Money and Mind Drama

If your business isn't working the way.

You expected, it's not because you're bad at business. It's because no one ever taught you how it actually works. We were trained to master algorithms in medicine, but when it comes to revenue teams and growth, we were never taught anything. We weren't even told to figure it out. We just assumed somehow we'd know. Like it would magically make sense. But it doesn't. The era of the seven Figure Physician CEO is here. And it's not about working harder. It's about learning entrepreneurship as a system. The same way you mastered ACLs and pals, you can master the algorithm of building a profitable scalable business. That's why I recorded the Seven Figure Physician CEO audiobook. Whether you're building a medical or non medical business, and whether your goal is your first million, first 2 million, first 5 million, first 10 million, this is where the journey starts. There is no Calvary coming to save us. We are the Calvary.

So.

So go get your audiobook now. Www.entremd.com 7Figurebook. And let's rewrite the narrative for physicians starting today.

Hi, docs. Welcome to the Entre MD 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. Umna. Well, hello. Hello, my friend. Welcome back to another episode of the entremde podcast. And as always, four years and 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 on trendy podcast. And so I want to tell you, thank you, thank you for sharing the message. As in ontremd, 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 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. Right. That time is coming. And so thank you for being an early adopter and sharing the message. Okay, now I want us to look at something that I feel is. It's really important and it's 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 gonna stop? Am I manipulating people? Am I taking advantage 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. 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. 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. 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, 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, like 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 will be too late. There is 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 3 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 my, like my, 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 long term perspective, it is Nothing like my 9 year old self will say, are you kidding me? That's all you're going to pay him? Like pay him three times that. I'm cool with that. Right? And so it's this concept of a long term 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 long term perspective has helped me so much in business. It's 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 strong or anything, right? My real goal is to go to the gym four days a week for an hour workout 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 entrepreneurship 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 cost. 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, I can't spend this particular money on that because I have to spend this whole thing. 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, right? So they're two completely different ways of thinking. And I want you to start adopting the way the ultra successful think. Okay? All right, so let's talk about a few investments here, okay? So I want to 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, when, when I started off, I, 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, you're 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 track tracking is very poor. It's really hard to have data data port over. Right, right. Like, so, for instance, I would give vaccines, but I have to manually put the vaccines in a. In a super bill, which, okay, that may be great. I may catch it because I'm paying the bills, 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? So it's. 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 poured 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, with their kids, a particular age, were overdue for an appointment handed over to my ma. I said, call all 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 ma 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 into your business. You can track where your clients are on their journey, you can maintain the experience they have better. So you have text messages going out to them, you have emails that are tagged and your list is segmented so you're not 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'll make in your business is not from the person you acquire that you visit completely new clients. The easiest business will be the people you already have who either decide to continue working with you, consider to consider, decide to upsell, decide to refer other people with you. And if you do not have a system in place, you, 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 entrepreneur 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 practice, you tell them, okay, so we have been going at 80% of our capability based on our scheduling and what our schedule to be at a hundred percent. 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're going. 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. So 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, 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, right? Like I'm not trying to, not trying to speak bad of anybody, but that's what that is, right? So you want to think future. Future. Now, am I saying you don't pay attention to where you are right now in the business? What, you know, like what your bank account can. No, I'm not saying don't. 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. Because our mind just goes bunkers. Like, I can't do that. Okay? The third area is coaching, okay? And sometimes hear people say things like, coaching is a scam, but you're listening to the Entrepreneur 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 Plato. 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 the 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 a 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, at the time of this recording, like, I'm literally getting ready to sign a $75,000 check to continue to work with. With. In the. In the container that I'm in, with the coach, with the program that I'm in, right? 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, right? You guys hear me talk about the $43,000. I said, I don't think about that. Say, oh, my goodness, how could I now? Did I have mind drama at the time? Of course, right? There 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, they're there 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 paid $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 like my kids, they are younger, they're with me. In another seven years, they'll be out of the home. This, 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. 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, like I have doctors in the entrepreneur business school who came into the school, started a business and hit a million in a year, okay? So if they paid $25,000 to be in the on trendy business school and they hit a million in a year, I mean, like Crimean river, okay, you pay the 25,000 every year and twice every five years, right? 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, right? 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, 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 entrepreneur 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 was like, this day today, I hit my first six figures in my coaching business, right? And so here we are. Okay, so she pays $25,000 to be in the school, and she's in the school for a year, A year and four months later, she hits her first hundred thousand dollars in 12 months, right? Now guess what? She has the ability. So even if she caps on it and oh my goodness, if you're listening, of course you won't cap, right? We keep growing, but even if we're there 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, 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 going to be doing it, set their 90 day goals, right? So they're going to have 90 day goals and they're going to have the roadmap to accomplish the goals and they're going to 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 going to have all three. And what is going to 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 going to do the few things that matter right now at the time of this recording, the investment for this is 3500, 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. But average is. Oh man, I have to spend 3500 is going to cost me 3500. The savvy person's. 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 2500 to be in the entrepreneur business school grow, whether it's the $40,000 to be in scale, where the doctors who are in hyper growth mode doing about doing over a million in revenue are like whatever stage, the drama shows up, it shows up. And I want to 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 you 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 is, there are people telling me, oh, I shut down my practice. I still have $100,000 in unpaid 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 Entre 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. Ontramd.com 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 does. 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 trendy.com forward/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 entremd.com 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 you 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 ontremd podcast.

If you enjoy listening to the ontremd podcast, you have to check out the ontremd 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, entremdit.

Com call. That's ontramd. Com Call. I can't wait to celebrate all the wins we can create together.