Expansion can be a scary (but exciting!) time for private practices. We believe that having a data-driven plan is the best way to approach growing your business! Make sure to listen to the full episode to hear some tips from Julie's upcoming book, Profit First For Therapists, available for pre-order now!
EPISODE HIGHLIGHTS:
- Businesses that grow rapidly are at a higher risk of running out of cash
- Payroll will increase, overhead will increase, and the demand for cash may outgrow the speed in which revenue is coming in
- 3 Phases of Growth
- Planning & Analysis
- The longest phase - how much exactly is the expansion going to cost and where is the money going to come from?
- Growth
- It's important to recognize that you may be responsible for many roles during this phase and could potentially take home a less than typical pay
- The New Normal
- This is when the financials and roles of the practice begin to stabilize
- Make sure to listen through the entire episode for some Profit First For Therapists bonus tips!