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Are you building a business that can thrive without sacrificing its culture? Is every dollar you spend moving your practice closer to its long-term vision? Who should be with you steering the financial future of your practice?
In this podcast episode, Brandon Shurn discusses accounting in small business with Danielle Hayden.
Podcast Sponsor: POP Consulting
Whether you’re starting a solo practice, thriving in solo practice, getting a group going, or thriving in a group! Or launching a big idea, or thriving with your big idea, we have a consultant that can help you. With our team, we continue to grow to have consultants that will help you at every single phase of practice. If you want to apply to have a 30-minute pre-consulting call with me, I would love to chat through where you’re at. Apply to work with us!
Meet Danielle Hayden
Danielle Hayden is the CEO of Kickstart Accounting, Inc. and a former corporate CFO with more than a decade of experience helping businesses make smarter financial decisions. She founded Kickstart Accounting to bring CFO-level financial strategy to entrepreneurs through bookkeeping, financial analysis, and education that empowers business owners to confidently understand their numbers and build sustainable profits.
Danielle is also the author of the Profit Planner book series and host of the Business By The Books podcast, where she helps entrepreneurs use financial data to grow healthier, more profitable businesses.
Visit Danielle Hayden’s website and connect on Facebook, Instagram, and LinkedIn.
In This Podcast
- To protect your culture, hire employees
- What is the goal of your practice?
- Who should be on your financial team?
- Danielle’s advice to listeners
To protect your culture, hire employees
In your private practice, if your goal is to protect and ensure your practice’s culture, then employees are your best bet beyond 1099 contractors. With W2 employees, you can control:
- When your staff sign on or off from work
- Which equipment they use
- The standard operating procedures
- The processes and the frameworks within the business
- The client experience from start to finish
In order for me to be able to protect the value of my brand, we have to have those team members as employees. (Danielle Hayden)
Then, it is also more likely that the brand that you build in your practice becomes more profitable than having 1099 contractors.
What is the goal of your practice?
What is the goal of your business? What are you building? If you’re building a group practice, are you building something healthy, sustainable, and valuable? … You want something worth value, so let’s wrap our mindset around our tax strategy. (Danielle Hayden)
The IRS wants you to have those business expense deductions and be a profitable business. But, do not go spend money just because you have profit!
Only spend money if and when it aligns with your long-term business goals and financial budget. Remember: your budget is not a restriction; it is part of your business plan.
Who should be on your financial team?
As the practice owner, you are the only one responsible for carrying out the practice’s vision and mission. Therefore, to allow and support yourself in being this person, give yourself a management team that helps you stick to goals and build momentum.
I want to invite everybody who’s listening: it’s your responsibility. I think that we become business owners, and then group practice owners, and we are so entrenched in the day-to-day, the busyness of managing teams, costs, and clients … That we forget that we hold the vision of where we’re going. (Danielle Hayden)
In Danielle’s advice, when it comes to finances, hire a money team of four separate people to help you: 1 – Your bookkeeper 2 – CFO 3 – Tax accountant 4 – You!
You are on that money team. It’s your responsibility to review the financial statements and understand what happened, why it happened, and then set the vision for your business. (Danielle Hayden)
Danielle’s advice to listeners
You don’t need to be the one to do everything, because you are not good at everything! You can have other people be of service to you and your business, and so it is your responsibility to find those people to help support you as the owner, and the practice itself.
So, what do you enjoy doing in the business? What is your zone of genius? Then do those things, and hire folks for the other essential aspects.
Useful Links:
- Work with us
- Visit Danielle Hayden’s website and connect on Facebook, Instagram, and LinkedIn.
Check out these additional resources:
- Intentional Scaling Part 6: How to Protect Your Practice’s Culture | GP 338
- 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 Prof. Brandon Shurn
Brandon Shurn, Ph.D., LCPC, LMHC, AFC®, NCC, is a licensed clinical professional counselor and the founder of EmPower Me Holistic Counseling, a fully virtual Maryland-based practice. He’s also a full-time professor in Seattle University’s online Clinical Mental Health Counseling program. With extensive experience launching and directing university training clinics, Brandon now focuses on helping therapists design and grow impactful, sustainable practices. Outside of his work, he enjoys fitness, yoga, Wing Chun, golf, reading, and spending time with his family and dogs. Visit Empower Me Counseling, and connect with Brandon on Instagram and LinkedIn. Email him at: brandon@practiceofthepractice.com
