EmpowerMINTmoment: My I Need To- moments you empower yourself with that act as reminders to stay focused on what matters. “Today- Unplug.”
As the conversation began, the voice at the other end of the line was vulnerable and shaken. That wobbly intonation belonged to a woman who was feeling unfulfilled with her current job and fearful of taking the fateful leap toward happiness which, in her case, would be starting her very own business. In the early stages of my entrepreneurship, I would indiscriminately hold dozens of complimentary assessment sessions, like this one, with prospective clients. What should have been 15 – 20 minute valuations would often run 45 minutes to an hour. I helped the woman steady herself through breathing exercises and self-awareness drills. We spent the remainder of the call identifying her purpose and creating a to-do list for her prospective start-up. The woman who was all but devastated at the beginning of the call was now rejuvenated and excited. “This is only the beginning,” I told her, “there’s a lot of work that needs to be done.” She pledged her commitment to the program and asked what the cost would be for me to take her on as a client. Honestly, during this time, my prices were set way too low. Though my services were unique to the professional development market, there was enough industry-relevant data where I could research the corporate rates and use that standard when setting my prices – which I did. The problem was I would set my prices far below the industry average in hopes of swaying clients to my company. What’s worse, I would often cut said prices drastically in the name of closing the deal. It wasn’t before long that I was providing top tier services to numerous clients for nominal wages concurrently setting an anemic foundation ripe for my company’s violent plunge. When I laid out the pricing (which was too low) to the woman, she politely balked and began to renege from her original enthusiastic verbal commitment. Fearing the prospect of losing out on the deal, I not only cut the price but acquiesced to an overly generous payment plan. She, of course, accepted.
You learn a lot about yourself as an entrepreneur. Your moral code, shrewdness and sensibilities are tested early and often. What I would come to learn was my willingness to over-compromise was not so much an attempt to pay the bills (though it was a major factor) but was directly related to my self-worth. Industry standard rates are one thing but the price(s) must ultimately compliment the services. I, as the service provider, had to acknowledge that my skills and services were not only worth the fair asking price, but the value of my assistance far exceeded any rate some might find too pricey. In the beginning, I considered securing a ‘yes’ from a client as an irrefutable triumph and being told ‘no’ as an epic failure. In life and business, our inherent reflex is to shield ourselves from rejection as best we can. Our efforts to safeguard our emotions, susceptibilities and even, brand can result in the formation of poor practices such as… you guessed it… a willingness to over-compromise. Now, in business, encountering situations where some compromise is needed is not atypical of a normal day’s work. Knowing your worth is an invaluable anchor at the negotiation table. It allows the ‘yes’ to remain the objective but, most notably, it transforms the ‘no’ to ‘next’. The philosophy may ring similar to a corny old adage but the thinking is spot on. Someone not willing to sign on with your company is not closing the door but lighting the path to the next opportunity. The only way to see this track is to know your worth. And for most of us, truly knowing our worth requires us to confront ourselves in a bareknuckle brawl to quell the self-doubt and reverse a depreciating mindset that many of us aren’t fully aware exists within. How each of us arrives at this idyllic way of thinking is unique to our personal journeys. For me, part of my clarity arrived when a then-existing client failed to make a scheduled payment only hours later to be seen flashing her glowing smile and new designer handbag on Facebook en route to an impromptu trip to Vegas for the weekend with the girls. Now, I’m no hater and all of those things – from the trip to the bag – are glorious. But this was the same woman who plead desperately for an extension because she didn’t have the money to pay me for services rendered… Services that included my assisting her in reaching the goal of opening the business she had dreamt of owning since she was a young girl. Eventually, it would be me saying ‘no’ to her because I figured, ‘if your dream isn’t worth more to you than a handbag and a spell at the poker table then it certainly isn’t worth it to me’. My saying ‘no’ in this case was freeing. It allowed me to pursue other opportunities and more serious clients. Of course there will be some who you may need to say ‘no’ to who will take it as a flickering match to a combustible bridge. It depends in part in how tactfully you deliver the refusal and how phlegmatically the other party receives it. For the connections worth salvaging, some relationship management may be in order. For others, letting go may be in the best interest for both sides.
So, the next time someone tells you ‘no’ and negotiations come to a close, give them an honest smile, stern handshake and say ‘thank you’. They’ve just made that trail to the next big opportunity a little brighter.
Attorney Michael Adler is this week’s guest on the Balance Beam Podcast. Michael focuses his practice on the representation of publicly-traded and privately-held corporations, restaurants, developers and property and financial management companies in complex commercial and litigation matters, including insurance, real estate and contract issues. In addition to being an esteemed litigator, he is presently serving as a trustee and Chair of the Grants Committee of the Philadelphia Bar Foundation and an officer of the Temple University Alumni Association. And to compliment his legal acumen, Michael is well connected in the arts world in both Philadelphia and New Jersey he handles numerous pro bono matters on behalf of Philadelphia Volunteer Lawyers for the Arts (PVLA). Topics include blending family into your professional passions, Michael’s dedication to helping to cultivate Philadelphia’s vibrant arts community, finding balance on the scavenger hunting trail and much more. Yet another awesome episode of the Beam awaits!
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