Strategic Planning in Private Practice

In her book entitled Sacred Success: A Course in Financial Miracles, Barbara Stanny states “To think strategically, you must constantly link big picture to the costs of doing business, or to put it another way, connect your purpose statement to your profit/loss statement.” Early in my career I felt anxious about spending money on my Brainspotting and EMDR training and certifications; my practice was still growing, and I was trying to keep my expenses down. I made the choice to invest in these trainings because they supported my specialization as a trauma therapist and over time this proved to be a wise investment.

To be strategic you’ll need to examine the areas where you might be spending too much money. I noticed I spent a lot of money buying books on Amazon. Now I add books to my wish list before purchasing them and I ask myself if I really need to own this book. I also borrow books from the library whenever possible, the Los Angeles Public Library has a huge collection of psychology books.

Business expenses can add up quickly and it’s important to review them every month to avoid overspending. I’m not recommending you restrict your spending, instead I am suggesting that you remain conscious and aware of what you spend. Trainings are a good investment but try and be selective and choose the trainings that are most aligned with your specialization and be sure to leave room in your budget for consultation. I’m part of a consultation group and I also utilize individual consultation when I need guidance.

It’s just as important to be strategic with your time. For example — if you have only one day a week for administrative and marketing tasks, you might want to hire a bookkeeper or an assistant, so you have more time to attend networking events or work on promotional materials. This type of strategic decision allows you to spend time promoting your practice and could result in attracting more clients and increasing your income.

Now that the first half of the year is nearly over, it’s a good time to review your income and expenses (Profit and Loss report) and see where you might need to make adjustments.

Maria Gray, LMFT, NMP, CGP, is a psychotherapist in private practice in Century City where she specializes in trauma and addictions. Maria is passionate about helping people thrive in private practice, she offers classes and one on one business consultation for therapists and other healthcare professionals. To learn more about Maria’s practice go to www.mariagray.net.