For this week’s edition of FinanciElle “Statements”, I had the opportunity to interview Diana Lidstone, known as the Entrepreneur’s G.P.S, and Founder of SHIFT Events.
I had the opportunity to meet Diana and hear her speak (she’s very engaging) at an event organized by The Women’s Business Network of Ottawa, at which I purchased her book Shift Into Rich, this month’s FinanciElle Bookshelf selection.
“79% of self-employed Canadian women earn less than $22,000 a year!
Only 3% earn over $100,000 per year!” – http://www.dianalidstone.com/about-me/
Diana has made it her passion (and her mission) to help one million women grow profitable businesses.
Paolina: What is the most common finance/money issue you see with your clients?
My clients are generally women – coaches, healers, practitioners
By far the biggest financial/money issue that I see is that they are under-charging which equals under-earning. They don’t consider their VALUE from the point of view of their customer.
The 2 scenarios that I most often see are:
- They are pricing their services by the hour or by consultation. This model of pricing directly leads to under-earning, because for the most part they are not charging for the WHOLE transformation
It’s as If you were to go to a weight loss coach and she sent you home with homework to eat salads.
So you go home, eat just one salad and then say I DIDN’T lose any weight!
Transformation takes time.
Consider how much time it takes for your IDEAL client to get the BEST RESULTS
- They are under valuing their services because they are not taking into account how the ‘transformation’ that they provide has impacted their client.
A story I often tell is about my daughter who was bedridden for 7 years with Chronic Fatigue Syndrome (I talk about this in my book Shift Into Rich, pg. 94). We heard about a treatment in England that got amazing results. The cost of the training was only a small portion of the overall cost, because we also had to travel to England and stay for a week or so. The total investment was probably around $5,000.When we returned home our daughter was healthy and well again. Would I have paid MORE for that training – of course! I probably would have paid 10 times that amount if I had known the actual results of the training. It’s all about the value of the transformation from the perspective of the client!
So my clients will hear me continuously talk about RESULTS, RESULTS, and RESULTS. What is it worth to your client to get these results. What is it worth to them not just this week but for the rest of their lives?
Paolina: What are three things that every business owner/entrepreneur should know/learn/understand about money/finance?
- It’s not about SALES it’s about profit. Too many people talk about revenue, i.e. 6-figure revenue; however, what is truly important is how much is left over to put into your pocket. Is it worth making 6-figures in revenue when you’re spending most of it on outsourcing or taking more certification?
- You can only manage what you measure. There are tons of key performance indicators that entrepreneurs should be measuring including sales and expenses but also the life-time value of a customer, sales conversion ratios, etc. You can only know if you are successful if you can measure your progress!
- Keep business & personal separate. Too many entrepreneurs do not keep business and family finances separate. It might seem okay at the beginning when your business is small; however, it’s better to start out on the right foot and build your systems correctly from the beginning!
- You are worth more than you think! Most conscious or heart-centered entrepreneurs don’t recognize the value of the transformation that they offer – so I like to keep reminding them!!!
Paolina: In your book, Shift into Rich, you have a chapter on a business roadblock called the “Money Monster”.
Paolina: What is the money monster?
- Subconscious thoughts – Limiting beliefs around money – we all have them; they came to use from things we heard, saw, felt or experienced in our past, which might look like
- Difficult to ask for money in sales conversations
- Difficulty raising prices – haven’t raised them in more than 6 months
- Difficulty sending out invoices
- Difficulty keeping track of money – can’t look at visa bill
Paolina: What are the most common limiting beliefs you’ve seen women have?
- Many of these come from our past – family experiences; things we heard, saw, etc.
- You have to work hard to make a lot of money
- Money doesn’t grow on trees
- We don’t have money for THAT
- Only shop the sales
- Could be that money WASN’T discussed i.e. people like us don’t talk about money
- Perhaps a parent made lots of money and gave it away (not to you)
- Traumatic events – children of war; divorce, bankruptcy, abuse
- Stems from I’m not good enough; I’m not worthy of receiving money)
Paolina: What are some steps they can take to fend off their money monsters?
- Learn to identify that you do HAVE a money monster
- Everyone does especially those that say they don’t!
- Learn to work through your old money story and create a new money mantra
- Identify 3 things that you will do differently with money in your business today (get into action to change your current situation)
- Get some help – recommend reading Tapping into Wealth by Margaret M. Lynch – EFT tapping helps shift those unconscious thoughts
- Work on it daily! (It took many years for you to create your current subconscious thoughts – so it will probably take some time and effort to change them!)
If learning more about any of this would interest you, Diana is hosting SHIFT -the money event which is a full day, interactive, workshop style event with proven business building strategies combined with powerful mindset and energy shifts! The event is in Ottawa on September 21, 2018 at the Hilton Garden Inn Airport.