Planning for sick days...are you serious?

Hey there, speechie business owners! Let's talk about something that affects all of us: sick days. We all get hit with the flu or a bug now and then, right? But as business owners, those sick days can really mess with our flow.

Think about it - when our team members are out sick, it can throw a wrench in our schedules, mess with our customer service, and even impact our cash flow. And let's face it, sick leave and carer's leave aren't just perks anymore; they're something we gotta expect our team to use when they need it.

So, what's the game plan? Well, for starters, we gotta be smart about budgeting. Just like how we plan for therapy sessions, we need to anticipate those sick days and factor them into our financial plans from the get-go.

Here's a simple math trick you can use: Take the 365 days in a year, subtract weekends, annual leave, carer's leave, and public holidays (depending on where you are). Then, factor in any other leave days like professional development days. What you're left with is the number of days your team can actually work. Multiply that by the number of clients they see each day (allow for cancellations) and their hourly charge out rate - and voila! You've got a rough idea of their maximum revenue potential for your practice.

But here's the kicker - that potential revenue better outweigh what you're paying them, or else you're gonna run into some cash flow headaches.

So, when it comes to financial planning, make sure you're setting aside some dough for sick leave. It's all about being prepared for those unexpected bumps in the road.

And hey, if you need more help figuring out the financial side of your speech pathology gig, why not chat with Dr. Ren? He has got some great insights to share.

By staying ahead of the game and planning for those sick days, you'll be better equipped to keep your practice running smoothly.