Episode Details

Before you cut another expense in your practice, ask yourself this: what is it costing you *not* to have it?

In this episode of the Wise Practice Podcast, I'm joined by Julie Herres, founder of GreenOak Accounting, to talk about making wise money decisions in your private practice.

Y'all, this has been a challenging year for practice owners. So many of us are feeling the pressure around finances, growth, staffing, marketing, and knowing where to invest our money. It can be tempting to start cutting costs just to feel more in control, but not every expense is the problem.

Julie and I talk about how to look at your numbers with more clarity, how to know whether an expense is actually helping your practice grow, and why cutting something that saves you time or brings in revenue can sometimes cost you more in the long run.

We also get into the habits of successful practice owners, including tracking your data, reviewing your finances regularly, surrounding yourself with the right experts, and making sure your personal lifestyle does not put pressure on your business.

If you've been feeling nervous about money, unsure what to cut, or wondering where to invest next in your practice, this conversation will give you some practical things to think through.

In this episode, we cover:

* Why practice owners are feeling more cautious about money right now
* The difference between cutting costs and cutting growth
* How to think about ROI beyond just dollars
* Why tracking your numbers matters so much
* What successful practice owners are doing differently
* When it's time to get professional help
* How to protect your practice from financial stress

Julie and the GreenOak Accounting team will also be joining us at the Wise Practice Summit in Nashville, Tennessee, October 8–10. If you want to be in the room with other faith-based practice owners and experts who can help you grow with wisdom and clarity, I would love to see you there.

Watch on YouTube

07:10 What to consider before cutting expenses
16:28 The importance of tracking your numbers
20:44 Habits of successful practice owners
27:44 Focusing on what actually moves the needle
30:59 Financial advice for practice owners right now
35:03 How to connect with GreenOak Accounting

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Meet Julie Herres

Julie Herres has helped hundreds of private practice owners gain financial freedom. Founder of GreenOak Accounting, the country's largest firm serving healthcare private practices, Julie is an accountant, consultant, speaker, author of Profit First for Therapists and host of the Therapy for Your Money podcast.

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