178: Practice Finance 101: Mastering Your Revenue

The Clinical Entrepreneur

Does the idea of talking about business finances trigger your fight-or-flight response?

I totally get it. 😳

Many practitioners often shy away from the financial side of their practice. And hey, who can blame you? Accounting and business management weren’t likely part of your curriculum.

However, avoiding your books is one of the worst things you can do. 💢I mean aren’t we always telling patients that we want to get to find out what’s driving their current health condition? And that’s the same conversation we’re having today, but instead, we’ll be looking at how to understand what’s driving your business revenue! 💰💰

Don’t worry! I’m not asking you to send me your P&L or share your numbers. This is a conversation between friends, just you and me. I’ll show you how to look at your revenue through a completely different lens AND give you a free resource to help you identify where you need to focus and get your revenue machine turned on HIGH! 🔥📈

You can’t manage what you don’t measure. Once you have a solid grasp on your business revenue, your Profit & Loss statement will soon become your business bestie! So, let’s get to it! 🚀💸

In this episode you’ll hear:

👉 Why financial literacy is key to understanding your numbers.

👉 How to break down your total revenue.

👉 Why distinguishing revenue streams, especially retail sales, is vital for business owners.

👉 How to calculate your cost of goods sold and profit percentage.

👉 Revenue percentage goals for a healthy wellness practice.

LINKS:

🗒️ Download the free Revenue Worksheet

🧑‍💻 The accounting firm we use (and LOVE!)

💻 Join the Clinical Business Academy waitlist!

✉️ Submit your questions for Ronda here!

📲Connect with me on Facebook or Instagram

📬Join my email list for more tips and strategies

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📹Watch this episode here