Ben Walker is the Founder of the innovative chartered accounting and business advisory firm, Inspire CA. Inspire CA focuses on helping healthcare or healthtech business owners get cashed up, so they can put more money, time and happiness from their business. Ben believes in dreaming big and making an impact in business, while still making time for your family.
Whether you’re a start-up or a mature business, you’ll gain a lot from the insights and tips in this episode. We unpack the key things to factor into your business strategy to help build a financially sustainable healthcare or healthtech business that ultimately delivers quality healthcare outcomes in a systematised and scalable way.
Key takeaways:
- Business is about numbers and Family is number one.
- Reimagined Key Performance Indicators such as Family Holidays Taken, Social Impact & Freedom Days for business owners
- Getting your start up structure right to achieve your goals and protect your families assets.
- Inspire CA had a client who was previously paying $6,500 a year to their old accountant. But after working with Inspire CA, they discovered about $80,000 in overpaid taxes that they shouldn’t have paid. An accountant hasn’t done a good job unless they’ve saved their clients more money than they’ve cost them in accounting fees.
- When accounting goes from paper-based to online record keeping, there are huge efficiencies to be gained. People do their work faster. The price of an online subscription to accounting software isn’t just the dollar amount you pay, but also the hours that it may save you.
- Often, business owners are a bit too hard on themselves or don’t pay themselves first. Looking at your personal role in the business and how many hours you’re committing, what are you getting paid? If you were working for someone else, would you be happy with your remuneration or how you’re treating yourself?
- Growth for the sake of growth is a cancer, and often can be detrimental to a business. If you don’t manage things well, you can end up with unsustainable growth. You need to set targets for your business that are sustainable.
- Small business owners often don’t plan ahead. Tax bills can often catch you off guard if you haven’t put systems in place. A good tip is to establish a rainy day fund. That can sometimes be the difference between surviving an event easily versus struggling to stay afloat.
Resources and links:
Connect:
