How therapists overcome financial & business challenges
Photo above by Nick Fewings on Unsplash.
Have you ever hit a roadblock in life - or in your practice - and thought, “yikes - how in the world am I going to resolve this?”
I’m guessing the answer is yes. Because all of us - especially us business owners - run up against these types of challenges all the time.
And the natural reaction - the reaction that we have, in fact, been taught - is to focus on the HOW. HOW will *I* accomplish this?
But what if we asked a different question? What if we asked ourselves WHO could help us accomplish this important goal?
Ask WHO can help me accomplish this (rather than HOW will I do this myself)
Reframing challenges as questions of WHO rather than HOW is the core premise of a book I recently learned of. It’s - perhaps unsurprisingly - titled Who Not How: The Formula to Achieve Bigger Goals Through Accelerating Teamwork.
When I first heard this concept the other week, it really struck me. It truly hit me like a bolt… I knew I had just learned something important - mayyybe revolutionary.
I realized that some of the most transformational inflection points in my business happened precisely when I had turned to someone else for help. The times when I felt most energetic, optimistic and excited about the potential to really grow my business - and help more people - were those times when I had focused on the WHO rather than the HOW.
Finding a WHO - another person to help you accomplish your most important goals - doesn’t always require spending money. A close friend or colleague can be a great source of support and guidance.
But sometimes bringing in an outside expert DOES cost some money. And that cost might promise a stellar return on investment - but you need to have the financial flexibility and confidence to spend that cash to get there.
Intentionally Plan you Practice Finances: a worksheet
That’s one of the (many) reasons it’s important to intentionally plan the finances of your private practice. I strongly encourage folks to build in some extra financial cushion - a plan to have a bit more profit - than you might think you actually need. Because that extra buffer will be there when you suddenly stumble upon an unexpected business opportunity. (Or have to navigate a particularly challenging moment in your business.)
Of course, thinking through finances and planning your business budget with intention isn’t easy. It might even feel overwhelming. Which is why I’ve put together a free worksheet to help!
I call it the Lifestyle Congruence Calculator. That’s a term I’ve borrowed from Kasey Compton and her excellent book Fix this Next for Healthcare Providers.
What lifestyle congruence means is that you’ve built a business which financially supports your great life. A business that provides financial abundance for you. And part of that abundance is ensuring you have the funds to turn to outside help when you need it - both professionally and in your personal life.
👉 Click here to make your own copy of the Lifestyle Congruence Calculator worksheet.
📽 Watch the Loom video walk-through here.
And let me know how you find it! I always love getting feedback to make the tools I offer better and easier to use.
Helping Therapists Navigate Their Money & Finances
And naturally managing your financial life is another big HOW that you need to figure out in your life. Someone like me - a financial planner for therapists - might be just the WHO you need. And that's why much of this blog and other resources on my website exist!
Never hesitate to give me a shout if any of this feels a bit much, or you could use just a bit of guidance. I work one-on-one with therapists from all over the country helping them address issues just like the ones we talked about today! Learn the different ways you might work with me on my services page.
Turning Point is a registered investment advisor in the state of California. Please visit turningpointhq.com for important information and additional disclosures. This article is provided for general information and illustration purposes only. Nothing contained in the material constitutes financial, legal or tax advice; a recommendation for purchase or sale of any security; or investment advisory services. I encourage you to consult a financial planner, accountant, and/or legal counsel for advice specific to your situation. Read the full Disclaimer here.