How Busy Practice Owners Plan for a Profitable Q1
Even busy practice owners plan for a profitable Q1. What is your plan for a profitable New Year? It can be so hard to push past feeling overwhelmed with the holidays, social gatherings, and heavy client stories. Thank goodness there are strategies you can implement this week that will make the first quarter of 2023 better than ever!
New Year Business Planning
Practice owners who plan for a profitable Q1 in their business have to set a time to plan and dream. When is that for you? Are you a morning person? Do you like to meditate? The main idea is to take yourself out of the overwhelm and beyond the ‘ugh’ to a space of contentment.
Once you have found your contentment, task number one to plan for a profitable new year is to put your plan and your dream on your vision board. This is called defining your ‘why.’ Simon Sinek talks about finding your why so if it’s been some time since you thought about yours, please check it out.
Setting Personal and Business Goals
Personal goals contribute to your profitable new year because without good health, friendships, and wellbeing, you won’t be able to sustain your practice. You must keep your motivation high even when your mood is low. Create a quadrant of your vision board and dedicate it to personal health goals.
Business goals can be very simple. Ask yourself “what am I selling?” Even posting the words ‘Monday and Tuesday 10:00 AM – 5:00 PM’ on your vision board will help you work yourself out of seeing clients Wednesday through Friday (if that is your goal). If you are ready to move OUT of the therapy room, put those specific jobs on your vision board.
Legacy goals are a combination of financial and wellbeing goals. You may be ready to retire and wish to leave a legacy for your community. A legacy goal can also be a specific action (create a professional will) that will help those around you take care of your practice if something happens to you.
Financial Goals: How do I make My Prosperous Private Practice?
Whether you create a vision board, a software collage or put sticky notes on your steering wheel, it’s important to have a visual representation of:
- Revenue: A raw number with a time constraint
- Financial organization tools that work for YOU
- A goal to learn how to do bookkeeping
- A retirement fund OR learn the one you have
What is your plan for a profitable New Year? You are a business owner so t’s important that you push past feeling overwhelmed and plan for a profitable Q1.
Homework: Try at least ONE of the strategies in the blog before the end of the year and make the first quarter of 2023 better than ever!
Blog post by Kate Walker Ph.D. LPC/LMFT Texas
Tag:counseling practice, counseling practice finances, counseling practice profit, counseling private practice, managing money, mental health practice, mental health practice profit, mental health private practice, money management, private practice basics, private practice marketing, private practice paperwork
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