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Financial problems in business can paralyze you and make you believe that business growth is impossible. In this video, I describe a debt management strategy designed to change your mind and your relationship with money. It can free you from financial woes and let you build your practice in the process.
Our natural tendency is to fear debt, feel bad about it, and worry over paying it off. Student loans, lines of credit, mortgages, maxed out credit cards, taxes – our financial obligations cause us tremendous stress.
I suggest that you alter your mindset surrounding debt. Once you’re in a motivated frame of mind, you can more easily deal with financial problems in business and your personal life.
Here’s my debt management strategy:
Shift your mindset. Instead of beating yourself up about what you’ve gotten yourself into, consider the positive side of debt. Think about the benefits of borrowing money. Did you start your practice with a small business loan? Was your education made possible by a student loan? Does having a mortgage pay for your home? Reflecting on what you’ve gained from going into debt makes you grateful for that debt.
Formulate a plan. Rather than viewing your financial problems in business as a seemingly unattainable chunk of money, look at your debt in terms of services rendered. For instance, how many adjustments do you as a chiropractor need to deliver in order to pay your bills? How many patients can you reasonably serve within a certain timeframe? Crunch those numbers and create a schedule for pitting your work against your debt.
This debt management strategy is all about converting negative dollar value into positive energy and motivation. You CAN simultaneously control finances, pay off debt, and expand your business.
