Archive for the ‘Financial Success’ Category

Um, Hello?! Do You LIKE Being Devalued?

Telling people you cost less and that they’ll save money by hiring you is basically TELLING them to devalue you.

It’s a cattle-call to all the worst kinds of clients out there (you know, the cheapskates who want everything for nothing and think nothing you do is good enough).

You might think this is the sexy message it takes to attract attention, but what it gets you is the wrong attention from the wrong kind of clients.

All this talk about saving and lower costs and being affordable and cheaper than an employee, etc., puts people in poverty/scarcity mindset.

But you need for clients to stop clutching the purse strings in order to invest in you and themselves.

So, you’re defeating your purpose by making your marketing message all about the money.

Stop doing that.

Something worth having is worth paying well for. (And clients who pay well are worth having, believe you me. You want that for yourself, don’t you?)

Stop talking about the money, and start talking about all that clients gain from working with you.

My Challenge to You

Start a list of all the ways your clients’ circumstances are improved by working with you, all that they gain, how they benefit.

DO NOT list anything having to do with money or saving it in any way.

The resulting list (which you can keep adding to throughout the life of your business) is what your marketing message should be all about.

(Keep this list in a tool like Workflowy so you can add to it on the fly quickly and easily.)

Better Yet, How Important Is It to YOU?

What Is Important to YOU?

A new colleague posed this question to would-be clients on another forum:

“On a scale of 1-10, one being low and ten being high, how important is it to you to connect on a personal level with your administrative support partner?”

What I want to know is how important is it to YOU to have a personal connection with your clients?

Once you know what kind of clients YOU want, you can focus on attracting the kind of clients who are ideal for you.

A few years ago a colleague came to me seeking help out of a desperate situation in her administrative support business.

She had inherited her business from someone who used others to do the work. So, the clients she also inherited had no personal knowledge or connection with the person(s) who did the work. They just barked orders and expected it to be done.

The problem with that is she came to resent being treated like a robot, like a human vending machine.

Because there was no personal, human connection, these clients treated her poorly, spoke to her disrespectfully, and on top of that, expected everything instantly, and, of course, wanted to pay little or nothing for it.

And there were virtually never any thank-yous or words or gestures of appreciation. That’s what happens when you have an impersonal, transactional relationship with clients: you get treated like a commodity, a human vending machine.

She also didn’t have a business website — and didn’t think she needed one since her practice was already full and she was having difficulty dealing with her current clients as it was.

I explained to her that without a website, she was missing out on the opportunity to humanize her business and fix the very problem she was having.

A website would allow her to put her face and personality on the brand, pre-educate potential clients about how her business works and the kind of clients with whom she was looking to work — thereby presetting expectations and organically prequalifying more ideal client candidates.

You can do the same.

Figure out who would make you most happy working with and gear everything on your website to speak to those types of clients and educate them about who is a fit for you.

This makes for a much happier, more fulfilling business.

You may have to kiss a few frogs before you perfect your client-qualifying criteria. Just don’t think that you have to accept any and every client who comes your way, or that you have to live and die by what clients (think) they want.

YOU get to decide what you want your business to look like and how you want to work with clients and what kind of clients you want to work with. Everything else will fall into place from there.

When you build your business to suit your needs and requisites first, the right clients will follow. You’ll get more ideal clients, and your business will be much more profitable and gratifying.

***

How about you? Do you have a business website or are you trying to get by with just a LinkedIn or Facebook account? How much of a personal connection do you prefer with your clients? Have you ever had clients who didn’t treat you like a person?

Why Should I Pay that When I Can Get a Temp or Offshore VA for $5 Bucks an Hour?

Ever hear a client utter these words?

It’s probably the most grating sentence in our industry today.

But what if you knew exactly how to respond?

What if you offered your services in a way that didn’t focus whatsoever on hourly rates?

Wouldn’t that be a total game changer?

It’s not so annoying when you actually begin to love responding to that question (or when you no longer get it in the first place). ;)

…If you frequently encounter price resistance with clients and want to know what to do about it;

…If you have trouble getting clients to commit;

…If you struggle with articulating your value to clients, talking about your fees, and feeling confident about them;

…If you find the whole topic of pricing difficult, I have the solution!

It’s my value-priced packaging and pricing guide, How to Price and Package Your Support Based on Hours & Expertise — NOT Selling Hours

Value-Based Pricing & Packaging Guide: How to Price and Package Your Support Based on Value and Expertise—NOT Selling Hours (GDE39)

This guide will show you how to:

  • Attract more clients, more easily;
  • Make more money;
  • Create an easier business to run;
  • And toss out those time sheets forever!

…all without discounting, bargaining, or justifying your fees whatsoever!

The Heartbreaking Reality for Most Businesses in Our Industry

I came across something utterly heartbreaking a few weeks ago.

I’ve been sitting on it for awhile, going back and forth about whether or not to have a conversation around it.

I never want to discourage anyone from this business or have anyone take things the wrong way. Because if you set things up right, it is an AMAZING business and lifestyle.

However, it’s a cold, hard truth that no one ever talks about in our industry.

And the problem with not talking about things that are uncomfortable, that aren’t all “rah, rah, kumbaya” all the time, is that you can’t fix what you don’t acknowledge.

What was this thing I came across? An ad for a “Virtual Assistant Business For Sale.”

And what is this cold, hard truth I speak of? It’s that most people in our industry are not profitable and not making the kind of money they can actually live on.

You see, the sad thing about this ad is that it isn’t an exception. It’s actually a very accurate example reflective of what most of the businesses in our industry look like.

Now, before I dissect this for you, I first want to make it absolutely clear: It is not that people can’t make more money in our kind of business; they absolutely can! YOU absolutely can!

It’s simply that they are being taught by the industry at large in all the worst possible ways to price, operate and market themselves (like calling yourself a “virtual assistant”). And it’s keeping them poor, overworked and overwhelmed.

The fortunate thing is that YOU always have the possibility to learn better so that your business can do better for you.

And that always benefits your clients because you can’t take good care of others if your needs aren’t taken care of first.

Here is the ad:

The Heartbreaking Reality for Most Businesses in Our Industry

Let’s examine the problematic issues here:

  1. We see that the business has been around for 11 years. Great! After that amount of time, you’d expect them to be earning really well.
  2. Yet in the first bullet we see they are only making £1900/mo (British Pound) which is $2363.98/mo USD. After that many (11) years, why are they still making that little money? Those are poverty-level wages. Did they mean perhaps that this is the average value per client?
  3. Unfortunately, no, we see in the next bullets that after 11 years they have only 1 retainer client at only £350 GBP/$435.39 USD per month. The rest of their revenues come from 15 regular (but uncommitted/non-retainer) clients and 20 ad hoc clients, which I’m interpreting to mean an average of 20 project clients each month. The problem is that at this number of clients they should be making several thousands of dollars per month! I can’t even imagine (well, actually, I can) how overwhelmed and overworked they are… and for such a paltry sum on money! To give some context/frame of reference, I make more with just one of my retainer clients than they make in an entire month from 36 clients.
  4. They also mention having relationships with two typists. This business owner is barely making ends meet at these figures, where on earth is there any margin to pay anyone else? (Answer: there isn’t.) It means that they are doing all this work at a loss! Especially at gross figures that don’t even account for expenses, operating costs, taxes, etc.
  5. This is not a profitable business in any way, shape or form. What has most likely happened is that burnout caught up to them (no wonder!) and they are now trying to unload the sinking ship. But there are no assets of any value to sell here. The clients it has are being charged such an ungodly little amount, there is almost no way in hell to ever reset those kind of expectations. They’ve branded and positioned this business as “cheap” and there is just nowhere you can go with that. It would be faster, easier and less costly for you to create a business from scratch and establish the brand based on properly set foundations and expectations and charging higher, more profitable professional fees.

Don’t misunderstand me. This examination is in no way a denigration of the business’s owner.

Rather, it’s utterly heartbreaking to me that they have made so little money working with too many clients with basically no commitment and constant churn. I wish I’d had the opportunity to help them early on.

When we talk about these things, there are always a certain number of people who don’t understand why it’s so important to have these conversations.

But bringing this consciousness to the fore is integral to being able to improve things so you can better earn in your own business.

It’s why I’m always talking about money, how you are marketing and positioning your business and brand, how not charging profitably sets you up for failure, about how the expectations and perceptions you create in clients directly affect your ability to charge properly and earn well.

These are the topics that will make or break your business.

It’s this fundamental business education — and not the latest, greatest software or tools — that is key to creating a profitable, sustainable business where you can get, work with and keep great clients (clients worth having who value you, not cheapos looking for a free handout), make great money and that works around and enriches your life and what’s important to you (instead of the business running you).

What could this person have done differently?

  1. Business planning. Going through the exercise of business planning forces you to think through and get clear and conscious about all the important details of your business such as your needs, goals and intentions around money, what kind of clients you want to work with and are worth working with, and what business standards, policies and procedures to establish accordingly.
  2. Getting off the project work merry-go-round. A business based on project work needs a shit-ton of clients and work in order to stay alive. It’s a constant, never-ending hamster wheel of marketing, even while you already have clients and work to take care of in front of you, and you never know where your next meal is coming from. Nothing wrong with project work, but think of it as secondary income, the gravy to the meat and potatoes where you make your “real” money.
  3. Expecting a commitment. Retainer clients (clients who pay a monthly fee upfront for a plan of support) are where the real money is at. A commitment of working together each month allows you to do your best work and gives you something to actually work with to achieve a tangible, demonstrable value and results for clients. But of course, if you don’t ever expect a commitment, you’ll never get one. That’s why it’s so important to set standards in your business around what’s important to you. An expectation that clients must make a minimum commitment to be given a place on your client roster is a standard that will serve you (and your clients) well, even if some of them might not understand that at first. (You’ll have a far easier time getting commitments if you learn how to set up and navigate the whole consultation process and pricing conversation.)
  4. Get clear and conscious about the money. Charging fees based on what you see others charging (who are more often than not just as lost as everyone else) is the worst way to set your fees. It’s not about what everyone else is charging (stop looking at them!). It’s about knowing what your target market values, how you can improve their circumstances with your support and what they gain from working with you, and learning how to articulate that value to them in the context of their business and goals.
  5. Choosing a target market. This business is all over the map when it comes to who their clients are and the work they’re doing. And that is a huge part of the problem. Very simply, a target market is an industry/field/profession that you focus your administrative support on. This specialization is key to making the big bucks. That’s because when you know who it is you are focusing on, you can determine very quickly and clearly what they do in their business and what their common needs, goals, challenges, values and interests are and then develop your support solutions around those things. Your offerings will be much more interesting and compelling that way, and you’ll be able to charge more (because there will be more relevant, specific, higher perceived value) and get clients more quickly and easily.
  6. CHARGING MORE! At the poor fees this business would have to charging to account for so little monthly/annual revenue, it’s a clue that the business owner is not understanding the economics of business. You simply can’t charge rates that amount to employee wages and expect to earn well. Business is a completely different ballgame. It’s why I’m constantly reminding people, you are NOT an employee, you’re a business. There’s also this crazy, but nonetheless immutable law of business:  The more you charge, the better clients you get. And what do we mean by better clients? Client who value you and what you offer. Clients who are invested and make the commitment to working together. Clients who aren’t looking for the free buffet. Clients who are loyal to you and the good work and results you provide them with, not how little they can pay. When you have better clients who make a monthly financial commitment to working together toward established goals, you can make more money working with fewer clients and have more time for your own life in the process.
  7. Stop calling yourself an “assistant.” One of the reasons people have a hard time charging more or seeing their value in a different light (and gaining some business self-esteem and confidence) is because so many of them insist on calling themselves “virtual assistants.” This keeps them thinking of themselves as employees and seeing things through that lens instead of from an entrepreneurial/business mindset. Here’s what you need to understand: Assistant is a term of employment, not business. Terminology (just like pricing) is a part of marketing. How you price and the words and terms you use to describe yourself have a direct influence on how clients perceive you and the expectations, perceptions and understandings they come to the table with. When you call yourself an “assistant,” they don’t look at you as a business owner and advisor. You are teaching them to view you as a type of subservient employee, and what they expect to pay is based on that wrong, harmful perception. When you call yourself an “assistant,” you are predisposing them to value you less, not more.  If you want to be able to charge higher, more appropriately profitable fees, you have to create the proper context. The verbiage and terminology you use directly impacts that context.

I have a couple of complimentary (as in free) business-building tools that shed a ton more light on all of this and will help you course-correct in your own business. If you don’t have them yet, be sure to go get them now.

***

How about you? Why did you go into this business? I’m assuming a large part of it is that you love putting your administrative talents to use and helping clients and truly making a difference in their businesses and lives.

I can’t imagine that it gives anyone joy to be broke and working too hard for too little money. So over and above that, how do you want your own life enriched and improved by owning and running your own business? What are your money aspirations? What does “profitable” and “financially successful” mean to you?

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Dear Danielle: What Is the Best Approach to Physically Obtain Quality Clients?

Dear Danielle: What Is the Best Approach to Physically Obtain Quality Clients?

Dear Danielle:

I am very new to the Administrative Consulting business although I have almost 20 years of experience supporting senior-level executives. I agree with you that we are so much more than “virtual assistants” and I would like to attract customers who understand that and value what we bring to the table, if you will. Therefore, my question to you is now that I’ve created a website and all other social media accounts, what is the best approach to physically obtain quality clients? Eventually, I may narrow my target but for now, my target is Small Business Owners. Thank you. —ND

Hi, ND. Welcome and thanks for reaching out. 🙂

Sounds like you’ve got the perfect background and a solid body of experience to offer clients. Wonderful!

Of course, there’s much more to business than simply knowing how to support clients and do the work, as you realize.

Learning how to run, manage and market a business and get actual clients (much less good ones) is a whole other skillset and area of education in and of itself.

This is why your question is more of a training one, rather than something that can be answered in a simple blog post.

It requires a more in-depth, systematic process of learning to understand the components, dynamics, and psychology involved.

To get that kind of knowledge and learning, I will refer you to my step-by-step self-paced training guide I created specifically for that purpose: How to Build a Website that WORKS!

This guide is centered around your website because your website IS the critical link in connecting your marketing and networking to actually getting clients, and not just any clients, but the kind of clients you want to reach: quality clients who understand your value.

This involves pre-educating your site visitors so they are in the right mindset, setting the right expectations, and prequalifying clients to help ensure you are productively spending your time in consultation with your most ideal and likely client candidates.

In the process of going through the steps and exercises, my guide also gives you a crash-course in inbound marketing because the two go hand-in-hand. You can’t set up an effective website and conversion system that gets results unless you understand all the components and mechanics involved.

Another thing I show you how to do in my guide is how to articulate your value and write your marketing message (and I have a clever system that helps you do that, no writing talent required; couldn’t be easier).

This is where having a target market is absolutely vital.

If there are any “secrets” in business and getting clients (and there aren’t), this is it.

And that’s because it’s not so much a “secret” as it is an area of misunderstanding and resistance for so many people.

You mention that right now your target is “small business owners.” But that isn’t a target at all, you see.

“Small business owners” is merely a demographic, and a very vague, general one at that which isn’t going to be helpful to you in any meaningful way whatsoever in creating a compelling marketing message and getting those ideal clients who value what you do.

It’s like saying “people” are your target market. That’s literally anyone and everyone in the world — which is the opposite of a target market (which by definition is a specific market).

A target market is simply an industry/field/profession that you cater your administrative support to. That’s it. However, it’s a vitally important component in getting those quality, ideal clients who understand your value that you wish for.

And this is where people struggle because they resist the idea that they actually expand their attractiveness and opportunities if they narrow their focus to one specific group.

Because here’s the thing: you can’t articulate your value in any truly meaningful, compelling way until you know who it is you are providing that value to. And that requires you to decide what industry/field/profession that will be.

Because it’s all relative.

Your value — what you provide, the solutions you offer, how you deliver those solutions and the results you create — all depends on who your audience (i.e., target market) is: who they are, what their commons interests, needs, challenges and goals are, what work they do in their profession, how their businesses are run, who their clients are, how they get those clients, and so much more.

You have to decide who it is you specifically intend to help in order to identify, understand and articulate your value in a way that speaks to these things as it relates to them. Otherwise, all you’ll ever accomplish (by trying to create a message for anyone and everyone) is being generic and forgettable.

To stand out, to create real meaning, to get focus and direction for your message and your marketing, you need specificity.

That specificity (i.e., deciding on a target market to cater your administrative support to) is what is not only going to get you more ideal clients who value what you do, it’s also going to make your business and marketing easier, you’ll have an easier time charging higher fees and making more money, and you’ll be able to get more clients more quickly and easily.

If you haven’t yet, be sure to download my free guide on How to Choose Your Target Market.

Start there, decide on a target market and then get my marketing/website guide, and you’ll be well on your way to getting those ideal, quality clients who absolutely understand how valuable you can be to them.

Wearing a Stethoscope Doesn’t Make You a Doctor

Wearing a Stethoscope Doesn't Make You a Doctor

So I see this question come across my Google Alerts:

“I have a client who wants to get more calls with potential clients and she wants me to create a plan for this. Any ideas?”

I find these kind of questions irritating when they come from people who are supposedly in the administrative support business.

Why are you even entertaining this kind of request? Oh, are you a marketing consultant/lead generation expert now, too?

It’s exactly like if a customer were to ask their plumber to fix their car.

Plumbers don’t fix cars. That’s not their expertise or the business they’re in. If someone needs their car repaired, they need to go to an auto mechanic.

Just because a client requests something doesn’t mean you are the proper professional for them to be asking or that you need to accommodate it.

This person doesn’t know what business she’s in or where to draw the line.

Her client needs to be informed that this is not administrative work and they need to consult with the correct professional who is actually qualified and in that kind of business (which in this instance, as mentioned, would be some kind of marketing consultant and/or lead generation expert).

(And this client very likely knows this; he/she is just trying to take advantage of someone who doesn’t know any better than to let cheapskate clients who don’t want to pay proper professionals lead her around by the nose on wild goose chases.)

You are needlessly complicating and muddying the waters of your business scope and distracting yourself from that focus.

And contrary to popular belief, trying to be anything and everything, taking on anything and everything, actually keeps you from earning better in your business. (It’s also the dead give-away of a rank amateur. Experts focus.)

Likewise, if you are asking your colleagues for their “ideas” on how to do something, that’s the first clue you don’t have the proper knowledge, background or qualifications, and have no business taking on that work. It’s unethical.

Just because you own Illustrator doesn’t make you a designer any more than owning a camera makes you a professional photographer or wearing a stethoscope makes you a doctor.

There is industry-specific knowledge, education and training, experience and talent that qualify someone for a specific expertise, which is also what defines and distinguishes industries/professions from each other.

Stop wasting clients’ time and money.

You do them a far better service by clearly educating them about what you ARE in business to provide and informing them that they need to consult with the proper professionals in X industry when they need something that is not what you are in business (nor qualified) to do.

And PS: doing so will garner you infinitely more trust, credibility and respect when you do.

Dear Danielle: Should I Choose a Name Looking to the Future of My Business or Just Go with Virtual Assistant?

Dear Danielle: Should I Choose a Name Looking to the Future of My Business or Just Go with Virtual Assistant?

Dear Danielle:

I’m just starting out in this adventure and I’m having trouble choosing a business name. I’ve read your blog on Administrative Consultant and I’m intrigued, BUT I’m just starting out and will be doing anything and everything from answering phones to data entry.  Should I choose a name looking to the future of my business or just go with virtual assistant? I appreciate your help with this. — Karen E.

Hi Karen 🙂

I see you that you did notice the name of this organization. That’s good. Because I do need for people to understand that this is NOT a virtual assistant organization. This is an organization for Administrative Consultants.

What that means is if people want to ask me questions, I’m happy to help, but they need to pay attention to details (which is an important qualification in this business) and respect the proper terminology used in this organization.

Here is our position on the VA term: “Virtual Assistant” is a term of employment and has no place in any business owner’s vocabulary. It most certainly has no place in our organization or conversations.

I’m here to help people put on their big girl business britches, not perpetuate detrimental, employee mindsets.

That starts with encouraging them to hold themselves and what they do in higher esteem and not use terms of employment to describe themselves, which is counterproductive to every single effort they must make in starting and growing a business successfully.

Why do I point this out? Because your choice of words and terminology directly impacts everything in your business from getting clients, the kind of clients your marketing and terminology attracts, their correct or incorrect perceptions and expectations about the nature of the relationship, the demeanor and attitude with which they approach the relationship, your ability to command professional level fees… EVERYTHING.

Are there folks out there who aren’t ready to think bigger about themselves and what they do? Yes, of course.

There are also people who aren’t really focused on being anything specifically in business, who are better described as gophers. They are more in business to be this, that and the other and letting clients dictate their roles and what they are in business to do.

For them, the VA term is actually the better fit.

But that’s not who this organization is for. We don’t cater to those folks or old ways of thinking and operating.

Our interest, and who this organization is for, are those who are specifically focused on the business of providing administrative support.

The people who are attracted to the ACA tend to have a more sophisticated view of business and the administrative work they do. They are ready to gain deeper understandings and engage in new ways of thinking and doing things in order to continue to more positively grow their business, strengthen their business skills, get more ideal clients and make more money while operating in a way that allows them to still have plenty of time for a great life.

So, with that understanding in place, here’s my advice:

What will help you answer these questions for yourself is going through the exercise of completing a business plan.

You have to decide for yourself what kind of business you want to be in, what you want your work to consist of and what you want your days to look like.

One question that really helps is asking yourself, why do I want to be in business for myself? What am I hoping to achieve? Is this just to earn a little side money or do I want/need my business to be financially sustainable and profitable enough that I can earn an actual living from it?

And then build your business around the answers to those questions.

It’s not enough to “just want to make some money from home.” Because being able to do that is not as simple as that.

It takes intention and thoughtful preparation and foresight in setting up the business, creating standards around what you want for yourself and from the business, and what kind of work and clients will bring and sustain happiness and joy in your business so you can both do your best work for them AND remain in business for a long time to come.

As far as naming your business, I have a category on my blog called Naming Your Business that will give you excellent some guidance and helpful insights and advice. All of the articles in this category are very important in gaining deeper understanding about the importance of how you name your business and will raise your consciousness around that task.

And then this one specifically will give you some practical tips for coming up with a unique and differentiating name for your business: How to Name Your Business for Success

I would like to address something else as well.

You mentioned answering phones. This idea tends to come from people thinking that being in this business will be the same as being an employee/administrative assistant and nothing could be further from the truth.

I try to get people to understand that how and when they support clients is not the same as when they were an employee and is going to look much different once they are in business for themselves.

For both legal and practical reasons, you can’t be someone’s administrative assistant in the same way you were as an employee. They are just two completely different animals and trying to do so will keep you from creating a real business that has room for enough clients that you can actually earn a real living.

I personally have never answered phones for any client, and I wouldn’t dream of taking on that work because it would keep me tied to a phone day in and day out, which is NOT what I went into business for.

I’m not saying you have to do what I do, but in my experience, most of the people who think they are going to act as their clients’ receptionist really haven’t thought that idea all the way through about what their business and day-to-day life would be like being chained to a phone and computer all day long answering calls for clients.

Most of them, once they really think about it, realize that’s not what they really want to do. It’s more simply that they don’t know what else they could be doing for clients so they can only think in the most general, generic, traditional terms.

So, I always ask people who bring it up: Is answering phones what you really want to be in the business of doing? Have you really considered what that would actually be like and how it would impact your goals and ideals and what you envision for your business and life? Take a moment and try to picture what your days would look like doing that work.

It’s okay if that is work you want to do (you can always change your mind later if you realize it isn’t and chalk it up to a learning experience). Just make sure you are going into it consciously and intentionally with eyes wide open. Because answering phones can very quickly and easily turn you into a receptionist with little time or concentration to do anything else.

And you don’t need a business to do that. You can get a telecommuting job answering phones and still work from home if that’s your aspiration. When it comes to that kind of work, there are businesses already set up to do that work and get clients and you could simply apply for an employee position with them.

There are four posts on my blog in the category Answering Client Phones. Check those out as I think you’ll find them very illuminating on the whole topic.

Which leads me to my next point:

The one thing that is going to help you plan EVERYTHING more easily in your business and with greater intention, clarity and detail, is by choosing a target market.

A target market is very simply an industry/field/profession that you cater your administrative support to.

For example, in my administrative support business, I work with solo attorneys in business, intellectual property and entertainment law. This specificity allows me to very precisely identify in more depth, detail and clarity exactly what kind of work is needed to best support my clients and, thus, structure my offerings more specifically and meaningfully as well.

Deciding on a target market will help you plan, market and get clients so much faster and easier in your business. With a target market, you’ll be able to better identify with more depth and detail the specific kind of administrative support those clients need, what will have the most meaningful impact and results for them, and cater your offerings around that so that you can be their trusted administrative expert, advisor and strategic support partner instead of their receptionist with a ball and chain around your neck.

Next step: Download my free Income & Pricing Calculator and How to Choose Your Target Market guides.

These two exercises will get you thinking more critically about your administrative support business and what you want out of it.

And then I recommend you check out the resources in the ACA Success Store, one of which is the business plan template geared specifically for the administrative support business. These things are going to help you immensely in getting on the right track toward creating a more ideal, profitable,  happy-making business.

I would like to know how all of this lands with you and if you’ve found it helpful so please let me know in the comments. And if you or anyone has further questions on the topic, we can continue the conversation there as well.

Are There People Around You Who Want to Keep You from Growing?

Are There People Around You Who Want to Keep You from Growing?

I was listening to This American Life this weekend on the radio as is my usual Saturday morning ritual.

One segment, Mon Ami Ta-Nehisi Coates, had me reflecting about how your life and world-view changes when you are in business, and how some of your relationships can change (or even end) as you grow and perhaps make more money and become more successful in your business and life.

In the segment, producer Neil Drumming talks with his long-time friend, Ta-Nehisi Coates, about Coates’ newfound fame and their friendship in that new context.

Ta-Nehisi Coates, for those who don’t know, is a celebrated American writer and journalist who has been hailed as the next James Baldwin. With the publishing of his latest book, he found himself suddenly famous and rich, which doesn’t always set well with those who “knew you when.”

The overarching take-away I got from their conversation was Drumming’s discomfort with Coates success and improved financial circumstances.

It seemed to me he felt that Coates “newfound” tastes and interests were pretentious, that he was getting a bit uppity simply for enjoying the fruits of his success, that since he came from more modest roots, that’s exactly where his tastes and interests should stay.

But whose problem is that? Is it Coates’ or Drumming’s?

Think about that.

Whether Coates’ success was something he methodically sought to achieve or came as an unexpected surprise, why shouldn’t he be interested in and partake of experiences he now has access to?

If the shoe were on the other foot, wouldn’t Drumming (and anyone else) do the same?

Or would he deprive himself of all this life and success now afforded him just to please other people’s sensibilities of who and how he should be in the world and what status level he should keep himself at? Why should he do that?

I see this dynamic at work in our industry as well.

Those in my circle have grown a more sophisticated sense about business and our place in the business world.

As a result, we ditched the “assistant” moniker long ago because it held us back in our business dealings and earning potential by keeping us mired in employee/less-than/subservient mentality, even in ways we weren’t fully conscious of.

Business owners aren’t assistants; the word isn’t even a term of business so it has no place in our vocabulary.

It also negatively influenced clients, causing them to think of the relationship more in terms of employer/worker instead of (correctly) a business-to-business one.

So, we grew in our esteem and understanding of ourselves in relationship to our clients. We weren’t their assistants or little worker bees. We are their skilled administrative experts and trusted administrative advisors.

But there are others in the world who are threatened by that view.

They fear taking a bigger, leading role in their business and in their relationships with clients. They want to stay in comfort zones that are easy and familiar, that don’t rock any boats, that don’t challenge themselves or others too much.

They are fine with settling, for not asking for “too much.” Because, to their thinking, who are they to desire something more or better or stand any taller than anyone else? They aren’t able to imagine anything more or better or different for themselves; they daren’t. Because that would mean stepping away from the herd.

And that’s okay if that’s where they’re at and want to stay.

What’s not okay is for them to want and insist that you hold yourself back and stay at their level if you are yearning to grow, to have a happier business, to get better clients, to make more money, to have more life, to place a higher value on what you do and how you help clients, to learn how to charge more for that, and to call yourself something that better respects your role as a business owner and sets better expectations and understandings in your clients.

How about you? Can you think of a few people who are a negative, detrimental influence in your pursuit of your business dreams and growth? A friend or family member who belittles them and consciously or unconsciously sabotages your efforts?

Maybe you’re hanging around in groups and surrounding yourself with others who keep you from thinking bigger about what you do, who don’t know any better.

I’m not even saying it’s necessarily intentional or conscious on their part. That just seems to be the nature of herd mentality: keeping the status quo, nurturing mediocrity, attacking anything they don’t understand (yet). It’s instinctive.

But if you are going to grow in your business, if you are going to get better clients, if you going to ever learn how to ask for and get higher fees, to believe in and understand the higher value you offer and how to provide the context that conveys those things to your would-be clients, it’s going to require you to break away from the herd.

Punishment Fees Are Not Good Business

Punishment Fees Are Not Good Business

Punishing clients with the threat of charging them more money to get them to stop doing something you don’t want is a terrible business practice and a rotten dynamic to create in your relationship.

Paying you should feel good. It should feel like a reward for getting something great that they gain from, that improves their life and business.

Instead, you are training them to view paying you as a negative experience, a punishment.

I get that sometimes we take on bad clients. Sometimes when we are new, we sometimes expect clients to just “know” how our business runs and how they are to interact with us. And yes, you do need to put certain terms in your contract (such as late fees and interest rates and in what situations they will be applied) in order to have legally enforceable contracts.

But here’s a better idea:  choose better clients. 😉

Don’t take on just any client, and never take on clients just for the money. That never ends well.

Get clear about who an ideal client is in your business and who is not. Write those things down.

List what red flags to watch out and listen for that tell you someone is likely to be a pain in the ass who doesn’t respect you or your business. And then don’t work with those people.

Pay attention to your gut when it tells you someone isn’t going to be a fit. Don’t ignore it and step over your standards.

Stop being desperate. Be more discerning about who you allow on your client roster.

Do more prequalifying.

Conduct more thorough consultations (get my guide that shows you EXACTLY how to do that).

Get clearer about what your standards, boundaries, policies and procedures are in your business. 

Then do a better job of communicating those things to clients by writing them down in a Client Guide, giving it to every new client, and then going over that information with them (in the case of retainer clients) in a New Client Orientation before you begin working together.

Fire any client who can’t get with the program and continues to ignore your policies and processes and/or disrespect you.

Bad clients are unprofitable. Working with bad clients is never worth the trouble. It’s also unethical to work with bad clients because you can’t do your best work for any client you don’t have good feelings for and are drained by.

They eat up far more space in your business than you realize with the negative energy and problems they create. The psychological toll that takes costs more than any money you might be able to recoup. 

If You Want to Win, Focus

If You Want to Win, Focus

Watching SharkTank (episode 23) and Robert Herjavec shared some very astute insight/advice with a pair of entrepreneurs who were trying to be and do too many different things, solve too many different problems:

“Man, you are fighting soooo many battles. Look, a guy that used to work for me, he was at one point the eleventh fastest man in the world. I run five miles a day so I used to say, ‘Hey, let’s go running.’ And he would say to me, ‘I can’t run five miles.’ I’d say, ‘Come on, man, you’re in great shape; you can run five miles.’ ‘I don’t run five miles. I run a hundred meters as fast as I can. That’s my job.'”

Back to the entrepreneurs, he continues…

“I’m not sure what your job is. You’re doing a performance shoe. Then you’re doing email software. Then you’re doing a NASCAR shoe. You’re fighting too many battles. If you want to win, just run the hundred meters. Focus.”

This is a problem a great many people in our industry suffer from as well.

They’re providing administrative support. Then they’re also trying to be in the web design business. And the bookkeeping business. And the graphic design business. And the desktop publishing business. And the marketing business. And the IT business…

They are fighting too many battles.

You don’t have to be this, that and the other, and trying to be will keep you from excelling, gaining traction and succeeding in any of them.

If you want to win, focus.