What you learned about ideal clients is wrong

When I started my business, helping women transition “Outside the Cubicle”, I was coached to work with women who were “just like me”.  I was told, that I was my own “ideal client”.  In fact I had various coaches (yes I explored a few until I found the right fit) that told me that even the values that they had should overlap with mine. I was also told that this would make it easier for me to market to my audience.  Let me be the first to declare that this is a load of CRAP!

Yeah that’s right I said it! It’s CRAP!!

Why is it crap you might be asking? Or you may even be thinking “Silvia, you are the one that is full of crap!”  Let me take a moment and explain why I know this is the wrong approach and how you can take this useful tidbit of information and watch your business thrive!

Crap assumption #1: You are your ideal client – chances are your ideal client doesn’t want to study your topic to the level that you are studying it.  For example, I have a client named Betty, who does spiritual development work.  Now, Betty LOVES all things spiritual. She is constantly trying on new methods of spiritual practice, testing out new theories, etc.  Her ideal client is someone who has “hit a wall” and is seeking guidance to move forward.  Does this ideal client really want to learn all the theory and latest and greatest around spiritual development or do they just want help getting past the wall?  Therefore Betty and her ideal client aren’t quite the same are they?

Crap assumption #2: Your values need to overlap with your ideal client’s values – here’s the truth, no one else out there will have the exact same values as you.  Even if by some miracle your values are the exact same, chances are how you DEFINE your values will be different.  Now let’s take another example, that of my client Nancy. She works with startups, helping them build out their leadership and succession planning.  Do you think Nancy’s values are going to be the same as the values of this new startup?  Probably not.  So, if she were to market to them, using her values will it resonate with the leaders of the startups?  NO!

What this means for you:

1. You can release the need to create an ideal client profile that is EXACTLY like you (believe me my ideal clients have kids in college and on average are 53).
2. Once you create a more accurate ideal client profile, THEN create a list of what they value. This will help you to better market to them .

On a final note, I’m not advocating you work with anyone who has values that are in direct conflict with your own – as my husband would say, doing that would be “No Bueno”.  That said, remember, clients that come your way that have complementing but not overlapping values are great to have in your business.

Please leave a comment below, on any insights you’ve gained from this post, or comment on how you’ve dealt with values in your business.

Business Expenses: Not glamorous but necessary

Have you ever noticed that when we think about our finances, we sometimes exaggerate how complex they are? We begin to think about them and instead of realizing how simple and straightforward they are, we begin to think about all the little pieces of paper we need to find. We think about how we have NO idea where we put the bills. We start berating ourselves because we haven’t been keeping track of our mileage or cash purchases. We wonder what we can write off and worry about doing something wrong – all this before we even START doing anything to begin with!

Well if you are like me, and I suspect you are a little like me in this respect, we tend to make a mountain out of a mole hill and instead of facing it we RUN away. Like the proverbial runaway bride, we would rather skip town than make the commitment. The only difference is that we can’t leave our finances at the altar. We need to face them, because sooner or later they will catch up to us – or at least our respective government will! So today, I’d like to share with you some of my tips for staying organized and on top of your numbers!

1. Create a system for tracking all your expenses. Now I’m totally optional, meaning I love things to fit the individual – therefore I encourage you to do what feels right. For myself – someone who needs a little more structure- I have a spreadsheet that lists out all my bills, amounts and due dates. That way I know when expenses will hit my business account. In that spreadsheet I also keep track of all my home utilities, and expenses. Since I use part of my home for my business, this becomes essential during tax time (please check with your CPA regarding your personal tax situation).
2. Use your system and modify as needed. Perhaps this goes without saying, but sometimes I feel it’s best to state the obvious. Once you’ve got your system set up, then stick to it. If something isn’t working – instead of telling yourself you are bad with numbers or keeping track of your finances – just modify what’s not working. I have a client who constantly told herself she needed to keep track of everything at least on a quarterly basis. That it was the “right thing” to do. But she never did it! So I told her, to save all her receipts in one place and then before she went to her CPA – to carve out a weekend to reconcile everything. And guess what, it worked for her! So instead of trying to force yourself into doing something you think you “should” do – just do what works for you – whatever that is!
3. Be sure to incorporate expenses into your services/product pricing. I learned this one the hard way, over and over and over again. Did I say over and over? Look, sometimes you can be super smart – but you might not be so bright in some instances. This is a place where I was definitely challenged. Now, I look at what my expenses are for a particular product or service and I work it into the price. I don’t allow additional expenses to come out of my pocket, it’s either in the budget or it’s not. This is especially important if you choose to hold live events or provide physical products. Knowing what your expenses will be is hugely important and be sure to keep track of all those receipts!
4. Partner with a strong financial team. It is essential that you have a great team to support you and your business, from CPA’s to bookkeepers to financial advisors, they all play a vital role and will help you keep track of what’s working and what’s not working in your business. Ultimately the decisions are yours, but hearing all the opinions is helpful so that you enter into all you do with your eyes wide open.
5. Be honest about your situation. This is another area, where I needed to get real with myself. At first I kept pretending everything was ok, and kept spending as if I had a steady paycheck every two weeks. Sure my husband was bringing in money, but at the time it wasn’t nearly enough to cover all our household and business expenses. We had to sit down and really look at what the situation was. I had to learn to prudently use business credit and to stop pretending that I would be making millions in no time flat! Perhaps you aren’t as delusional as I was, but I’m sure at some level, you may not be as honest with what’s going on with your finances as you could. So, I encourage you to just check in and see where else you might be more honest with yourself!

Good luck and happy expense tracking!

Oh, and if you leave a comment about this post below, I will invite you to a 30 minute call where I will share in greater detail my expense tracking system and give you a copy of my Thriving Business Toolkit, which includes all my spreadsheets, a glossary of terms and checklist for must haves in your business a $300 value, yours for free just for providing your thoughts on today’s topic!

The Good, the Bad and the Ugly of Authenticity

According to FreeDictionary.com authenticity is defined as: “The quality or condition of being authentic, trustworthy, or genuine”

So what happens when we start our own business and are encouraged to or flat out told to be inauthentic, especially when it comes to how we charge?

Let me fill you in on what happened for me.  As I took some very bad advice in self promotion and inflation of prices, I became extremely unmotivated.  I stopped wanting to network and no longer wanted to speak or share my message.  As my client contracts came to an end I stopped looking for new clients to fill the spots.  I began pushing existing clients away, encouraging them to move on, even though deep down I knew I could still help them.  I felt awful and confused and paralyzed with fear! Can you relate?

What I did may surprise you, despite knowing that having a mentor and learning are extremely important, I fired my business coach and went on a learning diet.  I cut out conferences, unsubscribed to mailing lists, and stopped trolling social media for articles. I then began reconnecting with the tools I teach my clients to use  – things like connecting with my Mission, Vision and Values . I also put myself in my clients shoes, thinking about what they need and what I felt would be fair to charge them.  I started to give more valuable content for free .  And wouldn’t you know it, one day I woke up, excited again, ready to take on the world one more time.  I even developed 3 new tools to manage my business that I will be teaching my clients and sharing with you as appropriate.

I often tell my clients that when they are at an impasse, it often has more to do with an internal misalignment than with something external.  So if you are dragging your feet in your business, check in to see what doesn’t feel right to you. Once you are aware of what’s in conflict, you can begin resolving it and moving forward into the light!

Oh and if you are still struggling with what to charge, use this simple formula to start:

what you FEEL is fair + expenses = your fee

Try that out and let me know how it goes!  Remember, it’s always easier to increase prices than to decrease them (believe me I should know!)

Taking Advantage of Your “Spidey Sense” (aka Intuition)

In 2007, Ann* the Vice President I was supporting asked for my opinion on the organizational structure of the new division she was tasked to create and head up. Now, it wouldn’t be the first time a VP had asked my opinion, it was my job and I loved it. The difference this time was that she asked me, “Silvia, what does your ‘Spidey Sense’ tell you about this structure and the players I’m considering for my staff.”

Seriously, wasn’t it taboo to talk about gut feelings or intuition in Corporate America? For the first time I felt exposed, I had never told a soul that the reason I was so successful at my job was that I first drew on a gut instinct then mentally tested the validity. Almost instantaneously the feeling subsided and I regained composure and my “Spidey Sense” and gave her my opinion.

In my own life and in growing a successful business, I have relied heavily on my gut instinct. It has never steered me wrong. In fact the times I’ve gotten into trouble were when I let my mind override a gut instinct. It’s interesting to note that the “gut” is actually a sort of brain too. It has more neurological pathways than the nervous system and from an evolutionary stand point has been around longer than the brain. I mean we even refer to intuitive hits as a “gut instinct”. How much more evidence do we need to trust it?

This is why I think it’s important for you to build a connection with your gut. Be sure to feed it well (you don’t want to confuse “gas” caused by the meal you just ate with some sort of gut instinct). In all seriousness, I spend a lot of time with my 1:1 clients helping them to reconnect with their gut. Sure we verify and validate by using other tools, but often starting with that initial hit is more insightful than listening to the last fad in business building.

So I challenge you to:

1. Sit down
2. Connect with your intuition (you can just say to yourself “I’d like to create a conscious connection to my intuition)
3. Ask yourself a question regarding something you’ve been struggling with this week
4. Listen to the answer (or for some it’s easier to journal the answer)
5. Then trust your gut

And then let me know how it goes!

*NOTE: VP’s name has been changed to maintain anonymity

How to prepare for a happy vacation and stress free return

When going on vacation there is a great excitement that is followed by a BIG amount of fear: Will you get it all done before you go? Will you be able to truly unplug? Your to do list seems to grow exponentially and you wonder why you scheduled time off in the first place. Then you often fast forward to all the work that you will have to get done when you get back and worry if you shouldn’t just take your computer along to stay on top of it all.

Does this sound familiar? Well you aren’t alone. There are millions of women just like you, struggling with this very same predicament. The need to get time off coupled with the overwhelm of what it takes to make it out of town without pulling your hair out upon your return.

Here are a few tips that have helped me have extremely satisfying and stress free vacations. In fact, I’ve shared some of these tips with a few clients and they have commented that it changed how they approach vacations!

Preparing to Leave:

1. Remember, there is no emergency so great at work that you can’t get to it upon your return. For most of us, our clients and colleagues will survive just fine without us! In fact, I’ve noticed that by the time I’ve returned from vacation, most emergencies have been downgraded to minor inconveniences, so don’t stress out about something that will be a moot point upon your return.
2. Have a list created for all the things you need to pack. I have two lists already prepared that are my base line – one for short trips and one for long vacations. They include a list of toiletries, electronics, and print outs that I like to be sure to have with me, making packing a whole lot easier.
3. Be sure to block of at least half a day for short trips and a full day for long trips upon your return. This half/full day is for you to unpack your bags, do laundry, grocery shop, clean out your email (not answer email just dump excess emails and junk) and sort through mail. It is much better to book this day into your “vacation” time, so that you aren’t overwhelmed up on your return.

Coming Back:

1. Use your “extra” vacation time, to do those things listed above in number 3. This is a great way for you to slowly transition into the “real” world. You will feel better if your life is back in order with everything in its place prior to going back to work.
2. Before doing your real scrub of email, get out your calendar and see what needs to get done and organize a to do list for yourself. It has been said that emails are other people’s agenda and this is absolutely true. Therefore you want to be clear about what YOUR agenda is, before getting to other’s agenda.
3. Once your home space and office space is clean and you know what you need to get done, execute on your actions. Nothing feels better coming from vacation, than knocking off a few to dos. So get to it.
   Let me know what comments, questions or additional insights you have about smoothly transitioning in and out of vacation. I’d love to hear what you have to say.

Let me know what comments, questions or additional insights you have about smoothly transitioning in and out of vacation. I’d love to hear what you have to say.

Next Page »