When the Market Feels Shaky: What Practice Owners Need to Know About Economic Uncertainty
- Julie Herres
- 7 days ago
- 6 min read
If you’ve been watching the headlines lately, you’ve probably seen the news about new tariff announcements and the resulting turbulence in the stock market.
Even if you don’t consider yourself a “financial person,” it’s hard not to feel a little unsettled. When big economic changes hit the news, it can trigger all kinds of questions — especially when you’re responsible for running a business.
You might be wondering things like:
“Is my practice at risk?”
“What happens if my retirement accounts take a hit?”
“Should I be changing anything right now?”
If that’s where your brain is going, you’re not alone — and you’re not overreacting. These are valid concerns. But here’s the good news:
Most therapy practices are not directly impacted by international tariffs or short-term market swings.
Your income is based on something far more stable: your clinical services. Your clients are still showing up. Therapy is still needed. And the care you provide remains just as valuable today as it was last week — regardless of what’s happening on Wall Street.
That said, you might notice a few ripple effects in your day-to-day life or business. So let’s walk through what you need to know — and what you can do to stay grounded.
How Economic Shifts Might Affect Your Practice (Even Indirectly)
While your core revenue isn’t likely to take a direct hit, broader economic shifts can still create ripple effects that show up in subtle (and sometimes frustrating) ways. Here are the main areas to keep an eye on:
1. Office and Tech Costs May Rise
Many of the tools you use to run your practice — like your EHR, office supplies, or marketing software — may rely on international vendors. When tariffs go up or supply chains get disrupted, those costs can quietly climb.
It may not be a dramatic jump, but small increases add up over time, especially when they affect multiple vendors at once.
🧠 What you can do:
Now’s a great time to do a quick audit of your recurring expenses. Are there subscriptions you no longer use? Tools that overlap? Upgrades you don’t really need? Trimming even a few items can offset small price increases and help you stay profitable.
2. Your Retirement Accounts Might Dip
When the stock market gets bumpy, retirement accounts like 401(k)s and IRAs can take a temporary hit. It’s not fun to look at your balance and see it lower than you expected — especially if you’ve been diligently contributing.
But this is normal. And more importantly, it’s temporary.
📈 The market has always recovered over time. In fact, if you zoom out and look at any 10-year period in U.S. stock market history, it’s overwhelmingly positive. The real danger isn’t a dip — it’s panicking and pulling money out during a downturn, which locks in losses instead of giving your investments time to recover.
🧠 What you can do: Avoid making big financial moves based on short-term headlines. Keep contributing to your retirement plan (if your budget allows), and trust the long game. If you’re unsure whether you’re on the right path, talk to a financial advisor who can help you assess your strategy.
3. Stress at Home Might Creep In
Even if your practice feels steady, your household might be feeling some stress. A spouse or partner in a different industry might be impacted more directly by tariffs, supply chain issues, or market uncertainty. And when someone in your home is financially stressed — it affects everyone.
🧠 What you can do: This is the moment to offer yourself a little extra grace. If you’re feeling distracted, tired, or emotionally heavy, it’s probably not just the headlines. Talk things through with your partner, consider connecting with your own therapist or support system, and know that you’re not alone in navigating these layers of stress.
4. Inflation Can Squeeze You From All Sides
Let’s talk about one of the biggest stressors you might already be feeling: rising costs.
Inflation doesn’t usually show up with flashing lights — it creeps in slowly. Your groceries cost a little more. Your rent or utilities inch higher. Vendor fees get bumped up. And if you have a team, you might start hearing more questions about raises or cost-of-living increases.
And here’s the tough part: It’s not just your team who feels it — you do, too. You’re being pulled in every direction, and it can feel impossible to keep up.
🧠 What you can do: Take a step back and look at the full financial picture. Have your expenses crept up more than your revenue?
For private pay practices, this might be a good time to consider whether your rates still align with your rising costs.
For insurance-based practices, we know pricing isn’t always something you can control — which makes it even more important to keep a close eye on your margins and overall financial health.
If someone on your team asks for a raise, don’t feel pressured to respond on the spot. You can absolutely say: “Thank you for bringing this up. Let me take a look at our budget and we’ll set a time to revisit the conversation.”
Raises and bonuses are tools you can use — but they don’t need to be emotional decisions. Look at the numbers. Be thoughtful. And if you need help, talk to your accountant who can help you crunch the numbers.
A Few Things to Revisit When the World Feels Wobbly
When the news is heavy and the economy feels uncertain, it’s easy to feel like you need to overhaul everything or brace for impact. But often, the most helpful thing is to slow down, zoom out, and check in with the systems and supports you already have in place.
Here are a few grounded reminders for this season — things you can revisit, reflect on, or gently strengthen:
🧾 Check your emergency fund. How much cushion do you have right now — both in the business and at home? Our recommendation: aim for 2 months of business expenses and 3–6 months of personal expenses as a general rule of thumb. If you’re not there yet, that’s okay — even setting aside a little extra each month can make a difference over time.
📊 Review your budget and spending. Are your costs rising in ways you haven’t fully accounted for? Are you paying for tools you don’t really use anymore? Even small changes can help protect your margins. And if you're in-network with insurance panels, keeping a lean operation becomes even more important.
💬 Affirm what you do know to be true:
“My practice provides something essential — and that doesn’t change with the market.”
“Temporary uncertainty doesn’t require permanent decisions.”
“I have a plan, a team, and support. I don’t have to react in fear.”
“I’ve weathered hard seasons before. I can do it again.”
📅 Schedule a money date. Set aside 30 minutes to sit down with your numbers. Not just your bank balance — your actual P&L or cash flow reports. What’s changed in the last few months? Are there trends you want to keep an eye on? This one habit can help you feel grounded and proactive instead of reactive.
💡 Reach out to your support team. You don’t have to figure this out on your own. Whether it’s your bookkeeper, your accountant (👋), or a peer in the industry, this is a great time to talk things through, get clarity, and make decisions from a calm, informed place.
You’re Not Alone — We’ve Got Your Back
At GreenOak Accounting, we’ve walked through economic ups and downs with thousands of private practice owners. If you’re feeling uncertain or want a second set of eyes on your numbers, let’s talk.
Your success isn’t about avoiding every storm — it’s about building a practice that can weather them.
You’ve worked hard to build a business that helps others. Let’s make sure it continues to support you, too.
This article is designed to provide information only and should not be considered legal or tax advice. Because of the complexity of the law and the variables in your own personal tax situation, you can’t rely on our advice specifically related to your unique circumstances. In order to get the best tax savings and legal advice available to you, you should consult with your own accountant, attorney, or advisor regarding your particular facts and circumstances.
GreenOak Accounting specializes in working with counselors and therapists in private practice. For more information on our services, visit our website.