I asked in a few social media groups recently if you would continue to work if you were not getting paid. No judgement with your answers but just food for thought. What would you do if your business was not making money. Again, I don’t blame anyone who would say that they would close the business. I had those same thoughts and I know others who had those thoughts and followed thru with action: This business is CLOSED. We have seen the signs, it happens but what if deep in your heart you want to keep going because you feel called to complete a mission, a mission greater than you. What if you realize that the business has issues because YOU need to close up some things you are doing and CHANGE! For a whole year, I lost money and was told to CLOSE but I kept going. The following year, I broke even so I still did not make any money. By the third year, I was making a small profit and then back to scaling. I changed by changing my mindset and learning new skill sets. Systems changed and people changed. Let’s talk more about how this went down. So first of all there was a lot of crying and praying out to God–“Why me?” Now after the multiple pity parties, it was time to move forward, what was I doing wrong? Below are two things I did to climb out of the red into the black!
- Mindset change-I had to change irrational thoughts like, “You can’t make money billing insurance.” I looked around and there were plenty of businesses making money billing insurance. Myth debunked. In fact, I met someone who was billing Med B and had grown and sold his business in a five year time frame. Changing my mindset is an ongoiang process. I do my best to meditate, read the Bible and inspirational books, listen to inspirational podcast and run, I mean sprint away from negative people! Two Practical Action Steps to Consider: 1. Listen to the Strangest Secret 2. Write down five things you are thankful for every morning and then imagine yourself being successful in your business–how you will look, what you will be doing and how you will feel–smile about it!
- Business Skill Set-So, you don’t know what you don’t know right so I had to find people who did know. These people became mentors, coaches, consultants, advisory board members, etc. I had to learn about AR, KPIs, SOPs, EOBs, clearinghouses, etc. If you are billing insurance and it sounds like I am speaking Greek to you, then you may need to learn some new skill sets. The learning curve was steep but as I learned I saw how many of the problems the business faced were due to lack of knowledge about insurance. I made many mistakes and am glad I did not allow those mistakes to stop me in my tracks. I got back up and learned from each one. Two Practical Action Steps to Consider: 1. Find a person or a group of positive people that you meet with regularly to problem-solve. 2. Perform a new break-even analysis so you know exactly how much you need to make to break even and include your salary in the analysis. Then create reports to track growth towards the break even.
Are you playing the blame game? Sure, there will always be things that are out of our control but what about the things that are in our control? If we put our best foot forward to change our mindset and build skill set, I think there is a strong possibility that we will realize that we have more control over a lot more than we thought. If your business is your calling, I don’t believe it is set-up to fail or to not make money. Serving and profit can go together with the right mindset and business skill set!