Meet Carla Titus, the owner of Wealth and Worth Within, a financial consulting company. While she started as a CFO for a Fortune 500 company, she found that she wanted to have a more significant impact. This led her to working with small businesses to ensure their finances are in order and plan for the future. Her and her team help business owners fix financial problems with their businesses and plan for expansion, financial stability, and make moves towards understanding their business’s financial health. Carla has found that by specializing working with mental health businesses that there are some common problems that many owners run into. She helps practice owners look into what their rates are and any changes that can be made there, figuring out what a hiring plan looks like, and what is profitable.
Key takeaways:
-Business owners need an action plan to proactively work towards financial stability.
-Planning for the future helps avoid common financial pitfalls!
-Working with multiple industries helps Wealth and Worth Within keep things fresh for their team and bring different strategies across industries.
-Profit is an important aspect of running your business! Even if it feels corporate like, the practice needs to be able to make money. You run out of money, you can’t run your business.
-A common mistake that many practice owners make when running their business is not focusing on cash flow. You need to manage your cash flow to make sure that you still have money in the bank to pay your employees even when there are slow downs in revenue.
-Look at your financial statements every month! Specifically the profit and loss statement (PNL). This tells you where your money is going.
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