Recession Confession

I keep hearing the word recession, recession, recession. So many of us want to ‘blame’ the recession for whatever is going on in our lives. I guess we NEED something to blame because it just can’t be us. It can’t be how we have chosen to spend our money and not save. It can’t be how we continue to live above our means just so we can compete with the Jones’. It can’t be that we chose to remain at a job that is unsatisfying and unfulfilling. Of course, that can’t be it. It has to be the recession. I say…..bullshit.

I recently received an email from a client letting me know that because of the recession, he was unable to continue in our business relationship. I must admit, my first thought was to lower my fee. I felt that in doing so, I could ‘help him through the recession’. Then I realized that my thoughts were foolish. Let me give you some background on my relationship with this client.

When we first started in 2006, he was collecting anywhere from $100k-$150k per year. At the end of 2007, he had collected near $500k. At the end of 2008 he had collected $1,507,862.36. Now the question comes to mind….how is it that he is affected by the recession and in turn now I am affected by the recession? Why would I reduce my fee when I have helped increase his insurance collections by 566%? Am I so desperate that I do not see the value of my services? Has this ‘recession thing’ gotten to me that I would be fearful of losing a client? Now on to my recession confession…

During the 3 years that my client and I were in this relationship, I became ‘comfortable’. I saw the increase in his numbers, consider what would be the increase in my numbers and became comfortable. I did not advertise nor market my services to potential clients. I just worked and worked and worked to build HIS business without taking any time to build MY business. The key is to have enough business that when one client leaves, you do not even notice it. The savvy business owner takes into consideration that clients leave and they are prepared to replace them without missing a beat. My confession….up until now, I have not been that savvy business owner. I have been nothing more than a glorified employee. Yes, I can set my own hours. Yes, my schedule is flexible. However, I have yet to establish my financial foundation. I am still building on shaky ground.

The great thing about this experience is that I have taken the time to step back, reevaluate my life and my business. I get the opportunity to rebuild and restructure. This is my recession confession, what’s yours?

In Love,

J-licious