Therapist Thoughts

Although making money at your practice is important, I suspect it is not your driving force. For most therapists the focus is on helping others and having impact. However, for some therapists and health professionals that focus has been to the detriment of the business success of running a private practice.

So how do you find the balance between helping others while having impact and making a living?

Although a very noble and worthy cause, it is difficult to help others when you are not prepared or able to help yourself financially. It is important that there are some basic business principles in place within your practice to keep it viable and reduce the financial burden on yourself. This enables you to continue to have impact and help others well into the future.

Some of the basics are:

– A business plan – even a basic one can help you stay focused. – Your vision and mission statements. – Be clear in what services you offer. Generally a successful practice can not be all things to all people. You will have your areas of specialty and focus. Just be very clear about what those are and refer to therapists who specialize in other areas. You will in turn get referrals for your specialties.

I encourage you to learn more about these basic business principles by reading Neva Quantz’s material found in our monthly newsletter. She provides a great foundation to grow from. I also encourage you to listen to some of Norm’s video blogs about building a financially successful practice.

Warmly,
Tammy Morales