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If you’ve ever wondered on how to create a clear brand statement for your target audience and how to identify the best marketing activities to grow your practice, then this episode is for you.
I’m joined by Hannah Boeck, the founder of Cued Creative and The Branded Site, who shares critical questions to ask yourself as you look to create, enhance or completely change your practice's marketing activities. By working with over 200 private practices, Hannah shares tips and insights on how to identify the best tactics to increase your caseload.
The 3 big takeaways with Hannah…
1. Niche down and don't try to be everything to everyone. Focusing on a target market will help you streamline your marketing and create a clear brand statement for your target audience. This will be reflected in your website, your pitch, social media, etc. And as you begin to purchase assessments and materials, your investments will go further as you will use these tools over and over.
2. Invest in client retention and word-of-mouth referrals. Make your clients feel like they are your one and only. Branded birthday cards, handwritten thank you notes, graduation certificates, celebrations of major milestones, etc., all leave a lasting impact on your clients that will ensure they shout your name from the rooftops.
3. Marketing is more than throwing spaghetti on the wall and seeing what sticks. Instead of spreading yourself thin trying to hit every marketing channel from Facebook to cold calling, focus on 1-2 strategies at a time. Are your clients searching for you on Instagram? If the answer is probably not, then focus elsewhere. Have several clients come from a social worker in town? Find more referral sources like that one and reach out.
For all resources and show notes, head on over to utterlyfinancial.com/20
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If you’ve been looking for a way to supercharge the growth of your practice by earning school or government based contracts, then this episode is for you.
I’m joined by Ebony Green, founder of CASA Speech, who shares how one government contract grew her business from one employee to 20, experienced a 400% top line revenue growth and just opened her second clinic space due to the demand for services.
The 3 big takeaways with Ebony…
Conduct your due diligence of all the opportunities to win these contracts. Ebony has coached numerous SLPs around to the country to find these opportunities in their local community, county and state.Grit and perseverance are essential…Ebony earned the first contract on her 7th attempt!Be an efficient CEO…rather than spending hundreds of hours learning to do this on your own, leverage existing resources like Ebony’s masterclass to teach you everything you need to know about school contracts.For all resources and shownotes, head on over to utterlyfinancial.com/19.
As a reminder, you can also set up a 30 minute introductory consultation conversation to learn a little bit more about what it means to work with our firm and how we serve SLPs and Private Practice owners all over the country.
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Whether you are looking to sell your private practice or purchase one, there is one number that is more important than any other. Seller's Discretionary Earnings (SDE) is the backbone of determining the valuation of your practice or a practice you are looking to purchase. In this episode, we discuss...
The 5 step process to purchase or sell a private practiceHow to conduct the proper due diligence of a business The definition and calculation of seller's discretionary earnings Common terms and definitions in the mergers and acquisitions processFor all resources and shownotes, head on over to utterlyfinancial.com/18
As a reminder, you can also set up a 30 minute introductory consultation to learn a little bit more about what it means to work with our firm and how we serve SLPs and Private Practice owners all over the country.
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Many private practice owners aspire to grow their private practices. The only two ways to grow your private practice are organically and inorganically. This episode focuses on when it may be appropriate to grow through a merger or acquisition of another private practice. In this episode, we discuss…
The difference between organic and inorganic growth6 reasons to consider growth by acquisition4 ways to be a prepared buyer How to structure and finance a transactionFor all resources and shownotes, head on over to utterlyfinancial.com/17
As a reminder, you can also set up a 30 minute introductory consultation to learn a little bit more about what it means to work with our firm and how we serve SLPs and Private Practice owners all over the country.
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My guest on this episode is Hallie Bulkin, the CEO and Founder of a private practice called Little Sprout Speech, LLC. Her business has been incredibly successful as it has doubled annual revenues in each of its first 6 years. As her practice continues to thrive, Hallie began to diversify her revenue by introducing an online course and a membership community.
Hallie and I discuss the following...
How she grew her practice revenue from $0 to $100,000+ in her first 8 months of businessWhy business owners must be nimble and flexible to account for unexpected life eventsHer insatiable desire to learn about specific disorders led to her focusing on a nicheThe financial investments and capital requirements she needed to launch her online courseFor all the resources mentioned on this episode, head on over to utterlyfinancial.com/16
As a reminder, you can also set up a 30 minute introductory consultation to learn a little bit more about what it means to work with our firm and how we serve SLPs and Private Practice owners all over the country.
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My guest on this episode of SLP Money is Lana Fox, the CEO of Clinic Note, an EMR designed to help SLPs stay compliant and be more efficient.
While most clinicians know they should be using an EMR, Lana and I spend most of our conversation talking about the attributes that has helped make her a successful CEO. These include...
Educating your customer on the services that you provide so they can make an informed decision on working with you and your practice. Networking with local programs can accelerate you growth by introducing you to mentors, investors and partnership opportunitiesTaking micro actions and earning small wins is the key to accomplishing your big, scary long-term goals.Also, Lana shares an inspirational story of how she overcame the challenges her company faced when it was nearly out of money. She was able to creatively change her ideal customer profile and start focusing on a new type of client to bring in cash flow and keep the business moving forward.The 3 big takeaways that I had from my conversation with Lana are…
Break down your long-term goals into smaller, more achievable micro goals. The positive momentum you build by accomplishing these goals will make the more daunting, large projects seem more attainable.Identify the redundant tasks that you find taking up a large portion of your time and bandwidth. Begin to explore possibilities like hiring another employees, outsourcing to a virtual assistant or partnering with a local university to have an intern.Research the local offerings in your town, county and state to see if they are offering any economic development grants or programs to entice hiring in your communities.For all the shownotes, references and links mentioned in today's episode, head on over to utterlyfinancial.com/15
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One area of financial planning that is often overlooked by SLPs and many others is disability insurance. If you are unable to work, this coverage provides an ongoing income stream. The ability to earn a paycheck fuels your lifestyle. This is the money you need to pay your bills and the mortgage. In this episode, we discuss the following...
Why your most valuable asset is your ability to earn an incomeThe importance of having an own-occupation definition of your daily job responsibilities as an SLP in your policyThe 4 main provisions of a disability insurance policyDebunking 3 myths that may have prevented you from having disability insuranceAdditional policies you may need if you own a private practiceFor more information, head on over to utterlyfinancial.com/disability-insurance-slps/
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My guest on this episode of SLP Money is Cameron Huddleston, the author a book titled Mom and Dad, We Need to Talk. Many parents raise their children to position money as a taboo topic that is not discussed with family or friends. Talking about money with our aging parents can be a difficult thing, but it is necessary to do in order to avoid harder situations in the future.
Cameron was inspired to write this book based on her personal experiences. Her father, an attorney by trade, passed away at the early age of 61 and left her family with no will, no trust and no other estate documents. Her mother was diagnosed with Parkinson's which thrust Cameron into becoming her mom's power of attorney and making financial decisions without knowing her true wishes.
If you are fearful of approaching your parents with this talk, Cameron will give you the confidence to have these tough conversation. We discuss the following...
Getting over your fear of having the money talk with your parentsConversation starters with mom and dad to break the ice and address why having this conversation is in everyone's best interestIdentifying the different reasons why your parents may not want to have this conversationA Step-By-Step approach to having a successful conversationWhy it's in everyone's best interest to have these conversations sooner than laterFor all shownotes and resources, head over to utterlyfinancial.com/13
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There are many financial considerations that private practice owners must review at various points in the lifecycle of their businesses. Most decisions you make will not be set and forget it.
It is important to ask important questions of yourself and your business to spot proper planning opportunities, minimize complications that may occur, and make sure you are on the right path for your practice.
These issues can be categorized into the following categories…
· Business Cash Flow
· Personal Cash Flow
· Business Formation
· Taxes and Tax Law Changes
· Insurance Planning
For all resources and show notes head on over to utterlyfinancial.com/12
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My guest on this episode is Jena Castro-Casbon, a private practice consultant who works with SLPs just like you to realize their dream of starting and growing their very own private practice. Jena has helped over 10,000 SLPs get started and grow their businesses to their definition of success.
We talk about the importance of mentorship and how two colleagues helped inspire her to take the leap and start her own private practice. As Jena says, it only takes 1 client to start your practice, but that 1st client is always the hardest to get.
We then talk about the 5 P’s to get your practice off the ground, which are to picture, protect, promote, payment (get paid) and prosper.
We wrap up by talking about the common reasons why SLPs are nervous to get started. From waiting until you’re an expert with a specialization to the fear of failure we talk about strategies to overcome these mental hurdles that cause SLPs remain an employee and not an independent clinician.
My 3 big takeaways from this conversation with Jena are...
1. Use a tool to set the vision for your practice. Jena has a Private Practice Roadmap to help you get started and see if being a private practitioner is the right career path for you.
2. Seek mentorship from someone who is a private practitioner. Just like Jena received guidance when she got started, many SLPs like to pay it forward and help others.
3. There is no perfect time to get started. If you wait until the perfect opportunity, you will never get your practice off the ground.
For all the shownotes, references and links mentioned in today’s episode, head on over to utterlyfinancial.com/11
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A common financial goal that many speech language pathologists have in common is saving money for retirement. Many SLPs realize too late in their career that they have fallen behind on contributing to retirement and feel that they must play catch-up.
In this episode, I discuss the following reasons why SLPs fall behind in retirement…
Failing to prioritize retirement over other financial goalsLosing track of retirement as part of their overall financial planMissing an employer match program on contributions to a 401(k) or 403(b)Starting to save too lateNot paying attention to feesWithdrawing money from a retirement account too earlyTaking a hands-off approachPoor tax planningI also talk about the 3 components to generate retirement income. These components include
Fixed Income: From social security income or a pensionOther Income: From part-time work or rental incomeVariable Income: Money susceptible to market volatility in a 401(k), IRA or other type of investment accountFor all show notes, head over to utterlyfinancial.com/10
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My guest on today’s podcast is Susan Arnold, the owner of a successful private practice that has been in business for nearly 20 years. She is also the president of an association called AAPPSPA, an organization created to help SLPs and audiologists run their business better.
In this episode, we talk about the role that communities have in personal, professional and business growth. As a certified orofacial myologist, she discusses the benefits of joining an organization devoted specifically to determining the proper diagnosis and enhancing the research for these disorders. Similarly, as a business owner, she talks about having a trusted network of peers to collaborate and grow alongside with.
We also dive into Susan’s Team based approach in 2 ways. First on the clinical side to improve her clients’ customer experiences. Later, we talk about assembling a business team to enhance her ability to run her business more optimally.
And stay tuned until the end where Susan & I discuss 3 action items that all SLPs, whether you are a private practice owner or just completing CF-Y, can take to enhance your career.
For the shownotes and all links mentioned in today’s episode, head over to utterlyfinancial.com/9
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On today's episode, we discuss how to track your financial progress. Many SLPs are used to tracking client progress towards accomplishing goals, but they fail to do the same in their own financial lives. We talk about 5 specific metrics to measure your advancements towards achieving your financial goals.
These metrics are...
Your Net WorthPrivate Practice ValuationSavings RateInvestment Rate of ReturnMarginal Tax RateFor all show notes and links mentioned in the episode, head over to utterlyfinancial.com/8
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On today's episode, we dive into the world of ASHA. As an SLP, I'm certain that you are aware of the American Speech-Language and Hearing Association. You are also most likely a member of this association.
While nearly all SLPs are affiliated with ASHA, we've encountered many practitioners that wonder if they are missing out on using the membership to it's full capacity.
You can learn everything you need to know about ASHA by reading this guide that our team put together that drills deeper into some of the most overlooked benefits of your ASHA membership.
This includes...
Looking at the insurance discounts offered by ASHA and affiliated organizationsThe benefits of joining a Special Interest GroupThe power of networking and how to use industry conferences to your advantageWhy joining an association is necessary to determine what niche you should focus on during your careerFor all show notes and links mentioned in the episode, head over to utterlyfinancial.com/7
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One of the biggest challenges for private practice owners is finding ways to attract, motivate and keep your most crucial employees. In today's episode, I discuss the following...
Why you should carve out specific rewards for your key employees5 characteristics of a strong incentive planHow to determine if you should issue a cash or stock bonus planThe Pros and Cons of using a stock based plan3 different ways to offer cash-based bonus plansFor all resources mentioned head on over to utterlyfinancial.com/6
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The Coronavirus Aid, Relief and Economic Secuity (CARES) Act was signed into law on Friday March 27, 2020. Whether you are still in college studying communication sciences or a retired speech language pathologist, there is something for everyone in this act. The act contains five key areas of economic relief for SLPs…
Recovery RebatesCoronavirus Related DistributionsUnemployment BenefitsStudent LoansSmall Business OwnersFor all resources head over to utterlyfinancial.com/5/
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Nearly every SLP and Private Practice owner is being impacted by the Coronavirus pandemic. With the closure of workplaces and municipalities, clinicians are worried about how to maintain an income and keep their clinic operational.
In today's episode, we discuss some common questions that clinicians have been asking since the outbreak of this pandemic.
-What Government Resources are Available During this Pandemic
-Where can I find cash on my personal and practice's balance sheets?
-What do I do with my retirement and investment accounts with stock market volatility?
-How can I be prepared for the next crisis?
For show notes and resources mentioned, head over to https://utterlyfinancial.com/4/
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According to a CNBC Poll, 78% of small business owners say the proceeds from the sale of their business will fund 60-100% of their retirement income. However, 98% of owners do not have an accurate valuation of what their business is worth. How can there be such a disconnect between these two statistics?
In today's episode, I'm joined by Jason Early, the Chief Revenue Officer of BizEquity, to discuss how business owners can close the gap on those two statistics. We discuss the following...
Why you cannot complete a succession plan, retirement plan, risk management plan or growth plan without knowing what your business is worthThe reasons why business owners don't know the value of their businessesDo you need a certified valuation or fair estimate of value for your business?Understanding the differences between Asset Value, Equity Value and Liquidation ValueThe 3 most important financial metrics that shape the valuation of your practice
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Insurance plays a critical role in every business plan and personal financial plan. It exists to mitigate the risk and consequences of an unexpected event that leads to economic loss. In today's episode, we discuss the following...
The 4 ways to handle risk and when insurance should be usedDefining the following types of insurance and why they are critical components to every SLP's financial plan...Long-Term Disability InsuranceLife InsuranceProfessional Liability InsuranceExcess Liability (Umbrella) Insurance
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Every private practice owner will exit her business someday, either voluntarily or otherwise. In today's episode, we discuss the following...
Explaining the benefits of an exit plan and why every business must have oneThe different people or entities that can become the successor owner of your practiceCreating a timeline that aligns with your goal of when you want to leave your businessHow to calculate the amount of money you need to generate fromPreserving and protecting the business in the event that you become incapable of running the practice
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