Raise Your Fees or the Conversation in Your Head will Sound a Lot Like Federal Budget Negotiations
Our personal economies are not unlike the federal economy. In fact, you’ve probably had conversations with yourself and your prospective clients that sound a lot like currentfederal budget negotiations.
In fear of never getting work again, or maintaining a teeny toehold on your market, you reduce your fees and cut costs. A few months down the road you realize that you have two things: the same number of clients and no new capital to find more.
On a micro level you’ve increased your debt to pay your recurring expenses without increasing revenue. And because you’re not producing at your potential, you’re paying fewer taxes to support the public services you rely upon – public schools for your children, for instance, and Medicare benefits for your elderly parents. At worst, you’ll be unable to pay your debts, forced to declare bankruptcy, lose your real property and further depress the economy.
The economy is a huge watch work to which each individual contributes or burdens. And if we can’t find a way to accomplish our national economic goals collaboratively, the least we can do is to play our part by being productive, revenue generating and debt reducing.
To put this in a personal context, here are two dialogs for climbing up and out of this morass. The first one illustrates how we negotiate with ourselves to our detriment; and, the second how we wiggle through our discomfort toward an economically positive outcome.