When the Money Hasn't Caught Up to Your Impact (A Reframe for Consultants and Coaches)
Revenue slow right now? Here's the mindset shift that keeps independent experts going when the money lags behind the impact.
Hey Misfits.
Earlier this year I was in Tulum for a mastermind retreat. Sunny, beautiful, a bunch of really cool people doing great work. And yours truly, Mr. Misfit.
First night at dinner, I sat next to another coach. Nice guy. But you know how you can just read somebody? We're in paradise and I could tell something was heavy on his heart.
So I passed the food and said, hey, tell me about your business.
The Coach Who Was Carrying Something Heavy
He told me he'd changed his coaching model. He went from serving private clients, which was lucrative but ate up all his time, to a group model. And now he was having a hard time enrolling people. Money was tight.
I could relate. Band of Misfits started with me working privately with clients before I saw the power of a network and teaching in the round. It was a journey for me too.
But here's where it got good.
I asked him one question: "Tell me about a recent time you had a significant impact with one of your members."
He lit up like he'd stuck his fingers in a socket.
He told me about a client, a business leader, who had just messaged him: "Not only is the business going great thanks to this coaching, but my marriage has never been better."
His whole energy changed. For the rest of the night, this guy was walking on air.
The Money Is a Lagging Indicator
Here's what I told him, and what I have to remind myself in the seasons when the money hasn't caught up to my impact.
Most of us aren't in this expertise business for the money. Steve Jobs died a multi-billionaire between Apple and Pixar, and he never did it for the money. I suspect you're wired that way too.
The money is nice. Money buys freedom and a sense of safety. But what we live for is the impact. That's why we became consultants and coaches in the first place. We want to use our expertise to be a contribution.
And sometimes, when you're building your business or the market takes a turn, the money is slower to catch up.
But here's the truth: the greater the impact you make in people's lives, the greater the monetary reward that eventually finds you. Impact is the leading indicator. Revenue follows.
Every Expert Business Is an Emotional Business
Quick sidebar, because this applies to everyone.
Everything we do as experts has an emotional element attached to it. A truly great CPA doesn't just deliver numbers. They deliver relief and a feeling of security.
Think about everything you do through the lens of the emotional impact you make in your clients' lives. Because at the end of the day, your clients will reward you for how they feel inside as much as anything.
That's exactly what my friend's client was saying. My business is great. My marriage is better than I thought it could be. That client probably didn't even know his life could feel that good.
The Daily Question
So in those seasons where the money hasn't caught up to the impact, here's the practice.
Every day, as necessary, ask yourself: What impact did I make today? What opportunity did I have to make a positive impact in my client's life?
This works whether you're a CPA, a health coach, a life coach, or a consultant.
Your Move
My invitation to you, Misfit:
Take time today, this week, this lifetime, to reflect on the impact you're already making in your clients' lives
Define the impact you want to make moving forward
Combine revenue and impact as your holistic measure of success
Do that, and you'll be smiling and whistling and feeling light inside, just like my friend in Tulum after that dinner.
Profits + Peace ✌️
— Stephen