Let us learn about your business and see how we can help.

 

Wellness Capital Management is pleased to offer an in-depth complimentary 30-minute Wellness Business Consultation.

 

Q&A Session

Q. I HAVE A SMALL PRACTICE AND I CAN'T SEEM TO BE 'BOTHERED' WITH THE FINANCIAL NEEDS OF MY COMPANY. HOW DO I GET AN UNDERSTANDING OF WHERE I AM FINANCIALLY AND THAT I AM MAKING THE RIGHT DECISIONS TO GROW MY PRACTICE? HOW DO I FIND A BALANCE BETWEEN TAKING CARE OF MY CLIENTS AND MANAGING THE FINANCIAL ASPECTS OF MY BUSINESS?

A. The answer is always the same; the client comes first and you must play second fiddle. The rub is that both must be served or else both will suffer in the long run. There must be a plan for getting all the work completed, for the client and for your business.

Finding the balance requires that you design a financial management system that works without your full participation. Here is the WCM solution:

  1. Set up a budget and bookkeeping system that provides for a true and accurate snapshot of where you are, today and where you expect to be in the future.
  2. Subscribe to a service that will provide budget updates, monthly bookkeeping, payroll, taxes, accounts payable and receivable information that can be updated every day and reviewed by you. You merely scan the day's activities; time cards, invoices or sales records and debits and send them daily. The updating and processing of financial data is performed by someone else, outside your office and is back in your system the following business day.
  3. Discipline yourself to monitor this information in one or two coaching sessions that may require a combined total of one hour per month.

Understand and take control of your financial life.

Outsourcing this task will simplify and allow you to focus on what you do best; taking care of your clientele and growing your business. Without accurate and timely financial information, business owners who cannot find the time or be bothered to manage the finances of their business may find themselves losing control and going out of business.

Personal Tip

100% RESPONSIBILITY
This one is simple (perhaps not easy)..... take responsibility. As you take 100% responsibility for what you come in contact with and experience, there is a commensurate amount of grace. Step up and the world steps up with you. Be thankful and you will receive the gifts that come from being in a state of gratitude. Imagine there is nothing beyond you. Everything you experience is there for you to learn from. If this is true for you, you can look at the world around you, reach out and take responsibility for that world.

Explore why something is in your world and act upon that insight. Resolve the insight for yourself and make it right for you. If you can find the insight, act upon it for yourself, the world around you can change. Let change begin........... 

Language of Cash Flow

LIABILITIES
Liabilities are items on your balance sheet that tell you how much you owe others. They are broken down into two categories; Short Term and Long Term Liabilities.

Short Term Liabilities are those debts that are due within one year. These are items like amounts due vendors, and credit card debts. In the spa industry, gift certificates are...you guessed it, short term liability. Long Term

Liabilities are debts that are due in a period longer than one year. These include bank notes, contracts and loans. A Long Term Liability has a portion (12 months of payments) that is due within the current fiscal year. These payments are called the "Current Portion of Long Term Debt", and are considered a Short Term Liability.

How you organize or structure your liabilities is important; it affects your profitability and how your business is evaluated by lenders, for risk.