Am I Worth What I'm Charging?Sep 15, 2023
Today, we're gonna talk about money...
It's a loaded conversation.
Almost every human has a complicated relationship with money.
And as audiologists and hearing professionals, we tend to be helpers.
I rarely meet an audiologist who wouldn't agree with this statement:
But, that's not the world we live in.
And if you're in a practice setting where you have to make treatment recommendations in exchange for money...
Your Money Mindset matters deeply.
It affects how you see your services, how you value yourself, and how you communicate with your patients.
It's probably the #1 variable in how much you will earn over the course of your career.
And for most of us, it's an automatic program running subconsciously, uninspected in the background.
What's Your Money Mindset?
Not to play armchair psychologist, but this probably goes back to your childhood.
For me, while my family didn't ever talk about financial strain, it still impacts me subconsciously today.
My dad was a sales guy.
He sold environmental waste cleanup services.
Always on commission. Stressed by the up's and down's.
When he ran into health problems and couldn't work consistently, the uncertain vibes in the household were palpable.
He also taught me how to sell, and my first business was a lawn care service when I turned 16.
I Developed Some Healthy, and Some Unhealthy, Money Mindsets:
- Money is a renewable resource - you can make more of it
- Your responsibility (worth) as a man is to provide for your family
- Lack of money is stressful and scary
- Money is important
- You have to work hard to make money
Some of these mindsets have served me well as a business owner.
I've always felt a sense of autonomy around money - how much of it I make is within my control.
But I also feel scarcity around money - no matter how much I have, I'm always worried about losing it, or it not being enough.
I tend to attach too much of my self-worth to my financial productivity.
Your ingrained Money Mindsets aren't necessarily true.
But your subconscious brain operates as if they are.
That being the case, understanding your own Money Mindset is crucial.
What is this for you?
Are you uncertain or are you confident about money?
Are you repulsed by it or attracted to it?
Are you afraid of money, or do you feel that it's a source of good?
Does it hold a controlling power over your life, or are you detached from it?
Is it a source of stress or positivity?
Do money and self-worth feel connected in a negative way?
Like, "I'm not worthy of making a lot of money."
Or do you feel abundant about money?
There's a lot of it out there, and you attract it effortlessly.
What's this got to do with audiology?
I'll get to my point.
I talk to people everyday who second guess what they charge for their services.
They join TPA plans.
Want to "stay competitive" on price.
When they talk to a patient and get to price, they get uncomfortable.
They sell mostly entry-level solutions.
They don't have the confidence that what they're selling is worth the price.
They believe their low-cost competitors would actually be a more reasonable solution for most patients.
The amount they're asking for feels like "a LOT" to them.
Almost none of that has anything to do with the patients or the market.
It has everything to do with mindset.
And if you and everyone on your team don't believe in the value of what you're recommending...
That's gonna come through to your patients.
You're going to subconsciously self-sabotage.
Want to help more patients in your practice? Schedule a risk-free strategy session to discuss your goals and develop a plan with Brad Stewart, AuD.