Massage Therapy 2020

Massage Therapy 2020

Good Morning! It’s April 19, 2020, and Covid-19 is still a problem for the World.

We’ve all seen change during this time… personally and professionally.
I consider myself fortunate. The ‘social distancing,’ and temporary closure of my practice, has given me time to:

    1. Help out our one son that is a front line staffer. The time ‘off’ allows us to look after our grandaughter full-time, and as needed, a time I never would’ve had if not for this pandemic.

    2. I have an opportunity to work on building my courses!


   3.My spouse and I have been practicing for this ‘quarantine’ for about 3 years now… LOL. See, due to illness, he has been on permanent disability, so we do not face the challenges many others are with the too much together time!

What I miss:

  1. My clients. I miss the ones that tell me about their families and what’s going on. This week I will be calling a few to see how they are doing.

  2. Coffee / Lunch with friends. Somethings we take for granted, that we’ll always be able to get together tomorrow, or later in the week. How often did ‘we’ reschedule that coffee date because one of us was too busy?

 3. Physical contact with our other son. We talk through windows and on Go-To Meeting, but it’s hard NOT to hug. Not to have contact. But at least we have a window and the computer!! So, I consider myself lucky.

MOVING FORWARD

While most of us are feeling the pinch of Covid on a financial front, remember we are not the only ones. Everyone is experiencing this.
And it’s not just us. All professions from Massage Therapists to dentists, to the people working in warehouses, are being affected.

Covid has caused a HUGE disruption in everyone’s lives, so don’t give up!

Start planning now for the RE-OPENING, and some rebuilding of YOUR practice. Now is the time to update your records, your website, and your marketing plan!

 Redraft a new Business Plan
 Clean out client files
 Plan a Re-Opening Debut
 Redesign or Update your Website (Often I see ‘out fo date’ websites because time has not allowed int he past. Now is a great time to do this)!
 Revamp your space. Paint it, or just move furniture around, either way, it’s a change for when you open again!
 Deep cleaning can also be done at this time… REFRESH!

How has this affected you? Positives? Negatives? How are you handling it? What are some of your suggestions for staying in touch with clients? What about preparing for re-opening?
Stay Healthy, and Stay Connected! Shaunna
Accounting and Massage Therapy

Accounting and Massage Therapy

We’re Massage Therapists, not Accountants. Accounting and Massage Therapy is not something one, generally, hears in the same sentence… except for here.

If your self-employed, or own a business, you do need to understand the basics. It’s when you don’t, that financial upset happens.

Quicken Deluxe

Business and Personal Accounting made Easy!!

Accounting Definitions

Assets:

Total Resources on hand

  • Cash in bank account
  • Equipment
  • Inventory
  • Receivables

Cash in the bank account is fairly self-explanatory. It’s the money in your account, daily, weekly, monthly, yearly… before, and after, expenses.

Equipment

Everything you need to run your business:

  • Client chair(s)
  • Massage Table / Chair
  • Computer / Printer
  • Desk
  • Filing Cabinet
  • Therapist chair, or stool
  • Modality tools (cups/ stones/ hot packs, etc.).
  • Linens (sheets/ towels/ face cradle covers)
  • Mop / Vacuum
  • Washer / Dryer

Inventory

I had two specific breakdowns of this. The first was for Office Use Only, the other was For Resale.

Office Use Only:

  • Oils / Lotions
  • Laundry soap / Dryer sheets
  • Cleaning supplies
  • Toilet Paper
  • Paper towel
  • Office supplies (Paper/ staples/ receipt ribbon/ ink)
  • Receipt Book
  • Postage

Inventory for Resale: The products you sell to clients for added value, and profit:

  • Bath Salts / Products
  • Massage Oils / Lotions
  • Supplements
  • Topical Pain Lotions
  • Candles

Receivables: this is money owed to you.

  • Billing Accounts (Insurance Companies)
  • Rent from other Therapists

Liabilities

Accounts Payable

This is what you owe. Current and long term:

  • The Bank
  • Credit Card
  • Loans
  • Taxes
  • Utilities

Capital

This is the net worth of a business. The difference between the Assets and Liabilities.

A good software program looks after all of this for you. Again, I refer to Quicken for my needs.

 

While all of the Accounting needs are met within a program, like Quicken, you should still understand the basics of accounting terms, and the bookkeeping aspects, in order to keep your finances running smoothly.

What do you do to keep financial order in your practice? Let me know!

Shaunna

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