The topic of income and making more money seems to be at the top of everyone’s agenda. When I consult with practice owners, making enough money is the #1 priority for most of them and as well it should be. After all, the amount of income you create is going to allow you to survive with either an abundant lifestyle or a scarce existence. The most successful practice owners I know and consult all have certain characteristics and attitudes when it comes to making income (both business and personal income) that allow them to have a cascade of money that just keeps flowing to them.
#1- They make it a game.
Making money should be fun. It must also be preceded by a lot of hard work, effort, and doing the right things. It is not a sorrowful activity. One cannot expect to make a lot of money if you are constantly blaming the staff, your spouse, the government, insurance providers, debt collectors, and whatever external reason you can rationalize on why you aren’t flush with cash. The practice owners who make the most money (and tax returns don’t lie!!) stay in mindset of constantly making it a game of how they can overcome all the perceived obstacles.
#2- They have a great attitude.
Have you ever seen a sports team win a championship in which the leaders of the organization did not have a great attitude? Your attitude toward making money is everything. Grief, regret, resentment, rage, and whatever negative emotion you can conjure up will NOT lead you to making more money. It will lead to excuses of why you can’t do something, which leads into inaction.
Having a great attitude keeps you in motion, it keeps you on purpose, it allows creative juices to flow, and it lifts all of those around you to keep up with your level of production.
#3- The don’t undervalue themselves or their services.
The single biggest frustration I have with a majority of practice owners is just how much they undervalue their worth to the organization. One of my favorite questions to practice owners is to ask “What happens to the value of your business if you are not there?” Most respond that it would plummet which is the correct answer.
In addition, your staff or your customers do not have the right to devalue your services or products because of their own issues with making income or false data on the subject of money. Your worth to the organization is immeasurable and the practice owners who make the most bank make sure they are paid well and they do not allow anyone to degrade the value they bring.
#4 – They build their profit into the operating expenses of the business.
Did you really think I would write an article where I didn’t tell you to take 10% of your business gross income and set it aside for your own personal household wealth building plan? The practice owners who are the highest earners systematically and automatically make their profit a part of the operating expenses of the business.
Your business will NEVER be worth the amount you envision unless you do this one simple action. If you have received your Econologics Transition Plan®, you know just how vital it is to show a high profit margin and how much impact that has on the value of your business. It could mean the difference between selling a $1,000,000 gross income practice for $450,000 or $950,000. Your adjusted owner’s cash flow will be one of the determining factors of this. If you don’t know what this is, it’s time to get your Econologics Transition Plan and we can show you.
#5- They are in control of the cash flow of the business.
The practice owners who are the highest paid have control over their cash flow. They don’t have 4 leases for equipment along with 3 business credit cards. If you ever wonder where all your money is going, sit down and work out exactly how much you are spending on leases, business loans, credit cards, etc. In most cases, this number is between 5k-9k. This is indicative of a business owner who cannot say “NO.”
Your business WILL try and spend every dollar that it makes. Ignore that basic law at your own peril. If you feel like your cash flow is controlling you, then you need to take action immediately. Put in a purchase order system, make sure you approve all rebates or discounts, get a debt repayment plan in place that you track every month, only pay for equipment with cash, and STOP PAYING YOUR MONTHLY BILLS WITH YOUR CREDIT CARDS. I don’t care if you lose out on the airline miles. Four free flights a year are not worth having $20,000 of credit card debt.
Every one of you should be, at minimum, making in excess of $350,000 of personal income a year. Adopt these 5 basic behaviors and you will see your income skyrocket. I expect no less from myself and I expect no less from you.