From Losses to Long-Term Profitability
Mission Edge helped this therapy practice cut costs and become sustainable
As a therapist, Andrea Cornell believes that both holistic and psychoanalytic methods play a role in relational healing.
That’s why she founded Cornell & Associates, a group practice which offers marriage and family therapy services to residents of New York, NY and California.
When Andrea relocated from New York to California a few years ago, she had 14 employees and two contractors. But after some financial difficulties led to a loss of $50k in revenue, she knew she needed assistance to help her business bounce back.
The Problem
At the time Andrea joined Mission Edge, her primary challenge was profitability. Despite the fact that they’d been able to generate significant revenue, the company was still incurring losses.
Andrea knew she needed help identifying areas to cut costs and improve margins, as well as advice on how to allocate an employee retention tax credit payment she received as she was going through our program.
Where mission edge came in
Together, we worked with Andrea to address her challenges — we started with a comprehensive financial evaluation to see exactly where her business was at. Then, we evaluated potential areas for cost reduction including travel expenses and rent.
Some of Andrea’s employees had expressed concerns about the lack of consistent pricing across all clients, so we helped her implement a standardized system and filters for new client onboarding.
The solution
With help from her CPA and external advisers, Andrea was able to successfully secure an employee retention tax credit payment of over $100k, which was a huge help in bridging the transition for her practice and implementing new systems and standardized expectations for her staff. Mission Edge helped her navigate how to allocate those funds.
We also helped her conduct a thorough analysis of her business's financials, identified areas that needed attention and formulated a plan for improved performance.
Moving forward, she’s now better-equipped to navigate the challenges of her practice and achieve sustainable success.
You can see results, too
Bumps in the road are inevitable for every business, but how you choose to navigate them can be make or break for your future success.
When you have access to effective guidance, it gets much easier to turn a struggling business around.
If, like Andrea, you’re looking to . . .
Go from ideas-mode to execution
Expand your offerings
Crush your revenue goals
You might be a great fit for our program, where you’ll have access to one-on-one mentorship from a finance expert who’s in it to see you thrive.
There’s only one way to be invited to apply — learn more about the impact lab and click below to join our waitlist!
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