| Dear Voornaam,
When was the last time you went to a fancy restaurant? Â Think about it.
Fine table linen. Impeccable wine list. Great service.
Yet from the moment you entered until the last dessert plate was cleared, one thing was in the back of your mind.
The bill.
Even when you make enough to cover just about every check, a curiosity factor is involved in the dinner check.
How much was it for a mixed drink? What was the price of today's special? Which bottle of wine should I order so I don't look "cheap?"
In a casual setting, a romantic setting, or a business setting â the dinner check is top of mind.
Why?
Well, it's partially conditioning. Much of what we see and hear each day has some sort of dollar value associated with it. Television shows. Advertising slogans. Education. Even healthcare.Â
It's partially cultural. You see your friends and family members' spending patterns and feel compelled to exhibit the same behavior. Â
It is also part of our upbringing. Did your parents have an abundance mentality, or did they have a scarcity mentality?
It is inescapable. We all think about money but dare not bring it up in polite conversation.
Give that some thought.
When was the last time you talked honestly with a friend about your income?
That's why it is so difficult for most professionals to discuss their fees with their clients. That's also why so many people have difficulty raising their fees.
Money is present in our minds, yet it is considered taboo to discuss it.
We start with all kinds of psychological baggage when discussing our fee. Â Â After all, we are asking the client to spend his money, right?
Here are three things to think about when it comes to discussing money with your clients:
Your Fee is a Reflection of Your Self-Esteem
Self-esteem is the sum of your feelings about yourself. If you feel confident in your ability, proud of your accomplishments, and great about your work, it is reflected in the fee you charge your client.Â
Look closely at that paragraph. I didn't say:   "If you are a good person, you can charge more, and people will pay it."  The focus is on how you FEEL about yourself and the value you create for others. Â
People who are comfortable in their skin command higher fees.
Action Item:Â Â
Based on this notion, here's what you can do now to improve your self-esteem. Spend the next ten days writing down everything you do right. Even the small things like packing a great lunch for your kid before school, driving safely to work, or hitting a perfectly straight drive off the 12th tee during a round of golf.
Then, review all of these good things. Accept that 98-99% of what you do is correct, good, proper, and rewarding.
That means you are 98-99% excellent. Â
Your opinion of yourself will improve within the first few days of this exercise, but by day 10, you'll be amazed at how you feel about yourself and the value you bring to the world. Â
You Invest in People, and They Invest In You
You invest your time in people. When you decide to meet with someone, you are investing in them. Â
The purpose of an investment is to provide a return.  When people invest time in you repeatedly, they value you. Â
Clients invest in your talent, skills, knowledge, and experience when they pay you. They receive the following as a return on their investment:
An Outcome:Â Â The client's situation will improve because you are involved. Even if you do not get the desired result, things are better because you were involved.
Piece of Mind:Â Â Clients will feel better because they are working with you. You help them sleep at night.
Speed:Â You make things happen (or keep things from happening) at a pace the client could not have achieved independently.
Experience:Â You take a complex world and cut through the clutter. That has high value for your clients.
When a client invests in you, he receives all these things (and much more). You probably take that for granted.Â
Action Item:Â
Before your next five client meetings, think about the improvement in the client's situation, the peace of mind the client will receive, the speed of the potential resolution, and the experience you bring to the client's matter. Rank yourself on a scale of 1-5 (with five being "outstanding") for each item of value you.  A perfect score is 20 (four areas ranked on a five-point scale). Raise your "standard" fee by a percentage equal to your score. Â
In other words, if you usually charge "$1,000 for something, and you scored a "10," charge 10% more - $1,100. If you scored a 15, charge $1,150, etc.
This not only boosts your confidence; it also demonstrates how easy it is to increase your fees.
Ask for Testimonials, Read Them, and Share Them
We are hesitant to ask for testimonials. It's human nature.  You must do this. Â
When a client heaps praise upon you for the work you've done, ask them to jot those thoughts down. Â
Share your testimonials with clients, office staff, and prospective clients but more importantly, read themâ¦over and over.
Nothing helps you feel good about your ability like another person's praise.  Spend two minutes each day reading a different testimonial letter or watching a testimonial video (this implies you need at least 30 of them).  Start asking for testimonials. Ask for one each day.Â
You'll be amazed at how this helps you boost your confidence.
By now, you should clearly understand the correct attitude toward fee setting. Your competition does not determine how much you charge. Â Â Your client does not determine how much you charge. Â Â You determine your fee.
It's all in your head.
Build Your Confidence in Quoting a Fee You Deserve
Join 30+ professionals, Accounting Expert Harry Cendrowski, and me for our High-Net-Worth client attraction group to build your confidence when quoting higher fees. This group of professionals works with Family Offices and affluent individuals. We meet monthly to learn from each other and pass work among the group.Â
There are only a few seats left for this month, so act quickly.
Register to attend the next ZOOM meeting by following the link below:
https://iaba.education/event-5082747
Warm regards,
Dave Lorenzo (786) 436-1986 | Dave Lorenzo & Company Int'l 1442 SW 155 Court Miami, FL 33194 USA | | Unsubscribe |
|
|
| 