While many coaches and consultants talk about return on investment, you have an opportunity to stand out in your market when you bring your clients to an understanding of the Return On Advantage™ of working with you. A return on goes beyond the shorter term return on investment to the lifetime value of the change that you bring.
Making the leap from corporate to entrepreneur is a rewarding journey and not necessarily an easy one. My job is to help you accel past the starting gate and start building some real momentum in replacing your income by embracing your value, packaging your skills and creating a lifestyle that you choose. It’s exhilarating, rewarding and not for the faint of heart.
Today we are talking about ROA. Return on Advantage.™
While many coaches and consultants talk about the ROI of working with them, they are mostly talking about short term gains. And they say something like, “If you work with me you will be able to build out a 5 or 6 figure launch.” Meaning by learning their methodology or strategy, you will be able to immediately 10x the value of what you invested in their course or program.
And don’t get me wrong, that’s an amazing ROI.
But, you might not have a hard dollar or immediate financial return on the work you do for your clients. So how do you position yourself as giving your clients a distinct advantage?
Let’s take the scenario of a career coach. If you are looking for a job, you might be able to find a position that better fits their desire for the ideal work situations, maybe you help them get a promotion or a raise. That has a distinct immediate value – both in terms of the emotional value of feeling great about landing this amazing opportunity, the boost in confidence and the boost in income are all real, tangible returns.
But what is the long-term advantage of that one major move? If you increase someone’s earning potential or help them jump up a level, that has a compounded lifetime return. From this point forward, their earning potential is cumulatively higher than it was before they started working with you. That might result in more than a 10 or 20 thousand dollar bump. The Return on Advantage could equate to hundreds of thousands or a million dollars over the course of her career. Not to mention what the increased level of confidence and negotiation skills will return when applied to other areas of your client’s life.
Similarly if you work with people to become better leaders. What is their Return on Advantage by becoming a better leader? More confidence in your presence and impact, mentoring other great leaders that will carry on and mentor other great leaders. Great leaders tend to have a bigger financial impact on the companies they work for. Can you see how this translates into a legacy or ripple effect on the work that you do for the clients or companies you work for?
Let’s apply this to you. In the corporate world you were likely making a high five or six figure salary. You had a singular focus of delivering value to one company’s mission. And you were rewarded based on your performance (and of course your ability to navigate corporate politics.)
As an entrepreneur, you have ultimate control – of your time, your income, your impact. What is the return on advantage for investing in your own success? It’s it building a 7 or 8 figure business beyond the 6 figure paycheck you left behind?
Being able to spend more time with your family or travel more which has a direct impact on your happiness. Is it a new level of confidence and belief in yourself and your skills that you have never experienced before? The personal growth and confidence that comes from this level of success is priceless.
You can apply this to any business, whether you are a health coach, have an accounting practice, provide legal or financial advice. instead of thinking of the short term ROI, think about the longer term return on advantage.
And bring this into the sales conversation with your potential customers. This longer term view of the impact you will have together is something that will make you stand out from the rest and position you as a longer term partner with the clients that you work with.
How will you have the conversation with your potential clients about the ROA of the work that you will do together? I’d love to hear from you in the Life After Corporate Facebook Group and if this struck a particular chord with you today, please consider leaving a comment below and let others know the value of this blog.
Release Fear. Think Clear. Get Into Gear.