running out of cash?
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:
Step-by-step instructions to implement Profit First in your therapy practice
Strategies for managing clinician compensation, your group practice’s largest expense
Tips for avoiding the most common mistakes practice owners make when implementing Profit First
Recommendations for successfully scaling your practice
Tools to reverse-engineer your practice to meet your personal lifestyle needs
Financial systems to keep your practice profitable
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 hard to translate things to therapy. Our clients had often tried implementing Profit First on their own, and were stuck.
I’m writing this book for everyone who wants to implement Profit First in their private practice but needs a little more support on how to do it specifically for the mental health industry. I also want to share the many lessons learned along the way and help readers anticipate issues and avoid mistakes.
- Julie Herres, author Profit First for Therapists