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Business Unplugged™
This blog features Carol Roth's tough love on business and entrepreneurship, as well as insights from Carol's community of contributors.

The Profitability Block You Haven’t Considered

Written By: Catherine Morgan | Comments Off on The Profitability Block You Haven’t Considered

If your profitability isn’t what you want it to be, you’ve probably looked at your marketing, sales process, and business model. However, the real block might actually be your ability to receive. 

What?

Yes, most people have a receiving problem. 

And before you start accusing me of going all woo-woo on you, let me walk you through how this receiving problem might be showing up in your business and life.

You can’t receive a compliment

Someone comments on the sweater you’re wearing. If your first response is that it’s old, or you got it on sale, or you got it at a thrift store, you have a receiving problem. 

Next time, smile at the person and say, “Thanks!” You’ll feel good for receiving a compliment, and they will feel good for having been thanked for it. 

Praise makes you uncomfortable

If a client praises your work or talks you up in an introduction, do you start to squirm? 

Most people love praise and strive for it, and yet when we actually receive it, we can feel a little uncomfortable. What you don’t want to do is rush in with a bunch of words and explanations, in effect diluting the praise.

Once again, the right answer is, “Thank you so much for saying that.” Or maybe, “It was a pleasure working with you.”

You did something good – own it. And give yourself permission to celebrate for a moment.  

You’re afraid to work with certain clients 

If you’ve been doing good work, you’ll eventually get the opportunity to work with clients who you might think are out of your league. Instead of referring them to someone else, if you think you could serve them well, challenge yourself to try. 

I felt really wobbly when I started my coaching business because I was coaching executives and have never held an executive position. However, I was able to get them great results due to my industry knowledge and professional experience.

The issue was in my head. I never claimed to be something I wasn’t. My entire professional history is on LinkedIn. My ideal clients didn’t care – and still don’t. 

If you are presented with a great prospect who you would like to work with, consider receiving the gift and taking them on as a client. 

Your pricing isn’t firm 

I know service providers who don’t post their prices publicly. It’s their prerogative, but I am in favor of pricing transparency. I like to think that the price is the price. 

You certainly can make exceptions for clients in tough circumstances. I will occasionally work on contingency with professionals who are having major financial issues. They are happy to pay me if I can get them back to work.

As a service provider, you are more likely to stick to your prices if they are publicly posted. This can be beneficial if you’re the type of person who is tempted to cave in when a prospect pushes back on price. (And many will. Everyone wants a deal.)

What is super uncomfortable (on both sides, actually) is when a prospect asks about pricing and the service provider throws out a number, and then immediately back peddles with some discount or bonus or explanation that just sounds defensive. 

This is a receiving problem as well. If you are not holding firm to your pricing, and the value you provide to justify that pricing, you are not receiving the payment you should be and are blocking your profitability! 

The good news is this is pretty easy to fix, once you see it. 

If you want help, I can talk you through this issue and unblock your ability to receive in one or two coaching sessions. Book a time via this link if you want to talk about it. 

Article written by
Catherine Morgan is the founder of Point A to Point B Transitions Inc., a virtual provider of coaching services to individuals who are in business or career transition. She specializes in helping entrepreneurs transition to corporate jobs they love. Catherine is the author of the eBook Re-Launch You: Discovering Your Point B and Embracing Possibility. An experienced independent consultant who was employed by three of the former Big Five consulting firms, Catherine speaks frequently on topics related to career transition, small business, productivity, and mental health. She doesn’t take herself seriously, but takes her subject matter very seriously.