The EntreMD Podcast

Money and Mind Drama

December 04, 2023 Dr. Una Episode 383
The EntreMD Podcast
Money and Mind Drama
Show Notes Transcript Chapter Markers

Gain insights into the power of a long-term perspective in business and personal investments as I, Dr. Una, share personal experiences and lessons learned through the lens of an entrepreneur. I'll take you through my journey, exploring how to counter mind drama, the art of pricing services, and the importance of playing the long game in business. 

Ever wondered about the real cost of free? Let's unravel together the high price of not investing in quality business infrastructure using the experience of my private practice. We'll dive into the transformative power of coaching, its long-term effects, and why team members should be viewed as investments, not expenses. By shifting our mindset from cost to ROI, we lay the foundation for success. Join me in this journey of introspection and growth as we master the entrepreneurial mindset that prioritizes strategic investments for future triumphs.

When you are ready to work with us, here are three ways.

1. EntreMD Business School Accelerator - If you are looking to make a 180 turnaround in your business in 90 days, this is the program for you.
2. EntreMD Business School Grow - This is our year-long program with a track record of producing physician entrepreneurs who are building 6, 7 and 7+ figure businesses. They do this while building their dream lives!
3. EntreMD Business School Scale - This is our high-level mastermind for physicians who have crossed the seven figure milestone and want to build their businesses to be well oiled machines that can run without them.

To get on a call with my team to determine your next best step, go here www.entremd.com/call

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Speaker 1:

Hi dogs, welcome to the EntremD podcast, where it's all about helping amazing physicians just like you embrace entrepreneurship so you can have the freedom to live life and practice medicine on your terms. I'm your host, dr Ibnah. Well, hello. Hello, my friend, welcome back to another episode of the EntremD podcast and, as always four years in counting I am super pumped to be in your ears, and I did have a number of conversations over the last week or so and so many people who listen to the podcast have been so kind to share. They're like oh, I met this person and this is what they're going through in their business, and I was like this is exactly what you need. You need the EntremD podcast, and so I want to tell you thank you, thank you for sharing the message, as, in EntremD, we understand that we are the Calvary right, and so not only are we going to build these great businesses dream businesses, dream lives, all of that but we're also taking up that call, if you will, that mandate, that mission of helping the entire physician community See that there's an alternative to reality, see that there's a way out. We're not stuck. We can build these great businesses, and a time is coming when you look for the great entrepreneurs in the healthcare space or the great entrepreneurs who are doing great things in the world, you will see a disproportionate amount of physicians. That time is coming, and so thank you for being an early adopter and sharing the message. Now I want us to look at something that I feel is really important and is really fascinating, and that's this whole mind drama around money. Now, typically, I've talked about this a lot on the podcast, but from the standpoint of pricing right. So when people they'll start off, they start off with really low prices. Most entrepreneurs undercharge most. The vast majority, 99% of the entrepreneurs I've spoken to under price right, and so some of the first things I'll tell them is okay, we need to look at this pricing, and there are a whole lot of thoughts that come up that means I'm greedy, like how much is? How much is enough? When am I going to stop? Am I manipulating people? Am I taking advantage of people? There's so many things that come up right, even though they're providing such a great service and this is almost universal, right, I dealt with the exact same thing. So it's something that comes up, but the thing is, fixing the pricing alone does so much for the profitability of the business. And remember, it's not about what I want. I want to have a profitable business. No, like a profitable business is. Making profit in your business is what gives you the right to serve. If you can't figure out the money, you can serve the end right. So one of the best things you can do for your clients is be profitable so you can continue All right. So it does so much for the profitability, does so much for the sustainability and the stability of the business, like fixing that one thing, okay, but mind drama keeps people from doing this. Mind drama keeps them from doing it and ultimately, they don't make their businesses work and they have to shut their doors down. I want you to think about the power of mind drama. Right, it literally cripples the entrepreneur. So this service that they've decided they're going to give, this huge impact they're going to have in the world, this dream business they're going to build, this dream life, that's going to be a consequence of that. They give it all up because mind drama stopped them from raising their prices, right, and so it's a really powerful thing that can work against us and have real consequences. But today we're not going to be looking at it from the lens of pricing. We're going to be looking at it from the lens of business investments, okay, and this is really, really important. And this whole conversation was triggered because I was talking to a mentee of mine she's not a doctor and I was talking to her about my decision to start going to the gym, to start working out four days a week and my commitment to do it, for my commitment to doing it for 50 weeks straight. And I started talking about the fact that I knew I couldn't pull it off my own on my own, so I got a personal trainer and in the beginning I was like, oh, my goodness, this is how much I'm going to need to pay the personal trainer. And then I told her, I said but this is the deal, right, like now, it looks like it's a significant amount of money and it's not really that significant in the grand scheme of events, right, but it looks like a significant amount of money. I said, but this is what I said to her. I said the reason why I'm doing this is because I want to be strong at 90. I'm like I'm 44 now and so 90 is still 46 years away, and so if I don't do anything to prepare for it now. At 90 it'll be too late. There's nothing I will do at 90 to be strong at 90, right, whatever I'm going to do needs to start way before 90, okay, and the earlier the better. And so I told her. I said my 90 year old self would be fine if I paid three times the amount I'm paying my personal trainer now, because that means at 90 I'll be strong, I'll be healthy, maybe I won't be on any prescription medicine, I'll be able to dance on my 90th birthday party, carry my grandkids, enjoy the later part of my life, enjoy that. That is priceless. And so what I will need to pay now looks like a lot, but when I look from the longterm perspective, it is nothing. Like my 90 year old self will say are you kidding me? That's all you're gonna pay him Like, pay him three times that. I'm cool with that right. And so it's this concept of a longterm perspective. And so when I said that, I actually said that to her and I stopped and I said, wow, that that's. I've never really articulated it that way, but that is really powerful. And that longterm perspective has helped me so much in business is one of the reasons that the temptation to quit has just not been there. And it's the same thing I did with the gym. I was like I committed for 50 weeks. And I committed for 50 weeks because I knew, I knew at 50 weeks I won't be able to stop and at 50 weeks I would have seen enough results. So now my goal is not to lose weight or be stronger or anything, right? My real goal is to go to the gym four days a week, four an hour, work out and do this for 50 weeks. That's my goal, right, and so, because I shifted, that, I don't really quit because I can go to the gym four days a week. Right, that's within my power, okay, anyway. So it brought me to this concept, which is true, and it's this. Average entrepreneurs think about money paid for services, as when I say services services that could be investments in the business, okay, and I'll give you some examples. But they think about investments in terms of costs. They think of them as costs. Right, this is how much it costs me for my personal training. This is that's what I would have said, right? But the ultra successful entrepreneur thinks about money, investments in terms of ROI. They're not thinking about what they pay now they think about what the payoff is. On the other end, because they think about that, it is easy for them to make the investment. Now the average entrepreneur thinks about it what I'm paying now and so, because of that, what I have to give up. Oh, this vacation I would have gone on Now I can't spend this particular money on that because I have to spend this on things. They're so in the short term. They're not thinking about the payoff at all. They're thinking about what I have to pay now. I don't think I can pay that now. It's not in my budget now, okay. So average entrepreneur is thinking now, is thinking cost, is thinking what I have to give up for that. The seasoned, ultra successful entrepreneur is not thinking about the cost now. They're thinking about if I can plug this in, what does this look like in the future? So they're two completely different ways of thinking and I want you to start adopting the way the ultra successful think. All right, so let's talk about a few investments here. So I wanna give you examples so we can bring this all the way home. So let's think about in your business, like infrastructure, investment in your infrastructure. If you are in private practice, that may look like an EHR, okay, when I started off, I could not bring myself to pay like what I thought was exorbitant, right amounts of money for an EHR. And I picked an EHR that was free, okay. But you know the way it works if it's free, or the product, and if it's free, you get what you get. Okay, you get exactly what you pay for. And then what I realized a few years into the practice is that, oh my goodness, it's really hard to track data. Their tracking is very poor. It's really hard to have data port over right, like. So, for instance, I would give vaccines but I have to manually put the vaccines in a super bill, which, okay, that may be great, I may catch it because I'm paying the bill, so I'm not going to miss it. But then when I hire other people, they're forgetting to put all these things in and that's costing me literal dollars. You see what I mean? I'm not able. The reporting is so poor, right? Well, it's free, and so, as an average entrepreneur, I'm thinking the cost is zero, so this is great. But at this point, a few years into my practice, I was a very savvy entrepreneur and I'm going like wait a minute. The opportunity cost of not having the reporting, of not having the data port over, is so high that I will pay thousands of dollars a month to get the right EHR. Okay, so I switched EHRs, which has a cost to it. Right, this is, I was thinking free, I'm doing the smart thing. There's a cost to change the EHR. I acquired the new EHR, but this is the deal. It is the best money I've ever spent. And I'm not even going to talk about all the features, but just one thing. The one thing is this reporting capability, and what it did is I could pull out, I could go into the EHR. I could pull out a list of all the people with a particular insurance, the kids of particular age were overdue for an appointment handed over to my MAS. They called these people and bring them into the office. I had control over my schedule because I had better reporting right, and so I want to give you a scenario. So let's say I gave them a list and my Emmy was able to make 10 appointments after she called all the people and from those 10 appointments, for the sake of math, let's say it's $150 per visit, and so $150 times 10 is $1,500. And so she came to work. She paid for herself, she paid her overhead and she made me a profit. That's the capability of an EHR. Now, does it cost me money? Yes, thousands every month, but the return on investment is so high that it's worth it, and I've paid it for over a decade, happily. Okay. So that's an example of infrastructure. You may be here. Your business is more like an online business or a cash-based business and you've been thinking about getting a CRM so you can really track the leads coming to your business. You can track where your clients are on their journey. You can maintain the experience they have betters. We have text messages going out to them. You have emails that are tagged and your list is segmented, so you're not just sending the same thing to everybody and you may say, oh, my goodness, but this is how much it costs every month, like I can't afford to do that. But this is the deal. The easiest money you're making your business is not from the person you acquire, that you've has a completely new client. The easiest business will be the people you already have, who either decide to continue working with you, consider, decide to upsell, decide to refer other people with you and if you do not have a system in place, you are throwing away more money than you're making right now, and so when you say, oh, this is too expensive, I can't do that, that's average thinking. When you say, oh, my goodness, but if I did this, then my renewal rate will go up, my retention rate will go up, the people referring to me will go up, my clients will have a better experience, they'll have better results, so they'll stay longer. All of this, when you think of it that way, when you think of the return on investment, it becomes crystal clear that it is too expensive not to invest in that right Okay. So that's one example I want you to think about. Second example is team. Right Now, usually if it's a virtual assistant, things like that, I think if you're in the on-term day community a little, of course we need that right. One is too small a number, okay. But when you start talking about higher capacity team members who can drive outcomes so I'm not talking of people who can do tasks where you tell them do this, they do it, do that, they do it but I'm talking about somebody who, like your private practice, you tell them okay, we're going at 80% of our capability based on our scheduling and what our schedule to be at. 100%, that's your job and this person can think about the strategies to pull it off. They can go and they can execute and they can bring you the results. So, talking about like a practice administrator, office manager, that kind of person If you're an online business, again it's the same thing, like a manager, or maybe it's another coach or whatever it is right the mind drama shows up again. Oh, I can't afford to pay this person, okay, but you can make your payroll a cost, an expense, but that is average thinking. Or you can make it an investment, which means this person is going to come in, they're going to do the job. They have strengths where I have weaknesses, so this brings more stability to the business and they're going to get so many things off my plate that I will be free to do higher level things that are even more profitable. I'm bringing in more profit, they're bringing in more profit. The business is better, we're able to serve our clients better, we're able to get them bigger results. I have somebody in my practice who can build out systems, build out processes so that the patients have a much better experience, and on and on and on. When you think in terms of the return on investment, it becomes crystal clear that it is too expensive not to do it. Do you see what I'm saying? So this is all about cost versus investment, thinking now versus future thinking. The more you think in the now, the more average decisions you make and I say this in the most respectful way, like I'm not trying to speak bad of anybody, but that's what that is. So you want to think future, future. Now I'm saying you don't pay attention to where you are right now in the business, like what your bank account can. No, I'm not saying ignore that, but a lot of times we have the revenue to do it. We just think we'd rather use it for something else, or we'd rather keep it, or whatever it is, or we don't even make a decision because our mind just goes bunkers Like I can't do that Okay. The third area is coaching, and sometimes here people say things like coaching is a scam. But you're listening to the on Trendy podcast, so chances are that that's not something that you're saying. You understand the value of your personal development and I'll tell you what I told my mentee that I was talking to today. I said that you, you are like Play-Doh. You are not fixed, you are not static, you are not just what you are, you are Play-Doh. You are Play-Doh. You could be molded into a circle and you're like I don't like it. You can mold into a square. You can, I don't like it. You can change, okay, but it requires things to be done differently. It requires that you have a different mindset. It requires you to acquire new skills. It requires you to be in a midst of a new kind of people who just expose you to different things. But if you stay the same, everything stays the same. The you you are has created the life you can create. I want you to understand this. The you you are has created the life you can create, has created the business you can create. There is a quantum leap in business, for instance, waiting for you, but that quantum leap is waiting on the new version of you, on the next iteration of you. The you you are now can't create it, you just can't Right. And so, for instance, no-transcript. At the time of this recording, I'm literally getting ready to sign a $75,000 check to continue to work in the container that I'm in with the coach, with the program that I'm in, and I, happily, I do not cry when I sign that check. I smile, I am excited. And I'm excited because I know the ROI. I have never thought twice about paying that because I understand the ROI. You guys hear me talk about the $43,000. I said I don't think about this. Oh my goodness, how could I Now? Did I have mind drama at the time? Of course, right, that was mind drama. But then I started thinking what will this do to me? Who will this make me? What transformation will I experience? What can I then go on to create because of that? And so, for me, their goals that I have in my business and the container I'm in is the vehicle to get me there. I know what I know and the version of me that exists right now has created everything that I see. And for me to experience difference, I must change, and a coach is a person who helps me do that. And the thing about this is, it's so strange. People say, well, maybe it's because of the numbers, and a lot of times it's not the numbers. People say, oh, it's money. I'm like it's almost never money, because the same person who will tell you I can't invest in myself is the same person who will pay $20,000 for a vacation. It's not money, it is cost versus investment thinking. It is cost versus return on investment thinking. That's what this is. For instance, why will somebody pay $20,000 for a vacation but not pay $20,000 for coaching? Because they understand the return on investment on the vacation. They're like my kids. They are younger, they are with me, they're like I'm going to spend another seven years, they'll be out of the home. These memories are priceless. It is future thinking. They're not doing it just because of the now, but they're like it's future thinking. It's the investment I'm making, the relationships with my family, it is the memories we're creating together. These are things we're going to look back on and all of that is future thinking. But when it comes to coaching, it's just this thing I'm going to do. They don't see that the return on investment is that you become a different person who can create different kinds of results. I mean I have doctors in the Entremity Business School who came into the school, started a business and hit a million in a year. So if they paid $25,000 to be in the Entremity Business School and they hit a million in a year, I mean, like Crimean River, you pay the $25,000 every year and twice every five years, because you can see that. And then you say but what if the person doesn't make a million? I have a question for you, and this is a question I ask. The question is what if you don't make a million? What if you don't make $100,000? What if you just come in and you spend the first year building your brand, but at the end of that year you have gone from physician to physician entrepreneur. You will reap the benefit of that for years and years and years and years and years to come. I met a doctor who was in the Entremity Business School. She's an alumni now and I met her at an alumni event that we just hosted and she said I hit it, I'm like what she's like this day today. I hit my first six figures in my coaching business. And so here we are. So she pays $25,000 to be in the school, and she's in the school for a year. A year of four months later she hits her first $100,000 in 12 months. Now guess what? She has the ability. So even if she caps it and, oh my goodness, if you're listening, of course you won't cap right, we keep growing. But even if we're, and all she does is $100,000 every year. In five years she's made half a million, a $25,000 investment. I just want you to think about it. I mean, think about how crazy that is right. And so, again, it comes to average entrepreneur ultra successful entrepreneur. Average entrepreneur thinking about costs, so makes no investments. Ultra successful entrepreneur thinks in terms of return on investment, so makes ton and ton of investments. I am looking for where can I plug this money in and get a return on my investment, right? Why? Because I've adopted the thinking of the ultra successful. Okay, and again, doesn't matter about price, right? I have a workshop that I do. Actually, if you're listening to this at the time, it just went live. The workshop is today, and it is a workshop where I'll be showing people how they can set their not showing them we're gonna be doing it set their 90 day goals right. So they're gonna have 90 day goals and they're gonna have the roadmap to accomplish the goals and they're gonna have the support system, because a lot of times, people have the goals and they have the plans, but they cannot, for the life of them, execute the plan right. And so we're gonna have all three and what is gonna happen is at the end of 90 days, they would have created the most magical experience in their businesses, because they're going to lead them like bosses, they're going to have clarity, they're gonna do the few things that matter right Now, at the time of this recording, the investment for this is 3,500, which is absolutely bonkers. But let me tell you what average thinking versus ultra successful, right, because I know what I'm doing. I know that that is easily a $15,000 to $20,000 product. I know, right, okay, what Average is. Oh man, I have to spend 3,500, it's gonna cost me 3,500. The savvy persons are you kidding me? What is Dr Una doing Let me legit sign up for this before she realizes that she's lost her mind, right? So the money doesn't matter, whether it's that, whether it's the 2,500 to be in the on-term to business school grow, whether it's the $40,000 to be in scale, whether doctors who are in hyper growth mode doing over a million in revenue are like whatever stage. The drama shows up. It shows up and I wanna invite you today to reframe the way you think. I want you to choose to think. I am not an average entrepreneur. I'm an ultra successful entrepreneur. I don't think primarily about the now and the cost. I think about the future and the return investment. I want you to think like I am a savvy entrepreneur and I invest in my business. Not investing in your business at minimum will keep you from quantum leaps. It will keep you playing small. It will keep in the status quo. It will keep you from all of that and, even more commonly, it will lead to the death of a business. And please don't you know me, I'm probably one of the most positive people, but I see businesses going out of business every single day. Every single day. And this their people tell me oh, I shut down my practice. I still have $100,000 in on paid bills. What do I do? And I'm like, oh, my goodness, I wish I got to you before you close your business. $25,000 can save you from all this trouble, right? I just want you to think about that. It could lead to the death of it. So I want to challenge you. You're already here. You listen to the On-Trendy podcast. Like we attract a certain kind of people. You're the person who's going to build an ultra successful business. You're going to create a dream business, a dream life. I am inviting you to be a person who invests in your business. Okay. Now there are multiple ways we can work with you. If you've listened to the podcast and you've created lots of wins and you're like you're absolutely right and I want to invest myself, like I'm ready to do this, I'm committed to my goals, then my team is here to support you and I want you to go schedule a call, okay, on-trendycom forward slash call. And if you've interacted with us, nobody's doing high pressure sales, nobody's doing any of that. The call is just to see we have ways to serve you and we want to hear about what's going on with you and with your business. So we can say, okay, this is the absolute best thing for you, Right? So it's a matching process, if you will, that's what it is. There's no high pressure sales. We just don't do that because we want the right people in the right containers. So go schedule your call on-trendycom forward slash call. If you're listening to this right at the time it's released, and even though we've closed registration for the live workshop and don't tell Makita I'm doing this, okay, but even though we've closed it, if you are like, oh my goodness, I totally missed it, I want to come join you guys, then I want you again. Just go, fill out the form on-trendycom forward slash call right, schedule that call, we'll figure out how to get you in. Okay, all right. So thank you so much for listening. But most importantly, I want you to change the way you think about yourself as an entrepreneur. I want you to go from average entrepreneur to ultra successful. I want you to see yourself as an investor. You're investing in your business so it can make your business a category of one. You can make your business sustainable, stable, profitable here for the long run, a business you can build as a business asset. You can exit from Anything you want to do with it, and it is a business that becomes a vehicle that allows you to live your dream life. Okay, so that's what I want from you. One of the best things you can do for the physicians in your world is to take this episode, take it on social media, tag us on it and say guys, don't pass, go, don't collect 200, go listen to this podcast episode. It will change your life. Okay, as always, I am so honored that you come back to listen to the podcast and I can't wait to see you on the next episode of the Entremdee Podcast. If you enjoy listening to the Entremdee Podcast. You have to check out the Entremdee Business School. It's the number one business school for physicians who want to build six, seven and multiple seven figure businesses. You get the coaching, the accountability and the community. You need to do the work so you can thrive To find out if this is your best. Next step book a call with my team Entremdeecom forward slash call. That's Entremdeecom forward slash call. I can't wait to celebrate all the wins we can create together. This has been the Hope job of the espotac landscape.

Long-Term Perspective in Business Investments
Investing in Business Infrastructure and Coaching
Investing in Your Business Is Important