Financial independence with Philippa Scobie

In today’s episode of the Osteobiz podcast, Gilly is joined by the founder of Financial Foundations and business consultant, coach and advisor Philippa Scobie. Together they explore the importance of financial accountability in your practice, why you need to set two-week deadlines for your finances and break down the profit-first mindset.

 

Clinic not working perfectly? Book a free chat with Gilly to find out how to fix it! bit.ly/osteobizchat

 

Interested in working with Philippa on your practice finances? Contact  [email protected] for more information.

 

KEY TAKEAWAYS

 

The profit-first mindset is focused on removing your profit from your sales first. Take 5% profits and separate it into another account to be your quarterly dividend. You are an investor in your business and you should be rewarded for that.

 

Often clinic owners are not tax-efficient and don’t have a structure in place for their own salary to meet their lifestyle. 50% of sales should be set aside for the practice owners personal account.

 

Expenses and overheads should account for no more than 30% of your turnover. Practice owners should prioritise expenses that have a positive return on investment. Overheads can be reduced when you analyse what you’re paying out each month.

A positive financial foundation is about being accountable and sticking to two-week deadlines.

 

BEST MOMENTS
“You need to take a forward view of financial planning and take learnings from past years”

“Staying on top of finances can be the most important part of a business”

“You should never be the lowest-paid employee in your practice”

“If you want to grow your practice, you need to know about the financials”

 

VALUABLE RESOURCES
The Osteobiz mastermind

www.osteobiz.as.me/consultation

www.osteobiz.com

 

https://www.solo.ffcoaching.co.uk/

https://www.ffcoaching.co.uk/

 

CONTACT METHOD

https://www.instagram.com/gillywoodhouse/
[email protected]
https://business.facebook.com/Osteobiz/

ABOUT THE HOST

Since 2013, Gilly Woodhouse has been inspiring and developing Osteopaths, other healthcare professionals and their clinics. With a wealth of entrepreneurial skills gained over a lifetime of creating businesses from scratch both in the UK and abroad, Gilly shares these experiences as well as illustrating how her clients have vastly improved their practices by streamlining operations and improving their marketing skills. The Osteobiz team of six now comprises Osteopath clinic owners or members of an Osteo family and together support over 100 worldwide clinic owners.

Topics covered are marketing, operations, team management, legacy and exit strategy, operating procedures, gold standard patient care, tech support, boundaries and so much more.

ABOUT THE GUEST

Philippa Scobie is the founder of ​​Financial foundations and helps businesses grow through clear and simple solutions. As a consultant, coach and advisor to SMEs in multiple industries, Philippa specialises in maximising profits by streamlining financial processes. She helps to develop strategies and solutions that are tailored to companies specific and unique requirements to take businesses from 5-figure or 6-figure turnovers to 7-figures and beyond.

 

CONTA