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Reflecting on Business Finances as a Boundary
Manage episode 382508195 series 2584062
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Welcome to the Pursuing Private Practice Podcast!
Join Jennifer & Danielle as they discuss the theme for November: finances. They explore the concept of finances as a boundary and share insights on the importance of understanding and improving your business finances, no matter your stage of business. Jennifer shares how she currently rates Pursuing Private Practice's finances and encourages you to assess your current financial situation.
Join the conversation as they discuss:
- Finances Throughout Business Stages: Recognize that finances play a crucial role in every stage of a business. While core financial concepts remain consistent (income, expenses, profit, taxes, mindset), the specific recommendations for handling finances differ based on the stage of the business.
- Overcoming the Money Story: Discussing finances can be challenging due to the personal relationship many individuals have with money. Just as some clients struggle with discussing weight or mental health, there can be a sense of shame around financial imperfections. However, opening up about these issues can lead to greater empowerment.
- Money as a Boundary: Money is a boundary that should evolve just like any other aspect of a business. It's essential to adapt and improve financial strategies over time to support business growth and personal well-being.
- Mistakes in Handling Finances: There are some common financial mistakes made by professionals at different business stages. These include merging personal and business finances, neglecting estimated quarterly taxes, making hasty hiring decisions, and scaling too quickly without increasing revenue. Each stage presents unique challenges.
In the episode, Jennifer & Danielle also touch on intuition and its role in financial decisions, discuss the potential downsides of disclosing revenue online and reflect on the state of the business coaching industry. Jennifer shares her advice for business owners overwhelmed by finances, stressing the importance of taking time to reflect and discuss both the data and emotions behind financial matters.
Visit https://pursuingprivatepractice.com/ to learn more about Pursuing Private Practice
Follow us on Instagram! @pursuing.private.practice
Are you ready to lead with confidence and expand your impact? EXPAND is your path to stepping into the role of CEO, without sacrificing your self-care, boundaries, or integrity. This comprehensive business consulting program is designed for private practice owners ready to build a sustainable, scalable business. EXPAND gives you the tools, resources, and support to hire a team member and step into leadership. You will graduate working primarily in your zone of genius, delegating tasks that drain your energy, and communicating effectively when boundaries change. Learn more: https://pursuingprivatepractice.com/business-coaching/
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