Teaching mental health providers how to navigate the managed care industry and increase cash flow

Business

MHPChat Recap – Building Your Practice on a Budget

Posted by on Jul 21, 2014 in Bootstrapping, Business, Entrepreneur, HIPAA, Mental Health, Practice Management, Psychotherapy, Social Media | 0 comments

MHPChat Recap – Building Your Practice on a Budget
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MHPChat Recap – Collaborating for Business

Posted by on Mar 3, 2014 in Business, Collaboration, Mental Health, Psychotherapy, Tweet Chat | 0 comments

MHPChat Recap – Collaborating for Business
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TCCs Top 10 Links of the Week: Business

Posted by on Oct 26, 2013 in Business, Entrepreneur, Entrepreneurship | 0 comments

top10I love weekends. The work week is done and it’s time to decompress. But if you are an entrepreneur, is there really any rest for the weary? We are always reading and searching to help us grow our business. But there is a lot of content out there to sift through. So I have done some of the sifting for you. As you may have guessed, today’s list is focused on business. Whether you’re new to the game, or have been running your own business for awhile, there’s something here for you.

As always, feedback is appreciated. If you want this and other articles delivered directly to your mailbox, sign up on the right.

  1. Lead Generation: Best Practices for Your Small Business @JennGHanford
  2. Like a BOSS…. Branding & Business Development Lessons from Kerry Washington @womenceo
  3. Is Your Dying Business Begging You To Go From Employee to an Entrepreneur Mindset?  @Dawn_Abraham
  4. Four Ways to Make Your Small Business Recommendable @SmallBizLady
  5. Top 7 Reasons Your Business Should Be Interested In Pinterest @JuliaCSocial
  6. 5 Things Small Businesses Learned During the Government Shutdown @AlibabaTalk
  7.  How to Survive Your First Year in Business @NicoleLeMaire
  8. Lead Nurturing Gone Wrong: Three Frightening Scenarios @collectivess
  9. Out of Fresh Business Ideas? Try This. @rainforestbook
  10.  Tips To Get Success in Business without a Boss @fivethingsnow
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4 Things Employees Need to Understand About Business

Posted by on Sep 2, 2013 in Business, Employees, Employers, Value, Wages | 0 comments

In the news recently, there have been reports of fast food workers demanding hire pay. I have nothing against fast food workers. They offer a valuable service. But to demand to be paid $15 an hour for flipping burgers is a bit much. There are a lot of factors that go into determining how much to pay employees, when to hire new employees, and when to downsize. Most employees, especially entry level employees are unaware of these factors. So here are some insights into the cost of doing business.

1. High Revenue does not equal High Profit – Revenue is how much money the company is bringing in. Revenue pays for expenses. Revenue minus expenses equals profit. So if a company has $1 million in revenue, but $900K in expenses, the profit is $100K. That’s not a lot of profit. And depending on your industry, the profit could be more or less. The profit is then saved as a reserve, distributed for profit sharing among the employees, and/or used to expand the business. It depends on the needs of the business. But let’s go back to expenses for a second. Expenses include but are not limited to taxes, debt payments, costs for supplies, maintenance, phone, lights, water, network services, marketing, manufacturing, assessments, mortgage, rent, etc. If expenses exceed revenue, there is no profit.

2. You are an Expense – If you are an employee, you are an expense called labor cost. Labor costs include wages, payroll taxes (employers pay 6.2% of your wages for Social Security and 1.45% of your wages for Medicare, that’s on top of what is withheld from your wages already), unemployment taxes, disability taxes, bonuses, cost of training, healthcare, pension/401k contributions, etc. See how expensive you are?

3. Wages are Determined by Value – Employers pay based on the value you bring to the company. A high school kid working his first job at a fast food joint isn’t going to be paid as much as a manager. The manager has to understand  the fundamentals of running the store including managing the payroll, making decisions on who to hire or fire, ordering supplies, etc. The high school kid just has to keep track of making it to work on time. The manager has to be able to work every job in the store if someone doesn’t show up. Value is also determined on what the market can bear. If the skill set you have is in high supply, you aren’t going to be paid as much because you have a lot of competition. If you have a skill set that is in high demand and low supply, you can be a little pickier on which job to choose.

4. The Minimum Wage is not Meant to be a Living Wage – The minimum wage is the minimum amount that employers are allowed to pay employees. It is entry level work meant for low or unskilled workers to get into the job market and gain work experience. If you’re an unskilled worker with little to no experience, can you really expect to be paid as much as the manager? But once you gain the skills and experience, then you can expect to be paid a little more.

Image courtesy of pat138241 at FreeDigitalPhotos.net

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