Money is an emotionally loaded word. After success coaching thousands of women entrepreneurs, I've observed that how we're feeling about money shows up in our decisions and the actions we take.
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?
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 woman owned businesses.
I have a simple exercise that tells me precisely what your money consciousness has been "set to." In success coaching, I call this your "money speedometer."
Where your money speedometer is set tells me how much money you are comfortable making. Which means, I can predict how much money that you are likely to make over the next year in your woman owned business!
No, I don't have a crystal ball! But I do know how to pay attention to what matters to women entrepreneurs.
Once you know what your money speedometer is currently set to, you can adjust it (up of course, says this success coaching expert!) so that you're making more money... 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: Calculate the average amount of either your five highest client payments or your five most profitable months of the past twelve 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.
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 women entrepreneurs 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 the income of my woman owned business!
Think of it this way, you're paying yourself (a lot) for the few minutes you take to do this exercise for yourself!
My success coaching challenge to you: surprise yourself in 2008: and change the way you think about $$$.
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