Dear Dangerously in Love with Finance,
My holistic practice crossed a million in revenue last year and I’ve been making financial decisions the same way I always have, by myself.
Last quarter I decided to extend our hours to bring in more patients without talking to my team first. I looked at the numbers and saw room to grow. Two months later my front desk person asked to cut back her hours because she was overwhelmed and one of my clinicians told me she’s been exhausted since the change. I had no idea, and I would have if I’d asked them before I decided.
I’m realizing my team sees things I’m missing. My practice manager probably knows what’s slipping and my clinicians know what’s unsustainable. But I’ve been making decisions without them because I thought that was my job as the owner.
How do I start making financial decisions with my team instead of just on my own?
Regards,
— Figuring It Out
Dear Figuring It Out,
What you’re describing is one of the most common challenges for holistic and medical practice owners once revenue crosses a million. You’re making practice management decisions without input from the people who see what’s actually happening every day.
The numbers told you there was room to extend hours. Your team would have told you something different. That’s a sign that your $1M practice has grown past the point where you can lead financially by yourself.
Financial leadership for a seven figure holistic or medical practice isn’t about having all the answers. It’s about knowing who to ask before you move. Your front desk knows when patients are frustrated. Your practice manager and clinicians know what’s breaking before it shows up in the numbers.
When holistic and medical practice owners start including their team in financial decisions, two things change. You get information you wouldn’t have otherwise. And your team feels like they’re building something with you instead of just being told what to do.
This doesn’t mean every decision goes to a committee. It means before you make a call that affects the people doing the work, you ask them what they’re seeing first. That applies to hiring, scheduling changes, compensation, and expansion.
That’s what financial leadership looks like for growing holistic and medical practices at the seven figure level. You stop making decisions alone and start making them with the full picture. And if you need help building that structure, that’s exactly what a fractional CFO does for practices at this stage.
Lots of Love, Coffee and Chocolate,
Dangerously in Love with Finance and the HBoF Family
If your holistic or medical practice has crossed a million in revenue and you’re ready for financial leadership support, let’s talk. Schedule a call.
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