What is your relationship with money?Mar 26, 2022
As a clinician, you help people struggling with pain to resolve it, so they and their loved ones can have a better quality of life without fear.
You often reveal what your client’s relationship is with their pain and their identity and why resolving it is important to them, so they can enjoy living with full confidence.
Let me rewrite that from a different perspective
As a business consultant, I help clinic owner’s struggling with business pain’s to resolve them, so their and their loved ones can have a better quality of life without fear.
I often reveal what my client’s relationship is with MONEY and being a business owner and discover why resolving it is important to them, so they can enjoy running their practice with full confidence.
Predictable profitability is the spine of your business
Many clinic owners live with an unhealthy relationship with money and are in denial that they are business owners. Both of these are going to hold you back from achieving your potential and helping others.
Often clinic owners’ relationship with money and being a business owner stems back to beliefs they picked up in childhood such as:
- fearing a lack of money
- believing money doesn’t come easily
- having a sense of shame about taking payment
- believing business owners are greedy
- or feeling guilty for having money and being profitable
- OR most commonly knowing money isn’t the answer to everything, because without health even the wealthiest struggle
Do you see how similar this is to your client’s relationship with their pain?
It is all perception
In the same way, your client’s perception of their pain matters and affects their opportunity to live with confidence. Your relationship with money and perception of what it means to be a business owner matters too. Without addressing your belief system your practice will not be profitable and therefore not sustainable, and you won’t have take-home pay for you and your family to enjoy. This will lead to resentment within you and from your loved ones who see the time you sacrifice for no or very little return.
Accountant Annette Fergerson has a great money mindset hack to help you with this “Write down all those money things that pop into your head during conversations, or that you hear coming out your mouth (eg money doesn’t grow on trees). Once you have a list of them, beside each one, write down where you have evidence to disprove each. Eg if you wrote “all rich people are crooks”, is your mum’s friend a non-crook rich person. Do this in a one sitting but also any time you have those negative money thoughts showing up.”
A lack of money will kill your business which won’t help anyone! And without small businesses like yours, society becomes dependent on monopolies and corporate control to meet all our needs.
The purpose of owning a business is to sustainably make a profit
As a clinician for you to run a successful practice, it is likely you need to address your perception of what it means to be the owner of a profitable practice to one of respect for example what if you switched your current beliefs to being “business people should be respected for the risks they take and jobs they create“.
And with regards to money, it is simply a means of trade and exchange of value, in the past camels, cows, and metal have all been used to trade something of value. It is quite possible that the root cause of your relationship with money lies with the value you place on yourself, your skills, and the transformation which they bring.
As a mentor of mine once said “It’s all the work we do over decades that our clients pay for . . . not for the ‘time’. You could get anyone to give you the same amount of time but NOT the same amount of value.”
Just for fun, have a go at working out what the financial value is to the clients you work with, consider the financial benefit of being able to return to work early, concentrate at work, play and care for family, do chores, enjoy living, and anything else you can think of.
Yes I know, the next stumbling block you are now facing is the overtreatment vs undertreatment dilemma. You will undoubtedly know of a clinician who over-treats and asks clients to come back again and again, because of their own concerns about their bank balance rather than doing the right thing for the client.
Conversely you probably also know clinicians who under-treat and undercharge and also struggle financially.
Both of the situations are fixed by focusing on your ideal client’s needs and creating an offer of help that delivers them what they are looking for, in a way they can understand at the right price (which isn’t necessarily cheap).