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Our Toxic Relationship With Money

Last week I gave a webinar for The Salon & Spa Coaching Lounge called Retail Sales: What's Broken, What's Working & What To Say. When I was discussing ‘what’s broken’ about selling retail, I spoke about common issues that prevent us from reaching our personal & company sales goals: our own personal toxic relationship with money.

Let me begin with the truth...

As the service provider, it’s part of my professionalism to educate you on how to extend your salon service, how to solve a wellness or beauty problem that has you frustrated, or how to bring the salon experience home.

My heartfelt goal is your happiness and fulfillment. When my guest trusts me and makes the purchase, there is an exchange of energy. I give, she receives. She gives, I receive. The energy of selling and purchasing is a two-way street. In our culture, this exchange of energy just happens to use money.

The problem is, most of us have a relationship about money that stems from down-right false belief systems. Add to that, those pesky beliefs often run quietly in the background while wreaking havoc on our bottom line.

Belief System #1 - You don’t think you are smart about money.

Quite frankly, it was a miracle I passed Grades 10-12 math. I felt stupid the entire time and spend hours telling myself so. Fast forward eight years to when I became an entrepreneur and those beliefs sabotaged every financial move I made. I spent money as fast as I made it (plus more) without any idea of strategic budgeting and cash flow forecasting.

It was only when I was in a real financial mess and wanted to sell my spa that I was willing to get serious about my business. Surprisingly, learning how my business money worked was not nearly as hard as I thought it would be. And, it turns out; I was not even close to being stupid about math. It just had to relate to my business to make it interesting and valuable enough to learn.

I pulled my business out of the red and well into the black within 12 months and sold it for a profit.

Belief System #2 - What’s in your wallet is what’s in your client’s wallet.

We are a caring bunch of service providers and would never want to cause our guests any emotional discomfort, especially about money. The result? We mistakenly assume because we may not be able to afford a $200 product or treatment, our client can’t either. So we don’t recommend it…even if she was clearly telling us she wants her beauty issue resolved.

Quite a few years ago, as my receptionist was cashing out one of my guests after a facial, she looked at the total. She could hardly get the words out: “That will be $468, please.” She was gob-smacked because she would personally never spend that much money on herself like that. My client happily handed over her credit card and booked her next appointment.

This was a great coaching moment to help my staff realize that we can never assume what someone else can afford. Listen to the needs of your guest, educate them on a solution, and allow them to decide whether they can afford it or not.

I strongly believe your business will be the best life coach you will ever have…if you are willing. These two toxic belief systems can secretly poison your business building tactics if you are open not enough to acknowledge them.

I’m not going to lie, it will take a cup of courage and a tablespoon of bravery to begin dissolving these contaminated beliefs about money. However, the self-awareness and resulting emotional shifts can make huge changes in the amount of revenues you are able to generate.

These are only two examples of many toxic belief systems we have about money. Which other untrue beliefs do you think may be harming your business?