Your business growth is intrinsically tied to the words you use, dictated by the thoughts you think. When you use powerful words that indicate wealth, possibility, and abundance, that is going to follow. When instead, you get stuck in a pattern of using weak words, lack and limitation are likely to follow.
What is your first reaction when someone asks for your budget? It could be your budget for a marketing plan, your budget for buying a house, your budget for back-to-school clothes for your kids or your budget for a vacation. Any of these will evoke a similar response.
Physically you will tighten up all over and typically dodge the question, hoping that the party asking will instead provide “budget” numbers. None of us want to admit to having limitations. We don’t want to allow anyone else to know that much about our personal or our professional business.
Well, your clients are the same way so when you ask what their budget is, they seize up and dodge the question, too. (In some case, they’ll come out and ask you how much they need to budget. Be sure to turn that conversation around to make it about an investment.) A budget involves a line item on an expense report with a life cycle. It has no return on it and is often considered money necessary to spend but not delightfully so. Your business isn’t going to grow with only budgetary expenditures, you’ve got to invest, just as you need your clients to invest in your services and products.
Consider the word “investment.” An investment can be made by anyone, at anytime, anywhere, in any amount, for any reason. An investment has the power to be unlimited, while a budget is a clearly stated limit. And the best part is it an investment has a return on it (ROI). If you ask a client what they are willing to invest you will get a very different answer without the limitations that a budget drags with it. You’ll find them open to a conversation about creating value instead of a required expenditure.
Strategically making this word shift will shift your business to a new level of revenue as well as a new level of client. Those clients that insist on working at a budget level will no longer be fits for the extraordinary value you deliver at an investment.
The delight of an investment is it brings a return, an ROI, a long term, big picture value. This confirms that what you are selling or buying has a lasting significance, be it a service or a product. This is particularly vital in making larger sales with bigger margins for more profit.
When you can effectively eliminate the word and meaning of the term “budget” from your life and business, you will be banishing a seriously limited mindset. You will be transforming yourself from lack to limitless in one simple step.
This applies to any expenditure, from groceries to vacations, from marketing plans to training, from decorating to a new car. When you make an investment it immediately brings to mind the positive lasting value of the product or service.
I have often had clients see a positive impact on their bottom line in as little as 30 to 90 days when they replace the word “budget” with the word “investment.” This simple shift will change how you look at money, abundance, and prosperity, it also changes how your client perceives your value. Banish the “budget” and learn the abundance of “investment!”