#685 - Mastering the Financial Future of Your Practice with Sarah Webb (Webb CFO)

Financial Freedom Podcast with Dr. Christopher H. Loo, MD-PhD

English - January 16, 2024 15:44 - 21 minutes - 19.5 MB
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Previous Episode: #684 - Navigating the Digital Ad Landscape: A Conversation with Robert Brill (Brill Media)

Next Episode: #686 - Mastering the Art of Time: A Deep Dive with David Buck (Infinity Lifestyle Design)

Join us in this insightful episode as we dive into the intricacies of financial management for small businesses, particularly in the legal and medical fields, with Sarah Webb, the founder of Webb CFO. Sarah, renowned for her innovative approach as a fractional CFO, shares her extensive expertise in guiding professionals towards financial stability and growth.

Our discussion kicks off with an exploration of the role of a fractional CFO and the critical junctures at which a business might benefit from their services. Sarah elaborates on her initial steps when partnering with a new client, highlighting the importance of aligning financial strategies with long-term business goals.

We delve into the essential metrics that business owners need to focus on for maintaining the health of their practice. Sarah also brings to light common financial pitfalls encountered by small business owners and offers practical advice on salary decisions and effective ways to manage personal time off without impacting business continuity.

The episode gets particularly engaging as we discuss the strategic decisions involved in expanding a team, including the differences between hiring contractors and full-time employees. Plus, Sarah provides insights into the most common types of fraud seen in private practices and how to safeguard against them.

Throughout our conversation, Sarah emphasizes the significance of moving beyond day-to-day accounting and using financial data to forge a narrative that aids in proactive decision-making.

Whether you're grappling with the challenges of feeling financially constrained in a seemingly successful practice or wondering about the significance of your legal entity structure, this episode with Sarah Webb is packed with valuable lessons and actionable advice.

Tune in to gain a deeper understanding of how you can effectively navigate the financial aspects of your practice, leading to a more profitable and sustainable future.

To connect with Sarah, visit her website: https://www.webbcfo.com/

Disclaimer: Not advice. Educational purposes only. Not an endorsement for or against. Results not vetted. Views of the guests do not represent those of the host or show. Do your due diligence.

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