Good & Bad Money Months

Do you experience ‘good’ and ‘bad’ money months in your private practice? 

I know I sure did… for a very long time.

But let me ask you this…

What does a ‘bad’ money month really feel like to you as the practice owner? 

Give yourself a moment to really feel into what that feels like…

Don’t know about you, but when I went through it, it was often accompanied by negative self-talk around failure and failing others, as well as not being good enough to actually make it in business.

But what about a ‘good’ money month then…. What does that feel like? 

For a long time ‘good’ money months actually made me feel guilty and worried about how my success might be perceived. It sounds crazy now, but it’s true.. and it lead to bad money decisions on my part.

Whilst acknowledging that these feelings are important, and having gone through these experiences myself, I now know that a much more resourceful way to deal with these feelings is available to me (and you). You do this by, yes, acknowledging the feelings, but you then step into looking at what a ‘bad’ or ‘good’ money month is actually telling you.

For example, a ‘bad’ money month could be telling you that:

• Many of your team were away at the same time (leading to less billing).
• You had extra and or unforeseen expenses that you had to cover.
• Your Debtors have been slack in paying you. 
• You had more cancellations than usual.

The above analysis of a ‘bad’ money month of course then lends itself to problem-solving strategies in order to avoid these from occurring again. 

On the flip side, a ‘good’ money month could be telling you that:

• More clients attended your practice and hence got the help they needed.
• Your clinician team is awesome as they have engaged clients. 
• Your front desk team is awesome as they filled more cancellation slots than normal. 
• Your marketing paid off and you got more referrals. 
• You increased your prices. 

What I love about our line of business is that there is a DIRECT correlation between helping more people and making more money. In other words, the more people you help, the more people you impact, the more money you make…. 

If this not THE best possible way EVER to be making your money and earning your living? 

By helping? 

By having an impact? 

I sure think so! 

So next time feelings of guilt or unworthiness for money shows up in your practice, remind yourself that you making money means that you are doing what you trained for, that you are doing what you we’re born for and that you are having an impact by being the helper that you are. 

Here’s to helping you build a private practice you can’t stop smiling about!

Warm regards,

Gerda

PS: I have opened up 5 places within the Private Practice Success Academy for the month of June, so if you know that you need help with your money mindset, billing, cash flow, and or practice numbers (KPIs) – and honestly everything else you need to run a successful practice - then be sure to send in your EOI via this link.

PSS: The monthly investment into the PPS Academy is significantly increasing on 1 July 2021, so now really is the time to join.

ABOUT THE AUTHOR

After starting her PhD on the topic of "Psychologists as Practice Owners: Current Challenges, Coping & Success Predictors", Gerda was appalled at the lack of support for Allied Health Professionals going into Private Practice and decided to do something about it. This was the start of Private Practice Success Australia.

 E: [email protected] | W: gerdamuller.com.au

WINNER: National Allied Health Private Practice Excellence Award

WINNER: Queensland MENTAL HEALTH Achievement Award for Best Small Business 

WINNER: Logan Business Distinction Award