Do you get caught up in trying to decide what to do when it comes to managing your business? Do you feel pulled between two seemingly contradicting options? When it gets down to it, what are the rules and what are the choices in business?
In this podcast episode, LaToya Smith speaks about managing your business and choices vs rules with Jennie Schottmiller.
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Meet Jennie Schottmiller
Jennie Schottmiller is a licensed marriage and family therapist (LMFT) and licensed Certified Public Accountant (CPA) in Pennsylvania. Soon after opening her private therapy practice, Jennie realized that many of her peers struggled with accounting, tax, budgeting and cash management. In addition to her clinical practice, she now runs Simple Profit, offering free resources as well as a paid membership for small business owners.
In This Podcast
- Choices versus rules
- Common questions in business discussion
- Be proactive with your tax
Choices versus rules
Jennie met with other practice owners and peers in the mental health community. They would discuss all things related to business, the different struggles or problems that they were encountering, and how best to solve them.
There are so many different books, e-courses, resources, and different types of media that can teach you things about business. However, it would be nearly impossible to follow them all, and it can feel stressful.
Like Jennie, many other mental health practitioners had questions about how to run their businesses, and when something was optional or definite. Jennie was able to see through the uncertainty and saw the choices apart from the rules.
This is one option, and if it works for you, it’s a great choice, and if it doesn’t work for you, you do not need to feel bad that you aren’t doing what this [particular] book said because this book is just trying to sell books.Jennie Schottmiller
Common questions in business discussion
Many people who go through running a business will inevitably experience some of the same problems or situations. As such, many of the same questions are repeated. Some of these include:
- How do I decide how to track my numbers and set up an accounting system?
- What should I register my company under?
- How can I spend my money on my business wisely?
Now you have to [learn how to] take your own money out and that is a habit, and developing a process for yourself, but that’s kind of a rule!Jennie Schottmiller
Be proactive with your tax
When it comes to organizing your tax, you need to be proactive.
You need to chat with an accountant to figure out which option works best for you in your situation because there is no one-size-fits-all when it comes to paying taxes – it will depend on you and your personal situation.
You don’t have to do your own taxes but you need to be able to read that report because when they give you your tax return, they have you sign it [so] you are signing, saying it is accurate and correct and then you’re telling the government, “Here’s what I made” … and it is on you, even if there’s a mistake … you’re supposed to catch it.Jennie Schottmiller
Take the time to learn how to read your tax return and figure out what is necessary, what things mean, and what you need to do in order to have everything correct and on the right side of the law.
Once you have all the information that you need, the choice is often clearer.
Useful links mentioned in this episode:
- Trust me, don’t waste any more of your time, and try TherapyNotes.
- Visit Simple Profit and connect on Facebook and LinkedIn.
Check out these additional resources:
- Speak To Your Target Audience Through Your Website with Camille McDaniel, LPC | GP 178
- Practice of the Practice Network
- Group Practice Launch
- Group Practice Boss: www.practiceofthepractice.com/grouppracticeboss $149 a month
- PoP Group Practice Owners Facebook Group
- Free resources to help you start, grow, and scale
- Work with us
- Practice of the Practice Network
Meet LaToya Smith
LaToya is a consultant with Practice of the Practice and the owner of LCS Counseling and Consulting Agency in Fortworth Texas. She firmly believes that people don’t have to remain stuck in their pain or the place they became wounded. In addition to this, LaToya encourages her clients to be active in their treatment and work towards their desired
She has also launched Strong Witness which is a platform designed to connect, transform, and heal communities through the power of storytelling.
Email her at [email protected]