If you’ve ever had that sinking feeling when you have to have a money conversation, keep reading because I have good news for you.
Discussing money comes up often in your coaching business, and let’s be honest, in your personal life, too.
For starters, clients want discounts, a client is late on their monthly coaching payment, you know you’re overdue for raising your fees, a vendor or contractor is underperforming for what you’re paying, you want a better price on a service, or your partner wants to know why you’re investing again in another program are just a few of the most common reasons why you’re going to be discussing money.
And so often, you may find yourself procrastinating having that conversation or feeling less than in your power as to handle it with ease and thoughtful leadership.
I’m here to change that for you!
There are 5 critical components of feeling confident and comfortable going into a money discussion, leading the conversation by using many of the coaching skills you already have, and completing the discussion with you celebrating a victory both emotionally and financially.
Mastering money conversations includes:
#1 Regulating Your Emotional State
Taking a few minutes to get centered, breathing normally and releasing any triggers about the situation is critical as your first step.
Think about it this way – you’re more likely to engage and lead the conversation like a coach if you’re first calm and clear in your thinking and any drama surrounding the circumstances has been released.
Learning how to do this is a skill so don’t expect to ‘know how’ to release your own triggers without specific training in how to lead money conversations (I have a resource for this I’ll share with you)
#2 Getting Clear On The Outcome Or Solution That Is Best For You
Money conversations often feel high-drama if you’re trying to people please, or spare someone else feeling upset in any way.
Remember, you are not in control of someone else’s thoughts or emotions. And when you learn how to masterfully lead a money conversation you’ll be surprised how simple it is to create a win-win outcome for everyone. But it starts with what is best for YOU. What is the outcome you most want?
For example, let’s say a client is late in paying their monthly coaching fee. While it’s easy to think the best outcome is, ‘my client starts paying’ that actually doesn’t spark your leadership as a coach.
Instead, consider that the best outcome is to have a clear, clean conversation where the client either gets back on track with their payments, or stops coaching since they can’t continue to receive service for something they’re not paying for.
Knowing in advance what is the best outcome for YOU is going to give you a clear purpose and direction for the money conversation.
#3 Stepping In As A Leader At The Start Of The Money Conversation
How you open the conversation contributes 80% towards creating a successful conversation. The key is to lead, which means YOU are the one asking the questions. You’re already clear on the outcome you want which gives you purpose and direction in the conversation, and means you’re less likely to cave in to someone’s excuses, feel guilty or get off track. The one who is asking the questions leads – that’s YOU!
#4 Stating What The Options Are
Yes, mastering money conversations means you’re leading but you’re leading with questions, which means the other person is sharing what is important to them and what they want.
This is where you want to listen like a coach, meaning, stay out of defensiveness, justifying or overly explaining.
Listening like a coach means you’re giving the other person space to talk, you’re listening for what they are prioritizing and valuing, which means ‘listening between the lines’.
Listening like a coach can give you feelings of calmness and confidence that will greatly contribute to you getting the outcome that you desire.
#5 Wrapping Up The Money Conversation With Clarity
If you’ve followed each of the steps, then even a conversation that may have started out with you and the other person not on the same page, can complete with each of you feeling heard and valued.
Every money conversation should end with a clear ‘what’s next’ set of steps, actions or responsibilities.
And in the case of a vendor or client, that can mean going your separate ways but you’ll be doing so with respect and professionalism, not anger or money drama.
I look at mastering money conversations as another skill to add to your coaching journey.
And after teaching thousands of coaches how to master money conversations, I can promise that following a framework, especially learning how to release emotional heat and upset before you begin the conversation, is learning you’ll treasure and use the rest of your career…and for the rest of your life!
Oh, and be sure to check out my upcoming Free Masterclass all on mastering money conversations!
Just send me an email with ‘money convo masterclass’ in the subject and I’ll be sure you receive the advance notification to register for the free training.
