Reflecting on Business Finances as a Boundary

Pursuing Private Practice

Welcome to the Pursuing Private Practice Podcast!

Join Jennifer & Danielle as they discuss the theme for November: finances. They explore the concept of finances as a boundary and share insights on the importance of understanding and improving your business finances, no matter your stage of business. Jennifer shares how she currently rates Pursuing Private Practice's finances and encourages you to assess your current financial situation.

Join the conversation as they discuss:

• Finances Throughout Business Stages: Recognize that finances play a crucial role in every stage of a business. While core financial concepts remain consistent (income, expenses, profit, taxes, mindset), the specific recommendations for handling finances differ based on the stage of the business.
• Overcoming the Money Story: Discussing finances can be challenging due to the personal relationship many individuals have with money. Just as some clients struggle with discussing weight or mental health, there can be a sense of shame around financial imperfections. However, opening up about these issues can lead to greater empowerment.
• Money as a Boundary: Money is a boundary that should evolve just like any other aspect of a business. It's essential to adapt and improve financial strategies over time to support business growth and personal well-being.
• Mistakes in Handling Finances: There are some common financial mistakes made by professionals at different business stages. These include merging personal and business finances, neglecting estimated quarterly taxes, making hasty hiring decisions, and scaling too quickly without increasing revenue. Each stage presents unique challenges.

In the episode, Jennifer & Danielle also touch on intuition and its role in financial decisions, discuss the potential downsides of disclosing revenue online and reflect on the state of the business coaching industry. Jennifer shares her advice for business owners overwhelmed by finances, stressing the importance of taking time to reflect and discuss both the data and emotions behind financial matters.

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