I was breathing heavily as I tapped in the password for my online bank account.
It was early in 2007. I’d been a coach for a couple of years. And every time I looked at my online bank account, I felt an icy grip of fear in my tummy…
If a client had made a payment, my bank balance went up and I relaxed and breathed again.
If no one sent any money that day or I’d had some expenses and my balance went down, I got really nervous. I’d feel overwhelmed and I’d imagine never, ever signing another client again…
The fear and overwhelm were so much that I’d try to distract myself from the feelings – by constantly checking email or social media.
All I wanted was to be a successful coach, with great clients and a bank balance that only ever went upwards.
But I was focused on the wrong metrics and I didn’t know it…
Your bank account is good for only one thing
My life and my coaching business changed forever when I met Steve Chandler.
Because Steve taught me the importance of tracking my numbers.
What I discovered is that I was letting my bank account control my emotions. And that’s not healthy. In fact, it’s really UNHEALTHY!
What I learned was that my bank account is best used as a great reminder of the actions I need to take.
Use your bank account as a barometer for your actions, not your emotions…
Track, Track, Trackity Track!
A few years later, Steve and I wrote a book together. And The Prosperous Coach Approach is what I use to this day, to enroll my private clients.
You see, Creating Clients is a process. And you will massively up-level your game if you TRACK what you’re up to…
The biggest challenge that coaches face is how to make sure that they are tracking the right things…
The problem with LAG Indicators
It’s easy to track your income (just look at your bank balance). The trouble with tracking income is that you feel like you’re on an emotional rollercoaster.
You feel amazing when you sign a client and the money enters your bank account. And you feel terrible when a potential client says no, or a client decides to end a coaching agreement.
Income is out of your control. It’s in the client’s control whether or not they decide to pay you.
Income is a Lag Indicator. This means that it only ever follows as a result of certain actions and behaviors.
Lag Indicators are output oriented. They are easy to measure but hard to improve or
influence.
So, instead, put your attention on Lead Indicators…
Why you need to focus on LEAD Indicators
The entire Prosperous Coach Approach is designed around a four step framework: Connect – Invite – Create – Propose.
The power of this approach is that each step contains a series of actions and behaviors that are most definitely within your control.
They are LEAD INDICATORS.
In fact, one of the reasons my clients have such a great track record in building practices with high performing, high fee clients is that they track their numbers.
And they track the right numbers…
You need to track 5 Lead Indicators and one Lag Indicator
The dashboard on your car keeps you focused on what counts. Are you over the speed limit? Do you need to top up the fuel? Are the tires at the correct pressure? Is the engine overheating? All these dials and indicators help you arrive safely – and efficiently.
Coaches and consultants who want to build a business by invitation and referral – with high-performing, high-fee clients – need a dashboard, too…
So I created one.
Until now, I have only shared this with my clients.
The Client Creation Dashboard is a Game Changer. But just like the dashboard on your car, you need to actively use it.
If you don’t pay attention to the speedometer, you’ll get stopped by the cops for speeding. If you don’t pay attention to the engine temperature, you’ll break down and need the emergency services.
There are 6 dials on this dashboard and you need to put all your attention on the first 5. If you do, number 6 will take care of itself…
Download and print your own copy of the Client Creation Dashboard
- How many people did you CONNECT with, this week?
This is a lead indicator. It’s totally in your control how many people you connect with each week. But note that it only counts when you have a genuine heartfelt conversation, not an email or a Facebook message.
- How many people did you INVITE to a coaching conversation?
An invitation is not an offer to your email list. It’s a deeply personal invitation to one person.
- How many people did you COACH – who are not current clients?
My calendar has two colors – blue and red. A coaching session with a client is in blue. If I’m coaching someone who isn’t yet a client, it’s red.
If there’s too much blue on my calendar, that’s an early warning sign that down the road, my clients will complete and I’ll have no new clients.
When my calendar has appointments in red, that means I’m coaching people who are not yet clients. Serve, serve, serve. These aren’t ‘taster’ sessions. I’m coaching these potential clients as powerfully as I can. I’m holding nothing back. It’s a long-term game. And it’s in my control.
- How many NOs did you collect?
I help my clients celebrate the NOs – because YES LIVES IN THE LAND OF NO… The more NOs you collect, there more YESes are on their way.
(By the way, NO is an acronym. It stands for Next One! 😉)
It’s a NO when you’ve made a proposal and the client says, “No thank you…”, “Not right now…” or even, “I’ll think about it…”
- How much money did you make in PROPOSALS?
This is the total amount of money that you proposed to potential clients. If you propose a $10K coaching program to a client, you put $10,000 on your dashboard. If you make 5 different proposals this week, you total them up and you add that number to your dashboard.
As your proposals increase, they will have an impact on the final dial, over time…
- How much money did you make in BILLINGS?
This is the total amount of money that actually went into your account. It’s important to track. (Ultimately, if you’re not making any money as a coach, you might be in the wrong profession.) But put most of your attention on the first 5 dials.
At this time of uncertainty, one thing is certain
Serve people so powerfully that they never forget your conversation for the rest of their life… It’s the only way to build a coaching business with a handful of high-performing, high-fee clients.
And track your conversations.
Love. Rich