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In this episode of Your Mental Health Business Mentor podcast, Dr. Margo Jacquot welcomes financial expert Carla Titus from Wealth and Worth Within to discuss crucial financial insights for practice owners in the behavioral health industry. Carla elaborates on the importance of understanding profit margins, forecasting, and distinguishing between a profit and loss statement (P&L) and a balance sheet. She underscores the necessity of knowing one's numbers, building a solid support team, and asking the right questions to foster business growth. They also delve into common challenges faced by practice owners, such as handling compensation and expenses, and offer strategies to improve financial health irrespective of the practice's current scale. The episode ends with practical advice on integrating financial literacy into business operations to achieve long-term success.

While listening to this episode, you will learn how to:

• Understand profit margins, forecasting, and the difference between a P&L and a balance sheet
• Learn how to manage compensation and expenses while growing your practice
• Discover the importance of knowing your numbers and asking the right financial questions
• Walk away with practical strategies to strengthen your practice’s financial health

Bio:

Carla Titus is a finance expert with over 17 years of combined corporate financial planning, analysis, strategy, and online business experience. She provides fractional CFO services and financial consulting to business owners looking to grow their business profitably. Her mission with Wealth & Worth Within is to empower business owners to achieve financial clarity and peace of mind, so that they can get back to what they enjoy.

About WWW:

Wealth and Worth Within offers fractional CFO Services for established businesses that have been running for 2-3years with a team of 10-20 and are normally at 7-figures. We work with business owners who are too busy running their company, but still need to feel in control of their numbers and utilize data to make better decisions. Wealth & Worth Within’s mission is to empower business owners to achieve financial clarity and peace of mind, so that they can get back to what they enjoy.

Connect with Carla Titus:

https://www.linkedin.com/in/carlamtitus/

https://www.facebook.com/wealthworthwithin

Dr. Margo Jacquot is the award-winning founder and Chief Care Officer of The Juniper Center, one of the largest woman-owned counseling and therapy practices in the Chicago area. With over 20 years of experience, she specializes in trauma recovery, addiction treatment, and LGBTQ-affirming therapy. Dr. Jacquot is also the host of the "Mental Health Business Mentor" podcast, where she shares insights on running a successful mental health practice.

thejunipercenter.com

Connect with Dr. Margo Jacquot:

• Website: thejunipercenter.com
• Instagram: @thejunipercenter
• Facebook: The Juniper Center