In her book entitled Sacred Success: A Course in Financial Miracles, Barbara Stanny states “To think strategically, you must constantly link big picture to the costs of doing business, or to put it another way, connect your purpose statement to your profit/loss statement.” I try to examine my overall business spending every month to make sure I am on the right track.
Business expenses can add up quickly and it’s important to review them regularly to avoid overspending. Early on I noticed I was buying too many psychology books on Amazon. Now I add books to my wish list before buying them and I ask myself if I really need to own this book and whether I have time to read it. I try to borrow books from the library whenever possible, the Los Angeles Public Library has a huge collection of psychology books.
When I started out, I struggled with the cost of investing in Brainspotting and EMDR training/certifications; my practice was still growing, and I was trying to keep my expenses low. I made the choice to invest in these trainings because they supported my specialization as a trauma therapist and over time this proved to be a wise choice.
I’m not recommending you restrict your spending, instead I am suggesting that you remain conscious and aware of what you spend. Be sure to leave room in your budget for consultation. I’m a member of a monthly peer consultation group and I’m in weekly individual consultation with a seasoned group therapist.
It’s just as important to be strategic with your time. For example-if you have a limited amount of time for administrative and marketing tasks, you might want to hire an assistant or a bookkeeper. That way you’ll have more time to attend networking events or develop promotional materials. This year I realized I was underspending on support for my business, and I decided to hire a bookkeeper.
This kind of strategic decision allows me to spend more time on business development and creative projects. If you are seeing clients five days a week that does not leave much time for developing your business. This year I invested in a meal service several nights a week so that I have more time to relax in the evenings. I also hired a dogwalker twice a week to make sure I have a long enough lunch break on my busiest days.
Some therapists gave up their office space during the pandemic, rent is a big expense, so you’ll want to weigh the pros and cons of subleasing vs. taking on a full-time office.
Now that we are approaching July and the halfway point of 2021, I like to review my income and expenses for the last six months (Profit and Loss report) and see where I might need to adjust. I met with my accountant to make sure I was on track for my quarterly tax payments. I will also examine the number of hours I have worked so far and make sure I am scheduling enough vacation time.
Sometimes solopreneurs like us can get lost in the “busyness” of our businesses and it’s important to regularly schedule time to take stock of how we are doing and what we want for ourselves in the future.