do you have a standardized way of following client accounts? Collecting and tracking payments? How about for follow up when they’re incomplete?
Do you have a standardized way of tracking total income? Expenses? Recording all of it?
Where are you solid, and where do you need to make a few changes?
As you move through your work week, pay attention to the flow of money in and out of your office. Notice where you’re making things up as you go, AND where you’re repeating actions the same way every time.
How can you simplify all of that into a standard way of doing things each and every time?
And if you haven’t already done so, I encourage you to set up a stand-alone savings account specifically as a parking place for funds you’ll use to pay taxes each quarter AND each year. Can’t tell you what a difference that will make in your peace of mind.
P.S. If you could use some help with the money part of your practice - especially in the way you think about it AND talk about it - hit reply and tell me what’s going on. I may be able to help.
“Yippeeeee! Just sold my initial consult package PLUS 6! On the books for Monday!”
- Kathy W.