The top three issues that practitioners struggle with are managing stress, professional relationships and managing money. But money stress is the most taxing.
So how do you develop the money mindset to grow your practice and design the life you want?
In this episode of Impact Medicine with Dr Meghan Walker, it's all about managing your money.
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With Impact Medicine, Dr Megan Walker reveals a six step plan to build your practice.
Impact Medicine stands for:
- I for Intention
- M is for mindset
- P is for people
- A is for attraction. How do we attract the right group of people?
- C is for Cents: money management
- T is thinking like an entrepreneur
Dr Meghan Walker works with Clinician Entrepreneurs and business owners in health and wellness to create the impact that aligns with their purpose.
She is the founder of Clinician Business Labs, a community of clinician entrepreneurs dedicated to putting health into as many hands as possible
Key Take-Aways
Like Naturopathy, Get To The Root Cause Of Your Money Stress
In line with the naturopathic approach, practitioners must get to the root of their business finances in order to make informed decisions.
That includes not only the mechanics of money - like profit margins and cash flow - but also their mindset around money.
Yet, many practitioners struggle with the “morality” of focusing on money in their business.
A More Fulsome Relationship With Money
As a profession, we need to demystify finance and empower colleagues around management of money.
A kinder, more fulsome relationship with money is an important route to healing our attitudes around money.
It is about uniting the mechanics and mindset around money to step into a state of confident financial autonomy.
It’s about moving from a scarcity mindset to one of abundance.
Changing Your Money Mindset
The term “scarcity mindset” was coined by Stephen Covey in his book “The 7 Habits of Highly Effective People.” A scarcity mindset is characterized by a persistent feeling of not having enough-whether it's money, time, or connection.
A scarcity mindset can cause you to stay stuck because these beliefs make it hard to move forward. Therefore, working on your money mindset is key to growing a successful practice.
Once practitioners start to acknowledge and dismantle the limiting beliefs they have around money, they are better able to access those patients who are dealing with their own beliefs around making an investment in their future health.
Achieving The First Milestone: Consistent And Predictable Income
Creating cash flow in your business with consistent and predictable income is the first milestone that every practitioner should aim for. It affords flexibility, freedom of thought and moves your practice out of that “scarcity” place.
When money is viewed as a source of good, rather than a source of shame and confusion, it can be a powerful tool for achieving professional and life goals. Money can provide a sense of freedom and security, allowing individuals to make decisions that are right for them. It can also provide a sense of fulfillment, knowing that one is able to make a difference in their lives and the lives of others. With money viewed as a source of good, it has the potential to create a brighter future for all.
Key Quote
“I have found that as practitioners start to acknowledge and dismantle the limiting beliefs they have around money, they are able to access those patients who are also dealing with their own self-limiting beliefs around making investments in their own future health and self-worth.”
Dr Meghan Walker
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The opinions expressed in this Nutramedica program are those of the guests and contributors. They do not necessarily reflect the opinions of Nutritional Fundamentals For Health Inc.
This video is intended for licensed or registered health professionals and students of health professions only. These statements have not been evaluated by the Food and Drug Administration. Information contained in these programs are not intended to diagnose, treat, cure or prevent any disease.
