Linzy Bonham [00:00:00]:
We are in business, and part of business is, like, meeting the world where it’s at and being able to, like, sell the right thing at the right time. And if it’s really hard for you to sell a bunch of $300 sessions, but a whole bunch of people are happy to pay you 180. Again, like, some dollars is a lot more than no dollars.
Julie Herres [00:00:18]:
Yeah, run the numbers.
Linzy Bonham [00:00:20]:
Yeah, again, run the numbers. See what makes sense. If you’re small, you can experiment. If you’re big, it’s definitely harder. But, yeah, I wanted to put that out there because I do think that, again, that’s another area where so much we have kind of, like, dug in, of, like, no, no. My work is worth this much.
Julie Herres [00:00:33]:
Yeah.
Linzy Bonham [00:00:33]:
And it’s like, our work is only ever worth as much as people are willing to pay us. Welcome to Money Skills for Therapists, the podcast that helps therapists and health practitioners in private practice go from money confusion and shame to calm clarity and confidence with their finances. If you’ve ever felt overwhelmed by numbers or avoided looking at your business money, you’re in the right place. I’m Lindsay Bonham, therapist turned money coach and creator of Money Skills for Therapists. Before we jump in, check out my free on demand masterclass. You’ll find the link in the show notes or@moneynutsandbolts.com under masterclass. It’s the best first step to finally feeling empowered with money in your private practice. Let’s get started.
Julie Herres [00:01:15]:
Hello, everyone, and welcome back to therapy for your money. Today is part two of my episodes with Lindsay Bonham from Money Skills for Therapists. So last week, we talked about in this economy, dot dot dot is how we unofficially named the episode, but we talked about kind of what’s going on in the economy. Honestly, it was a little bit of a downer episode, but the economy is a little bit of a downer right now. Yeah, that’s just how it is. But in this episode, we’re going to be much more uplifting, and we’re going to try at least, and we’re going to talk about what you can do as a practice owner to course correct, if things aren’t going your way, what are some of the things that you can do? So, Lindsay, you want to add some context to that?
Linzy Bonham [00:01:54]:
I do, yeah. I do want to add context, because I’m all about context. You know, something that occurs to me and you and I have talked about this idea before is culturally with therapy, too, we’re in a little bit of a pendulum swing in that the things that we’ve been talking about so much and that we’ve been concerned about the last five years mostly has been burnout. Right. Like, we’ve been talking about, like, okay, again, you have all these folks beating down your door. If you say yes to everybody, you’re gonna be seeing 25 complex trauma clients a week. Don’t do that. You’re gonna die.
Linzy Bonham [00:02:23]:
So, you know, how do we set the right boundaries? How do we take care of ourselves? How do we space out our schedules? We’ve had to think a lot about self preservation in terms of not overworking, because that’s kind of been the problem that we’ve had. We’ve had the problem where if you’re not intentional, you’re gonna overwork and you are going to, like, burn right out of the field. And that does happen to folks, right?
Julie Herres [00:02:42]:
It does.
Linzy Bonham [00:02:42]:
So that’s kind of the conversations we’ve been having a lot over the last five years. Cause that’s the problem that we’ve had. But our problem is starting to change. Now we have a new problem, which is, as we talked about last time, folks, all of us, myself included, we’re feeling a bit more cautious with our dollars. You know, we’re thinking kind of twice before we make big investments. People who might have been really happy to spend 200 bucks a week on therapy a year ago now are like, maybe I’ll just leave that money in my household for now. Is that really worth it to me right now? So we are seeing this dampening on demand. And the way that’s showing up is we’re seeing less wait lists for folks who used to always be waitlisted.
Linzy Bonham [00:03:24]:
We’re seeing group practice owners having a harder time filling up their clinicians, you know, like, caseloads just not being full.
Julie Herres [00:03:31]:
Just less calls altogether. Right. Less calls, less outreach, demand.
Linzy Bonham [00:03:36]:
And of course, what that means for all of us is less money coming in the door.
Julie Herres [00:03:39]:
Yeah.
Linzy Bonham [00:03:40]:
So that’s kind of like our. Our broader picture of where we are now. And I want to name that pendulum swing, because I do think there is a change in conversation there, a change in focus. Then that has to happen. Which is a little weird because we’ve been so used to being like, but don’t burn out, because again, that has been our most, like, our biggest threat. But I’m gonna say, like, our biggest threat is starting to change, and it’s important for us to stop and notice that. Cause otherwise, we can spend all of our time still trying to kind of, like, protect ourself from this old problem, when it’s not actually. Not actually the new problem, it’s not the biggest challenge we have right now anymore.
Julie Herres [00:04:15]:
So what would you call the new problem?
Linzy Bonham [00:04:18]:
I’m gonna say, oh, the new problem is crickets. Tumbleweed Town. What do we call it?
Julie Herres [00:04:27]:
Okay, so I was thinking more of a. Like, to me, the new problem is sometimes you just have to get to work.
Linzy Bonham [00:04:34]:
That’s the solution, Julie
Julie Herres [00:04:36]:
Okay. Yeah. I’m like, so maybe the problem then is not being willing to do the things that need to get done at this point. Right.
Linzy Bonham [00:04:45]:
So. And this is where our fear of burning out and our sometimes what has become maybe a bit of rigidity to protect ourselves. We’re like, no, I do not work past 4:00′.
Julie Herres [00:04:55]:
Clock.
Linzy Bonham [00:04:55]:
I always pick my son up for the bus stop every day. I always do yoga every Thursday morning. Like, these things that we have put in place to make sure that we don’t burn out. What I’m hearing from you is like, part of the solution for some folks might be that we have to be more flexible.
Julie Herres [00:05:11]:
Yes.
Linzy Bonham [00:05:11]:
Work a little more than we used to.
Julie Herres [00:05:14]:
Yeah. And this came from a conversation that you and I had a couple weeks ago, Linzy. Right. Where I was telling you we’re seeing group practice owners. Say, I worked so hard to get my caseload down to three clients. Do I really need to start seeing clients again? And sometimes the answer is yes. You’re down to almost $0. Yeah.
Julie Herres [00:05:36]:
You probably do need to get back to seeing clients. Even though I don’t love that for you. Right. I don’t necessarily want that for you long term and permanently. But just because we got to this point doesn’t mean that that’s what works for the practice right now. Right. Or we’re having clients tell us, like, oh, my clinical director can’t possibly have a client load. Okay.
Julie Herres [00:05:57]:
But you’re down to now four therapists. Your clinical director probably shouldn’t even be a clinical director. They need to see clients today, like this week.
Linzy Bonham [00:06:05]:
Yes.
Julie Herres [00:06:06]:
But we’re seeing a lot of rigidity of. I couldn’t possibly ask them to do that. Like, okay, well, if you’re not willing to do the things that need to be done, there are downhill repercussions to those decisions as well. Right. So that’s the. Like, let’s get to work. Let’s do the hard things. Because there are sometimes some hard decisions that are not fun but that are the job of the business owner.
Julie Herres [00:06:30]:
Yeah.
Linzy Bonham [00:06:30]:
They are not. They are not fun at all. I’m sighing, you know, thinking about my. Some of my own decisions I’ve had to make over time, where you’re like, okay, wow, for the good of the. Have to make this particular decision, and I literally want to barf. But for the business to continue to exist and take care of all of us and take care of all of the folks that we serve, we have to make these hard calls sometimes. And partially what I’m hearing from you right now is like, it makes me think about kind of two different types of action that we can take as business owners. One is action that’s going to get fast money in the door, and the other is kind of like investing in the business, taking strategic action that will give us, like, longer term money.
Linzy Bonham [00:07:05]:
So as a group practice owner, you know, in this scenario, if you’re seeing three clients a week and you’re like, oh, I worked so hard to get here, like, I don’t want to go back. And again, this is where I think we’re suggesting that maybe there’s a bit of rigidity there. My son’s occupational therapist would call that rock brain. You might be in rock brain.
Julie Herres [00:07:22]:
Okay.
Linzy Bonham [00:07:23]:
If I tell my son he’s in rock brain, he loses his shit. By the way, not into it. Okay, Augie, are you in rock brain? You’re like, I’m not in. But this is where we could be Superflex instead, right? So it’s like sometimes we do get into this. This mode of, like, no, I can’t possibly. I work so hard. That would be like a loss or a failure or moving backwards. But, you know, what I’m thinking is, as the practice owner, if you have a great reputation in the community, and if there’s folks who come to the practice because they want to see you and they end up seeing somebody else instead, but they really want to see you, that’s a fast way to get, like, a bunch of money in the door quickly if you are in demand and you have been turning away that demand.
Linzy Bonham [00:08:00]:
So I’m thinking, like, that’s a way to get fast money. Sometimes our businesses need fast money. Sometimes, like, we just need to get some money in the door right now to pay the bills that are coming. Especially for a group practice, this is the most relevant, I think, to, like, pay your payroll. You seeing five clients a week in addition, at 200 bucks each, let’s say that’s an extra $4,000 a month coming into the practice that pays for all the things that are going to have to be paid for anyways. So that’s kind of what I Hear is partially, it’s doing the things that are going to get us those results that immediately start to create stability.
Julie Herres [00:08:35]:
Yes. There’s the working in the business and then working on the business. Right. And sometimes it’s like, oh, well, I’m used to having Fridays off, and I’m not willing to give that up. And I’m not saying you should give up your Friday forever and ever, but maybe you do need to do some marketing activities for a couple of hours on a Friday. Right. Or like, there’s some kind of given. And maybe it’s Saturday morning because you’re partner is home and they can, they can manage the kids.
Julie Herres [00:08:59]:
Right. And so they can have some great time together. And like, and you’re doing something that’s helpful for the, the business. But that’s the pendulum swing that I’m seeing. Right. Where I’m hearing a lot of I can’t, which to me really usually means I won’t, I’m not willing to, I don’t want to, I don’t want to. And, and, and sometimes, like, as the business owners, we’re just the ones that have to do that, have to do the hard thing. And it can be fun things, it can be new adventures.
Julie Herres [00:09:30]:
Right. That’s part of business ownership that I actually really like is the figuring outing or the figure outing of like, what do we need next? What are we gonna try? Right. A, B, C, D, E, who knows? And you just kind of test things out. I like that part.
Linzy Bonham [00:09:46]:
Do you?
Julie Herres [00:09:47]:
You like that? Okay.
Linzy Bonham [00:09:48]:
Which is why we’re still in business.
Julie Herres [00:09:50]:
Yeah.
Linzy Bonham [00:09:51]:
Because, yeah. If you can think about things as kind of a fun experiment.
Julie Herres [00:09:54]:
Yeah.
Linzy Bonham [00:09:55]:
I’d be like, well, what if, what if this, what if that, like, we’re in the middle of a sales launch right now, and it’s like, we’ve done something totally different. Might not look too different to our audience, but we know that, like, we’re kind of like doing things in a different order than we usually do. And, like, we’ve kind of like remixed things and we’re seeing what’s happening. Honestly, it’s not going great, so we’ll probably do something different next time. But when you have kind of the resilience to try things, to see how they go and take that as data, you can have fun with it. And also you can just make your business work because you start to really figure out what works for you.
Julie Herres [00:10:22]:
Yeah.
Linzy Bonham [00:10:23]:
I mean, thinking about the Fridays, like, I used to not work Fridays, and now I do. That has changed in my own business again. Just as like the market has changed, you know, and we’re having to maybe like, think differently and try different things. I have more work to do, so I work on Fridays. And I have actually noticed for me right now that actually feels totally fine. Cause I’m like, okay, this is the season we’re in. Right. Like, I think if we can make peace with the season we’re in, then we can embrace what we need to do.
Linzy Bonham [00:10:52]:
But yeah, so that’s, that’s kind of like. Because I’m thinking to the Fridays, this, this makes me think about the. Working on the business piece.
Julie Herres [00:10:58]:
Yes.
Linzy Bonham [00:10:59]:
Because there’s these actions that sometimes we have to take where we’re just like, okay, I know that, like, maybe it’s a bruise to my ego that I need to start seeing more clients again because I really prided myself on getting down to four clients a week as an owner or only 12 clients a week as a solo practice owner. But also I’m seeing some of my clients are dropping off, so I’m going to like, open up more spaces. That’s fast money. The kind of like more slow money or working on the business. For group practice owners specifically, I will say I think is. And for solo practice, it’s often about marketing.
Julie Herres [00:11:26]:
Yeah
Linzy Bonham [00:11:26]:
It’s just like we need to find new ways now to get found and. Yeah. What are, what are your thoughts on marketing with. With how things are changing and how much more just like price sensitive people are these days.
Julie Herres [00:11:37]:
Yeah. So I, I’m generally, Lindsay. A big believer in hiring people who are experts in their own. In their own space. And that’s the really interesting part though is when the market feels a little bit tighter, when everyone’s just being a little tighter with their dollars, they’re often not willing to do that. But I think that is often a mistake where the way I think of, of spending money or investing money in a, in a program or in a professional is you’re just shortening the length of time to execution. Right. So instead of like, yeah, could I figure out how to chatgpt employment contract? Well, like, not that I have employment contracts already.
Linzy Bonham [00:12:16]:
Right.
Julie Herres [00:12:16]:
But I’m just. As an example. Yeah, I probably could. And it might be somewhat good or not, depending on the input that I put in it, or I could spend, you know, a few hundred dollars with my attorney and know with certainty that they are actually correct and legal in my state. Right. So you’re just shortening the amount of time where even with your chat GPT thing, you’re probably eventually going to need to go to an attorney and have to rewrite them and do it. Right. You’re just lengthening the time to do that.
Julie Herres [00:12:43]:
So the same right now applies to, I mean to marketing, to hiring, to building a business. Facebook advice is worth what you pay for it, right? It is, it is free. And sometimes it is lacking tremendously in context, especially for, for really complex pieces like accounting, which depends on your specific facts and circumstances and your state. Where do you have employees. Right. It depends on a lot of very specific things. So people can give you lots of advice that is good for them on social media and it is crappy for you. But by going to that free advice, you are just lengthening.
Julie Herres [00:13:22]:
Ultimately you’re going to end up at some point in the same position.
Linzy Bonham [00:13:26]:
Yes, you will.
Julie Herres [00:13:28]:
It will just take a lot longer. So I’m a fan whenever possible.
Linzy Bonham [00:13:30]:
Right.
Julie Herres [00:13:31]:
When, whenever money will allow to shorten that timeline and just pay someone who’s really, who’s good at it to get you on the right track right now. Right. But I think what I’m seeing specifically is the practice owners that are really successful in adapting and again, solo to group, they are themselves adaptive. They’re saying, I, this feels different and I’m not sure what’s going on, but I’m going to go figure it out. So they’re looking at the data, they’re talking to people, they’re trying different things, they’re networking in the community. They’re not just saying like, well, let me, let me spend more money on, on, on. On the same ads that we’ve had for years and see if that works. Right.
Julie Herres [00:14:06]:
They are adapting and iterating. Yeah. And course. Correct. And that is what is causing them to still be successful in this economy. That’s, that’s the traits that I am, that I am seeing. Yeah. What about you? What are your thoughts?
Linzy Bonham [00:14:21]:
Yeah, I think, you know, the words that come to mind for me as well are like adaptive, resilient. Right. So trying, trying different things. And also, you know, I just had a conversation last week with some of my, my therapists, inside money skills group practice owners about marketing and yeah, just really being creative too. But being creative but then also being present enough to notice what works and what doesn’t. Right. So there’s this mix of creativity trying stuff, but also being organized enough that you can actually see the results. Because when we’re just kind of like randomly throwing things left, right and center, sometimes it’s hard to know what has actually worked and what hasn’t.
Linzy Bonham [00:14:58]:
So this is where having some Nice metrics that you’re tracking. This is true for solo practice owners and group practice owners of like, okay, these are the marketing activities that I took last week. Here are the inquiries that came in. This is where the people who converted actually came from. Okay, interesting. That marketing dinner that I attended that I didn’t really enjoy actually gave me, you know, a couple leads. Okay. So I’m going to, like, go back to that group or I’m going to thank those people.
Linzy Bonham [00:15:21]:
I’m going to deepen those relationships. I was suggesting, again, just something to try to. One of my group practice owners the other day, she’s built relationships with the doctor’s office. She got a couple good referrals. Send them a box of treats that says thank you with your card next to it. Be memorable. Try stuff. Right.
Linzy Bonham [00:15:37]:
What is the cost to your business of sending, like, a box of baked goods? Like 45, 50 bucks. Right. Put your business cards next to them. People come into the break room, they’re like, oh, donuts, cool. Who says, oh, this is from the psychology, like, psychologist.
Julie Herres [00:15:48]:
Yeah.
Linzy Bonham [00:15:49]:
You know, down the road.
Julie Herres [00:15:49]:
Right?
Linzy Bonham [00:15:50]:
Oh, yeah. And then you’re top of mind. Right. That’s not just like a, you know, to be clear, I’m not teaching marketing, but it’s. It’s a fun idea and see what happens. Right. Like, that’s. That’s a great example of something that doesn’t cost a lot but makes you stick out, because how many people do that? Right.
Linzy Bonham [00:16:04]:
But it is that being present and being curious and willing to try different things.
Julie Herres [00:16:10]:
I’m going to admit something that I don’t think I’ve ever said on the, on the podcast, but I’m terrible at predicting which graphics will do well and will not which creatives, but if we were not measuring those things, we would not know what I think is going to do well. Almost never does. And it’s always like the randomest. The random things, like, okay, but, you know, what are you going to do? But if you’re not looking, if you’re not willing to say, you know what, I was wrong, and we’re going to pull it because it’s not doing well.
Linzy Bonham [00:16:41]:
Yes. Then, no. It’s your baby and you love it
Julie Herres [00:16:43]:
Yes.
Linzy Bonham [00:16:44]:
There’s that piece too. Right. We get sometimes overly attached to things and we can’t let them go.
Julie Herres [00:16:48]:
Yeah, you hit the nail on the head. Yeah. Yeah. The data will tell us, though, what’s. What’s going on. Right. If you’re, if you’re looking at where the referrals are coming from you won’t know. We’re talking a lot about marketing.
Julie Herres [00:16:59]:
Even though we are the focus, it isn’t the focus.
Linzy Bonham [00:17:03]:
But part of what I’m thinking is again, so much about, I think the challenges these days are that folks are more price sensitive.
Julie Herres [00:17:09]:
Right.
Linzy Bonham [00:17:10]:
Like, we’re going to have to attract more people to get them in the door. We don’t have a ton of time left to record. But I do want to throw out a question to you.
Julie Herres [00:17:18]:
Okay.
Linzy Bonham [00:17:18]:
That came to me recently on a call and I was like, that is a really interesting question. What do you think about out of pocket therapists in Canada? That’s everybody lowering their fees to meet where the market’s at. Ooh, yeah. What do you think about that?
Julie Herres [00:17:35]:
I think that’s a ton. That’s an interesting one. I do think. I mean, there’s kind of a high horse and then there’s a practical approach as well. Right. So I think it’s not necessarily for everyone, but I would go to the data. If you have seen a big drop off in clients and as you’re reaching out to folks and saying, hey, I know we noticed you didn’t reschedule or sending them a short survey and they’re saying the cost, I think it could be worth running an experiment and trying to see what is going on. Of course, if that makes sense for you and your practice.
Julie Herres [00:18:10]:
Right. That probably means all the other expenses have to be reviewed as well. But I think it’s at least worth the experiment. And then also in reality. Right. We live out here in the real world, you. You and I. If you need money, Right.
Julie Herres [00:18:25]:
If you’re a solo therapist and you just simply need money to run your household. Yeah, absolutely. Do what needs to be done. I would rather have some money coming in than 00. So in that sense, I would go back to an analogy you used for our last. Our last episode, which was the ship. Right. If you’re.
Julie Herres [00:18:43]:
If you have a large group practice that’s a big cruise ship, it’s a lot harder to move and say, hey, we’re going to do things differently. We’re going to try this thing. But the smaller your practice, the more you can kind of adapt and zoom around and see, test things out. And I would definitely try. Yeah. What’s your opinion?
Linzy Bonham [00:19:00]:
Yeah, I mean, the answer that I gave to that therapist, because it was on like a coaching call, was run the numbers to see what the difference would actually be.
Julie Herres [00:19:10]:
Like.
Linzy Bonham [00:19:10]:
Let’s say your standard fee is $175 and you want to bring it down to 150. There might be something magic about that number. Like, numbers are not logical, Right. Like, we all have very emotional relationships with numbers. So there are some numbers that it’s easier for people to pay. Right. You kind of, like, you get. There’s these different, like, thresholds that become like, ooh, that’s expensive.
Linzy Bonham [00:19:29]:
You know, like, 180 wasn’t expensive, but 200 is too much or whatever. But running the numbers of what the actual difference would be, like, let’s say people come for three more sessions because of that. Right. Like, what would be the actual impact of clients being retained or converted compared to the money that you’re losing? Because. Yeah, and this is where I think I bring this up. Not because I actually have the answer, but I do think it’s a good example of a spot where we have learned to be a bit, like, sanctimonious. Right? We’re like, no, no, no, no, no. I am a $300 an hour therapist.
Linzy Bonham [00:20:03]:
Like, that’s. That’s who I am. I’ve worked really hard on my mindset to get to this place. And if I go backwards, then I’m kind of, like, failing or I’m letting myself down. And I think that there’s that take on it. But I do think that that’s where we’re maybe making it too personal. We’re making it too personal. Right.
Linzy Bonham [00:20:20]:
And really, it’s like, we are in business, and part of business is, like, meeting the world where it’s at and being able to sell the right thing at the right time. And if it’s really hard for you to sell a bunch of $300 sessions, but a whole bunch of people are happy to pay you 180. Again, like, some dollars is a lot more than no dollars.
Julie Herres [00:20:41]:
Yeah, run the numbers.
Linzy Bonham [00:20:42]:
Yeah, again, run the numbers. See what makes sense. If you’re small, you can experiment. If you’re big, it’s definitely harder. But, yeah, I wanted to put that out there because I do think that, again, that’s another area where so much we have kind of, like, dug in of, like. No, no. My work is worth this much.
Julie Herres [00:20:55]:
Yeah.
Linzy Bonham [00:20:55]:
And it’s like our work is only ever worth as much as people are willing to pay us.
Julie Herres [00:20:59]:
Ooh, yes. Yeah. Same like houses, right? It’s worth what someone is willing to pay for. That’s it.
Linzy Bonham [00:21:05]:
Yeah.
Julie Herres [00:21:05]:
Yeah. And that’s. And it’s not a reflection of your own self worth as a person or as a therapist either. It’s not personal. Not Julie Lindsay, on that note, We’ve got to wrap it up. Such a pleasure to do a two parter with you. It was really fun.
Linzy Bonham [00:21:18]:
Can we just quickly summarize what we talked about today? Because I feel like there were a lot of ideas.
Julie Herres [00:21:21]:
Absolutely.
Linzy Bonham [00:21:22]:
We talked about being adaptable.
Julie Herres [00:21:23]:
Yes.
Linzy Bonham [00:21:24]:
And resilient. Those are my words. I just summarize my own points first, not surprisingly.
Julie Herres [00:21:28]:
Course correct.
Linzy Bonham [00:21:28]:
Course correct.
Julie Herres [00:21:29]:
If you need to be willing to try a bunch of different things, I would approach it with curiosity and just. Just try things out. See?
Linzy Bonham [00:21:37]:
See what works for you and then measure what works.
Julie Herres [00:21:40]:
Measure what works.
Linzy Bonham [00:21:41]:
Yes.
Julie Herres [00:21:41]:
Look at the data. Yeah. Amazing.
Linzy Bonham [00:21:44]:
Everybody. You’re all going to do great. We got this. We’re all in the same suit.
Julie Herres [00:21:47]:
Yes.
Linzy Bonham [00:21:47]:
We’re all for you.
Julie Herres [00:21:49]:
Y and it’s not easy being a business owner. If it was easy, everyone would do it. But you’ve got this. Yeah. Yeah. Thank you. Bye, everyone. Foreign.
Linzy Bonham [00:22:03]:
I’m Linzy Bonham, therapist turned money coach and creator of Money Skills for therapists. If you’re ready to go from money confusion and shame to feeling clear and empowered, my free on demand masterclass is the best place to start. You’ll learn my four step framework to get your private practice finances finally working for you. Register today using the the link in the show notes or go to moneynutsandbolts.com under masterclass. I look forward to supporting you.