Paying Yourself as a Business Owner with Julie Herres

Welcome to the Pursuing Private Practice Podcast!

Join Jennifer and fellow CEO Julie Herres of GreenOak Accounting as they discuss the importance of looking into the data, the different methods of paying yourself based on your stage of business, and how to reverse engineer your practice to give you the life you want.

Join the conversation as they discuss:

• Profit First and Prioritization: Implementing the "Profit First" system can have a significant impact on a business. It underscores the importance of prioritizing profit and being intentional about financial management. This approach can lead to a transformation in the way a business operates.
• Stages of Business: Business ownership involves distinct stages, each with its own financial dynamics. Solopreneurs, small group practices, and large group practices have varying approaches to paying themselves and managing their businesses. Understanding these stages and their financial needs is crucial.
• Niche Focus and Streamlining: Working within a niche and creating a repeatable, streamlined business model can lead to success. The owner's experience underscores the benefits of focusing on a specific market or service and avoiding the constant reinvention of the business model.
• Adaptability and Data Analysis: The ability to adapt and make data-driven decisions is vital for sustainable business growth. Business owners should not shy away from looking at financial data and should be open to evolving and adapting their practices as circumstances change.
• Investing in Growth and Balance: To achieve long-term success, business owners should invest in both personal and business growth. It's important to find a balance that aligns with their financial and lifestyle goals, ensuring that the business serves their needs and is sustainable in the long run.

Remember, your decisions are not set in stone. You can evolve and adapt as your private practice and profit grows.

Julie Herres is the founder and CEO of GreenOak Accounting, a firm that exclusively serves therapists, psychologists, and counselors in private practice across the United States. Over the years, Julie and her team have worked with hundreds of private practice owners and developed serious knowledge about what makes a practice financially successful. GreenOak’s goal is to help practice owners feel comfortable with the financial side of their businesses and have profitable practices. Some of the firm’s biggest success stories were achieved through implementing Profit First. Julie is an accountant and an enrolled agent (EA). She is also a speaker and the host of the Therapy for Your Money podcast.

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