In the early years of my consultancy I readily worked for very little or no money. I thought, as a newbie in the marketplace, this was a good way to get my name out into the business community. As straightforward as this logic appeared to me, within the first five years it backfired famously.
Word had spread that I worked for less so no matter how reasonable my fees were, my clients always asked me for a discount. I obliged each time, conceding to their apparent lack of funds, afraid to lose the opportunity, or both. As a result, for untold hours of work I continued to make pennies or less on the dollar. Worse, I could tell that my clients often believed they were getting cheap content when in reality they were getting customized work of the highest caliber. As a result, neither my clients nor I seemed truly happy despite the deep discounts they received, and the sustained 97% attendee satisfaction I did.
Then came the biggest jolt of all. My accountant (and good friend) brought it to my attention that I had been giving away more than I was bringing in and thus could not be perceived as a legitimate business for much longer. If I did not want my work to appear as a hobby, I had to be profitable and soon. To say this was a rude awakening would be an understatement.
I was not sure what to do or where to begin, so I started with the person responsible for the rude awakening. Before leaving her office that day, I asked my accountant for her thoughts on the matter and got a response I will never forget for as long as I live: “Stop-Thinking-Poor!” she bellowed. Her words echoed in my ears throughout that day and late into the night. Any way I sliced it she was right, and the message packed a punch.
I had to stop thinking that my clients were unable to pay for their purchases; I had to stop thinking of my business as a greener (& thus somehow inferior) version of others in the marketplace; and I had to stop discounting my own talents, especially when the truth was that I was among the best around. It took me some time to make what was essentially a paradigm shift in my business and in my mindset. Furthermore, of all the things I had to improve upon, my own fears and self-doubt emerged the most demanding. Uncomfortable as all of it was, the alternative was anathema to me so I went to work starting with myself.
The following year I rolled the dice on those three epiphanic words my friend had offered and stopped discussing reduced fees. I also became selective by only choosing work that aligned with my own fulfillment alongside that of my clients, and gravitated to working with people who shared both, my values and my worth. Incidentally, these changes led to a healthier work schedule and reduced burnout.
Very quickly into the new business strategy I noticed that I was happier, my clients were happier, and for the first time in ten years, my income was at par with the hours I worked. To tell you the truth it took a while to wrap my head around this phenomenon, but the proof was in the results and the results were stellar all around.
So as we all mosey on down the path laid out before us this year, there is no better message I can think of to share with my readers in this first of our 2023 blogs. May we never forget that reducing one’s rightful value is detrimental to both the self as well as the other.
If you need some help remembering, I’ll be happy to come bellow in your ears to: “Stop-Thinking-Poor!”
Roar on.