29 August 2023

Why you need to talk money with your clients (and how to do this confidently)

Do you find it difficult to talk money with your clients?

Discussing financial matters might seem daunting, but this discomfort is common. Luckily for you, we´ve got a lot of experience in this area, so we can help you overcome this fear and discomfort.

You must talk money with your clients. Why? Because cost is important. We all care about how much something is going to cost, so if you address financial matters head-on, you will not only build trust with your clients but also set clear expectations that pave the way for a successful working relationship. Yes, this is easier said than done, but getting your clients to pay the right price every time is worth it!

Here are 6-steps to help you talk about money confidently.

  • Know Your Worth

The first step is recognising your worth. Every service or product you offer has value, so set your rate to reflect this value.

However, understanding your worth doesn’t mean being rigid. Being willing to negotiate allows you to meet your clients’ wants and finances. Finding the appropriate balance entails combining self-worth with flexibility, ensuring that both you and your clients find common ground.

  • Use Your Contract

Financial discussions require more than just confidence; they demand the right tools to ensure clarity and mutual understanding. One of the primary tools in this arsenal is a standard contract. 

A contract will serve as a road map, including payment conditions, deliverables, and other critical financial details, ensuring that you and your client are on the same page from the start. 

It’s essential to avoid industry jargon so opt for simple, straightforward language that both parties can easily grasp, eliminating potential confusion.

  • Focus on Value Over Price

Instead of just quoting a price, highlight the tangible and intangible advantages clients stand to gain from your services. Think of this part as painting a picture of the results they can anticipate. 
We all want to know “what´s in it for me?” so when you´re talking about benefits and results, back these up with past testimonials. This really gives some oomph where it´s needed as it gives your clients real-world evidence of the value you bring.

  • Shifting Your Money Mindset

It’s essential to undergo a mental shift and embrace positivity, as it´s likely your current money mindset is what´s holding you back. Challenge and transform any negative beliefs or feelings you harbour about money, recognising that they can act as barriers to effective communication. 

You can improve your confidence and proficiency in money conversations by seeking professional advice, attending workshops, and/or using templates and software for proposals. As we all know, like any other skill, practice makes perfect.

  • Build Genuine Relationships

Establish yourself as a trusted partner rather than just a service provider by thoroughly comprehending your client´s industry and the difficulties they encounter. Get to know their objectives, problems, and aspirations, and maybe even their personal life.

A sincere and strong bond not only improves communication but also opens the road for long-term cooperation and achievement. Not to mention, having difficult conversations will feel a lot easier when you have a real relationship with your clients.

  • Transparency is Key

Hidden fees and unexpected costs can sour business relationships, so aim to be transparent from the get-go. 

Clearly outline all potential costs, fees, and charges associated with your services. This establishes you as an honest and straightforward business and prevents surprises down the line.

Talk Money, Confidently

It will take work and it will take practice, but if you can apply these 6 steps Apply these insights in your interactions, and witness the transformative power of transparent financial dialogues. Remember, every confident conversation you have today paves the way for a prosperous tomorrow.

So, why wait? Elevate your financial conversations and watch your business relationships thrive.

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