What is your first reaction when you see this word...?
Money
Is it excitement, eagerness or anticipation?
Is it a mix of feelings, like both wanting and uncertainty?
Or is it worry, fear or doubt?
Money is an emotionally loaded word. After coaching
thousands of entrepreneurs, I've observed that how we're feeling about
it shows up in our decisions and the actions we take.
When we're feeling "in the chips" it's
easy to be confident and generous. At other times, when money seems
to be tight, it's natural to want to pull back. No matter what, our
relationship with money can be seen first-hand in the health and well-being
of our business.
I have a simple exercise that will tell
me precisely what your money consciousness has been "set to."
I call this your "money speedometer" (for an in-depth discussion
and some provocative coaching on what YOUR money speedometer is set
to, consider picking up a copy of the timely information I included
in How
to Charge What You're Worth and Get It! ).
Where your money speedometer is set tells me how
much you are comfortable making.
Which means, I can predict
how much money you are likely to make over the next year!
No, I don't have a crystal ball! But I do know how
to pay attention to what matters.
Once you know what your money speedometer is currently
set to, you can adjust it (up of course!) so that you're
making
more without more effort.
Sound good? Okay, here's how to find out
what YOUR money speedometer is set to so you can adjust it higher
and higher:
Step #1
For the past 12 months, calculate the average
amount of either your
five highest client payments
or your
five most profitable months. This is
where you pricing speedometer has been set.
Illuminating, isn't it?
Now, are you ready to reset it so you can
make more?
Step #2
How much do you want to
increase this amount? This is your
new
pricing goal and it needs to be JUST outside your comfort level.
NOTE: You'll find a template and check-in
form that tells you exactly how to do this in my CD and workbook
information product, How
to Charge What You're Worth and Get It!. Or
you can do this on your own.
See? Didn't I promise it would be simple?!
I make sure to check my money speedometer setting
every five months. Wait too long and you end up coasting on old beliefs.
For example, I just ran through this exercise again
for myself. Then I compared it to the results I had from five months
ago. The difference? A significant 30% increase in my income!
Think of it this way, you're paying yourself (by
a lot) for the few minutes you take to do this exercise for yourself!
