Strategic Financial Management for Wellness Practitioners with Linzy Bonham
Aug 07, 2024Are you a wellness practitioner looking to take control of your financial future? Our latest podcast episode features an enlightening conversation with Linzy Bonham, a therapist turned money coach, who shares her journey and top strategies for managing finances in a wellness practice.
Linzy started her career as a social worker specializing in complex trauma therapy. However, she noticed a significant gap in financial literacy among her peers, many of whom were hesitant to transition into private practice due to financial fears. This realization led her to pivot her career towards financial coaching, and she now runs "Money Nuts and Bolts," a business dedicated to helping therapists and health practitioners manage their finances.
"You need to have the financial literacy to understand those reports. For some folks, that's going to come naturally, and make total sense. For other people, you might want to do a little bit of learning and growing, so that you can understand and think about those numbers strategically."
In this episode, Linzy discusses the importance of identifying the real problems in your practice before making investments. She emphasizes focusing on one issue at a time and aligning your investments with your capacity to absorb and integrate new information. This approach ensures that your investments are truly beneficial rather than becoming costly distractions.
Linzy also introduces the concept of "moving at the speed of cash," a principle she learned from Julie Harris, author of "Profit First for Therapists." This means aligning your spending with your cash flow to avoid unnecessary debt and financial stress. By understanding and managing your cash flow, you can make informed decisions that support the growth and sustainability of your practice.
One of the standout features of the episode is Linzy's praise for Jane, a practice management software that offers clear financial reports. Jane's user-friendly interface helps practitioners keep a close eye on their numbers, making it easier to make strategic decisions. Linzy highlights the importance of financial leadership, encouraging practitioners to take an active role in understanding and managing their finances rather than relying solely on bookkeepers.
"If you expect your bookkeeper to give you budgets and projections forward and help you with visioning and help you with hiring decisions, that is not what a bookkeeper is going to do, and you're going to be disappointed."
For those just starting their practice, Linzy offers a crucial piece of advice: set up a separate business bank account. This foundational step creates a clear distinction between personal and business finances, simplifying financial management and ensuring clarity at tax time.
Whether you're a solo practitioner or running a multidisciplinary wellness center, Linzy's insights are invaluable. She provides practical advice and resources, including her masterclass "The Four-Step Framework to Getting Your Business Finances Totally in Order" and a guide for group practice owners, "How to Stop Feeling Overworked and Underpaid in Your Group Practice."
Don't miss this episode if you're ready to take control of your practice's financial future. Tune in to learn from Linzy Bonham's expertise and start making smart financial decisions today.
Sponsored by Jane App, Jane offers online booking, charting, scheduling, secure video and invoicing on one secure, beautifully designed system: https://jane.app/ Use code wellness1mo for a one-month grace period on your new Jane account.
About Linzy Bonham
Linzy Bonham is a private practice therapist turned money coach who helps private practice owners and health professionals feel calm and in control of their finances through her coaching at Money Nuts & Bolts and her podcast Money Skills for Therapists.
It all started when she saw her extremely skilled colleagues struggle with the money side of business. Some had even left private practice, or were avoiding starting one, because the financial side was too stressful.
So Linzy decided to help therapists and health professionals develop peace of mind about their money. Since so many were never taught these skills, she focuses on the “how” of making the business side of private practice doable, and even super satisfying.
Linzy’s Website and Links
- Website: MoneyNutsAndBolts.com
- Podcast
- "The Four-Step Framework to Getting Your Business Finances Totally in Order": https://moneynutsandbolts.com/masterclass-signup/
- "How to Stop Feeling Overworked and Underpaid in Your Group Practice.": https://moneynutsandbolts.com/msgpo-guide-o/
About Anna Rudel
Anna Rudel, L. Ac is the owner and founder of Lokahi Acupuncture Clinic in San Jose California, founded in 2003. Anna is a master organizer and clinician, and as a Coach she specializes in working with Clinic Owners in the state of California, and Acupuncturists and Acupuncture Clinic Owners, or groups wanting to add Acupuncture worldwide, as well as teams that need support with employee retention and satisfaction. Born in the UK, Anna has traveled extensively in Asia and now has a thriving multi-practitioner clinic in the US!
Anna's Website and Links
- Website: https://lokahiacupuncture.com/
- Learn Group Coaching: https://www.wellnesscentercreators.com/group-coaching
- For info about Individual Coaching: https://www.wellnesscentercreators.com/individual-coaching
About Kendall Hagensen
Kendall is a Somatic Mental Health Therapist, Multidisciplinary Clinic Owner and Business Coach. She specializes in, and is passionate about, working with healthcare professionals to create the businesses of their dreams. Big goals always have a psychological component beneath the surface, so Kendall uses her background in Somatic Psychotherapy and EMDR Therapy mixed with Business Coaching tools to help clients develop a healthy relationship with their business and their strength as a leader.
As someone who lives with a chronic illness herself, Kendall feels that health happens best within community, which is why she takes a holistic, integrative, and collaborative wellness approach to her personal and professional life.
Kendall’s Web/Social Links