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Your practice deserves to be profitable!
What is Profit First?
Profit First is a simple cash management framework that helps practice owners achieve financial freedom.
In Profit First, practice owners take their profit first rather than paying themselves what’s left over after expenses.
The cash flow system involves transferring percentages of your income into various bank accounts to cover profit, taxes, operating expenses, payroll, and owner’s compensation. It’s so simple, and yet so powerful!
In this book, you'll find:
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Step-by-step instructions to implement Profit First in your therapy practice
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Strategies for managing clinician compensation, your group practice’s largest expense
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Tips for avoiding the most common mistakes practice owners make when implementing Profit First
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Recommendations for successfully scaling your practice
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Tools to reverse-engineer your practice to meet your personal lifestyle needs
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Financial systems to keep your practice profitable
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Best practices to implement Profit First with multiple businesses
Why Profit First?
Over the years, so many of our clients have come to us for help implementing Profit First. The original book does a great job of explaining the concept, but it can be challenging to translate it to the realities of running a private practice. Our clients had often tried to implement Profit First on their own and found themselves stuck.
I originally wrote this book with the mental health field in mind, drawing from our deep experience working with therapists in private practice. But since its release, we’ve heard from private practice owners in a wide range of disciplines — including physical therapy, speech and language therapy, massage therapy, nursing, and medicine — who found that the systems and strategies in this book worked for them too.
Whether you're just getting started or looking to refine your systems, this book is here to help you implement Profit First in a way that fits the unique rhythms and challenges of private practice life.
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- Julie Herres, author Profit First for Therapists