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Self-Leadership for Sustainable Success, with Dr. Kate McCombs

May 14, 2025 by John Ray

Self-Leadership for Sustainable Success, with Dr. Kate McCombs, Samford University and RH Leadership, on The Price and Value Journey podcast with host John Ray
North Fulton Studio
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Self-Leadership for Sustainable Success, with Dr. Kate McCombs, Samford University and RH Leadership, on The Price and Value Journey podcast with host John Ray

Self-Leadership for Sustainable Success, with Dr. Kate McCombs (The Price and Value Journey, Episode 132)

In this episode of The Price and Value Journey, host John Ray discusses the often-overlooked aspect of self-leadership with Dr. Kate McCombs, assistant professor of management at Samford University and founder of RH Leadership. Kate defines self-leadership as the practice of influencing one’s own thoughts, behaviors, and motivations to achieve goals. She explains its critical importance for solo and small firm professionals, emphasizing that self-leadership is not a personality trait but a learned skill set. Kate shares her personal journey in leadership, particularly highlighting how becoming a mother taught her the vital need for self-leading in everyday life. She also discusses how self-leadership can prevent burnout, foster employee engagement, and ensure sustainable personal and organizational growth. Practical tips on setting intentional goals, self-observation, and balancing efficiency with effectiveness are also explored.

The Price and Value Journey is presented by John Ray and produced by North Fulton Business Radio, LLC, an affiliate of the Business RadioX® podcast network.

Dr. Kate McCombs, Samford University and RH Leadership

Dr. Kate McCombs
Dr. Kate McCombs

Kate McCombs, Ph.D., is an Assistant Professor of Management at Samford University’s Brock School of Business in Birmingham, Alabama. She joined the faculty in 2021 and teaches courses in leadership, human resource and organizational management, and entrepreneurship. In addition to her academic role, Kate is the founder of RH Leadership, where she provides leadership coaching, workshops, and training for businesses, with a focus on developing emerging leaders.

Kate holds a Ph.D. in Business Administration and Management from Florida Atlantic University, a master’s degree in international business, and a bachelor’s degree in finance from the University of Florida. Before entering academia, she worked in finance with Siemens Healthcare in New York City and Raleigh, North Carolina, and later in sales in Nashville, Tennessee.

Her research explores leadership, identity work, and gender roles, with recent publications on topics such as narcissism, charisma, and character in U.S. presidential elections. She has also co-authored studies on self-leadership strategies and work-life conflict.

Kate is actively involved in professional development organizations. She completed Momentum’s Upward Early Career Program, which supports the growth of female leaders in Alabama, and currently serves as the 2023–2024 Rotary Transition Chair for the Rotaract Club of Birmingham.

Her work has been recognized with several honors, including the inaugural Brock School of Business Mission Impact Award and the Professor Larron C. (Larry) Harper Service Award for her integration of community service into leadership education.

LinkedIn | RH Leadership website | Samford University website

Key Takeaways from Kate McCombs in this Episode

  • Self-leadership is a skill, not a personality trait. You don’t have to be naturally confident or extroverted to lead yourself well. You just need to build habits and stay intentional.

  • You can look successful on the outside and still feel like you’re falling apart. Many professionals appear to be thriving while quietly burning out. Kate emphasizes the importance of aligning your business with your energy and values.

  • Consistent, intentional action matters more than doing more. Instead of chasing productivity, Kate encourages professionals to choose one focus, track it, and reflect on how it’s working.

Topics Discussed in this Episode

00:00 Introduction and Welcome to The Price and Value Journey
01:18 Meet Kate McCombs: Leadership Expert
02:43 Kate’s Journey to Self-Leadership
04:42 Understanding Self-Leadership
09:43 Self-Leadership for Solopreneurs
12:37 The Importance of Self-Leadership in Business
21:03 Engagement and Personal Agency
26:53 The Importance of Pausing and Intentional Reactions
29:35 Balancing Efficiency and Effectiveness
31:55 Self-Leadership Skills and Technology
36:44 Overcoming Overwhelm with Intentionality
42:12 Advice for Emerging Leaders
45:05 Practical Tips for Self-Leadership
46:50 Conclusion and Contact Information

About The Price and Value Journey Podcast

The Price and Value Journey is a show for expert-service professionals who want more than formulas and quick fixes. If you’re a solo or small-firm provider—consultant, coach, attorney, CPA, or fractional executive—you know the real work of building a practice goes far beyond pricing. It’s about finding clarity, showing up with confidence, and learning how to express the full value of what you do in ways that clients understand and appreciate.

The Price and Value Journey Podcast with host John RayHosted by John Ray, business advisor and author of The Generosity Mindset, this podcast explores the deeper journey behind running a services business: how you think about your work, how you relate to clients, and how you sustain a business that’s not only profitable but deeply fulfilling. Yes, we talk pricing, but we also talk mindset, business development, trust, empathy, positioning, and all the intangible ingredients that make a practice thrive.

With solo episodes and conversations featuring thoughtful guests, The Price and Value Journey is a companion for professionals who are building something meaningful. Produced in partnership with North Fulton Business Radio, LLC, an affiliate of Business RadioX®, the podcast is accessible on all major podcast platforms. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey
John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

In his other business, John is a podcast show host, strategist, and the owner of North Fulton Business Radio, LLC, an affiliate of Business RadioX®. John and his team work with B2B professionals to create and conduct their podcast using The Generosity Mindset® Method: building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 850 shows and having featured over 1,300 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

The Generosity Mindset, by John RayJohn is the #1 national best-selling author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to them. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver outstanding value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

Your combination of these elements is unique in your industry. There lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: Habits, intentional habits, intentionality, John Ray, Kate McCombs, Leadership, RH Leadership, Samford University, self-leadership, skill set development, solopreneurs, The Price and Value Journey

Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting

October 9, 2024 by John Ray

Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting, on The Price and Value Journey podcast with host John Ray
North Fulton Studio
Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting
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Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting, on The Price and Value Journey podcast with host John Ray

Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting (The Price and Value Journey, Episode 116)

One reason service professionals choose self-employment is for flexibility in their retirement, but they sometimes find that ageism has its own agenda. In this episode of The Price and Value Journey, host John Ray welcomes Dr. Larry Gard, a retirement coach and consultant, to discuss the challenges and nuances of working and retiring faced by older self-employed professionals. The conversation delves into the effects of ageism, the distinct retirement experiences of self-employed individuals, and strategies to prepare for a satisfying post-retirement chapter. Dr. Gard shares insights from his career as a psychologist and coach, emphasizing the emotional and strategic aspects of winding down a business. The episode also covers the importance of maintaining relevance and exploring new opportunities in retirement planning that go beyond financial considerations.

Dr. Gard’s blog post referenced in this episode, “Fade out? Bow out? Forced out? A Big Challenge Facing Older Self-Employed People,” can be found by following this link.

The Price and Value Journey is presented by John Ray and produced by the North Fulton affiliate of Business RadioX®.

Dr. Larry Gard, Done with Work Retirement Coaching and Consulting

Challenges Facing Older Self-Employed Service Professionals, with Dr. Larry Gard, Done with Work Retirement Coaching and Consulting, on The Price and Value Journey podcast with host John Ray
Dr. Larry Gard, Done with Work Retirement Coaching and Consulting

Dr. Larry Gard is a retired psychologist in Chicago and the founder of Done With Work Retirement Coaching and Consulting.

Though no longer a therapist, his long career in clinical psychology gives him the necessary perspective and experience to help professionals sort through the head and heart side of retirement and craft a satisfying next chapter.

Larry is also the author of Done with Work: A Dozen Perspectives on The Decision to Retire, which offers insights into making a meaningful retirement decision.

Website | LinkedIn

Topics Discussed in this Interview

00:00 Introduction to The Price and Value Journey
00:25 Challenges of Winding Down Professional Work
01:41 Introducing Dr. Larry Gard
02:54 Dr. Gard’s Journey and Insights
05:17 Understanding Self-Employment and Retirement
09:25 Ageism and Its Impact on Professionals
13:01 Strategies for Staying Relevant
19:17 Planning for Retirement
28:11 Dealing with Current Retirement Challenges
32:50 Supporting Others in Their Retirement Journey
35:19 Success Stories and Final Thoughts
38:48 Conclusion and Contact Information

About The Price and Value Journey

The title of this show describes the journey all professional service providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing that reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line and the mindset you bring to your business.

The show is hosted and produced by John Ray and the North Fulton studio of Business RadioX®. The show can also be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of "The Price and Value Journey"
John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

In his other business, John is a Show Host and Producer and owns the North Fulton (Georgia) studio of Business RadioX®. John and his team work with B2B professionals to create and conduct their own podcast using The Generosity Mindset™ Method:  building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 780 shows and having featured over 1,200 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

The Generosity Mindset, by John RayJohn is the #1 national best-selling author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to those clients. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver great value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

The combination of all these elements is quite different for you compared to any other service provider in your industry. Therein lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: ageism, Dr. Larry Gard, fulfillment in retirement, John Ray, Price and Value Journey, professional services providers, retirement, self employed, solopreneurs, The Price and Value Journey

Should You Discount Your Services When You’re Starting Out?

April 8, 2024 by John Ray

Should You Discount Your Services When You're Starting Out?, John Ray, The Generosity Mindset
North Fulton Studio
Should You Discount Your Services When You're Starting Out?
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Should You Discount Your Services When You're Starting Out?, John Ray, The Generosity Mindset

Should You Discount Your Services When You’re Starting Out?

John Ray discusses a common mistake solopreneurs make when starting out: discounting their services. John explains that such a decision attracts non-ideal clients and creates problems with value perception due to anchoring bias. He uses an example from his own buying experience of how initial pricing can anchor client expectations of price and value, making it hard to adjust perceptions of value later. Ray advocates engaging in value conversations with clients before discussing pricing and positioning services as an investment with a return.

This episode was adapted from the August 17, 2023 edition of John’s newsletter, The Price and Value Journey.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

Topics Discussed in this Episode

00:00 Embarking on the Price and Value Journey
00:05 The Pitfalls of Discount Pricing for New Businesses
01:17 Understanding the Anchoring Effect in Pricing
02:18 A Real-Life Example of Anchoring: The Athletic
03:52 Navigating Business Challenges with Value Conversations
06:04 Crafting Service Options and Setting Prices
06:58 Laying the Foundation for Long-Term Business Success
07:28 Exploring Further: The Generosity Mindset Book

About The Price and Value Journey

The title of this show describes the journey all professional service providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing that reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line and the mindset you bring to your business.

The show is hosted and produced by John Ray and the North Fulton studio of Business RadioX®. The show can also be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of "The Price and Value Journey"
John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

In his other business, John is a Show Host and Producer and owns the North Fulton (Georgia) studio of Business RadioX®. John and his team work with B2B professionals to create and conduct their own podcast using The Generosity Mindset™ Method:  building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 750 shows and having featured over 1,200 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s Book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

The Generosity Mindset, by John RayJohn is the #1 National Bestselling Author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to those clients. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver great value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

The combination of all these elements is quite different for you compared to any other service provider in your industry. Therein lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: discounting, John Ray, Price and Value Journey, pricing, professional services, professional services providers, solopreneurs, The Generosity Mindset, value, value pricing

Positioning From the Client’s Perspective

April 1, 2024 by John Ray

Positioning from the Client's Perspective, John Ray Price and Value Journey
North Fulton Studio
Positioning From the Client's Perspective
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Positioning from the Client's Perspective, John Ray Price and Value Journey

Positioning From the Client’s Perspective

John Ray discusses a misconception held by some solopreneurs and small firm professional services providers: that their value and positioning start with their credentials. Through a storytelling approach involving a conversation with a leadership coach, Ray illustrates the importance of framing one’s value from the client’s perspective rather than merely showcasing certifications. He emphasizes that clients seek value based on their own perceptions and challenges. Effective positioning should thus focus on understanding and articulating how one’s services address specific client issues. Positioning in this manner leads to better pricing and client satisfaction.

This episode was adapted from the February 1, 2024 edition of John’s newsletter, The Price and Value Journey.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

Topics Discussed in this Episode

00:00 Welcome to The Price and Value Journey
00:05 The Misconception of Positioning in Professional Services
00:22 A Real-World Example: A Leadership Coach
01:41 The Importance of Value from the Client’s Perspective
02:24 Shifting the Conversation: From Certification to Solving Problems
03:05 The Power of Client-Centric Positioning
04:05 Closing Remarks and Contact Information

About The Price and Value Journey

The title of this show describes the journey all professional service providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing that reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line and the mindset you bring to your business.

The show is hosted and produced by John Ray and the North Fulton studio of Business RadioX®. The show can also be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of "The Price and Value Journey"
John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

In his other business, John is a Show Host and Producer and owns the North Fulton (Georgia) studio of Business RadioX®. John and his team work with B2B professionals to create and conduct their own podcast using The Generosity Mindset™ Method:  building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 750 shows and having featured over 1,200 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s Book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

The Generosity Mindset, by John RayJohn is the #1 National Bestselling Author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to those clients. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver great value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

The combination of all these elements is quite different for you compared to any other service provider in your industry. Therein lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

 

Tagged With: brand positioning, John Ray, positioning, professional services providers, solopreneurs, The Price and Value Journey, value, value conversation, value pricing

From Pressure to Peace as an Expat CEO, with Bernadette Harris, The BTB Advisory Firm

March 20, 2024 by John Ray

Bernadette Harris, The BTB Advisory Firm
North Fulton Studio
From Pressure to Peace as an Expat CEO, with Bernadette Harris, The BTB Advisory Firm
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Bernadette Harris, The BTB Advisory Firm

From Pressure to Peace as an Expat CEO, with Bernadette Harris, The BTB Advisory Firm

Bernadette Harris, the owner of The BTB Advisory Firm, joined host John Ray to share her unique entrepreneurial journey. Bernadette shared insights from starting her tax preparation and bookkeeping business in 2001, evolving into a forensic accountant and a certified fraud examiner dedicated to aiding small businesses. Her narrative includes navigating the successes and challenges of entrepreneurship, the pressure that built up over the years, how the pandemic amplified that pressure, and a health scare that led to a pivotal decision to drastically cut down her client list. Bernadette also discussed her transition towards a CEO role, moving out of day-to-day operations, and her move to Mérida, Mexico, to live as an expat. This move, she emphasized, was a crucial step in reshaping her business to focus on providing comprehensive services to a curated list of clients, significantly contributing to her firm’s evolution and her personal rejuvenation.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

Bernadette L. Harris, Founder and CEO, The BTB Advisory Firm

Bernadette L. Harris is the CEO and Forensic Accountant at The BTB Advisory Firm, a small business accounting firm focused on helping entrepreneurs make confident financial decisions and propel their businesses forward. With over 20 years of experience, she has helped numerous small business leaders gain a handle on their finances, understand their financial picture, and positively impact their bottom line.

Bernadatte is not only an award-winning tax and forensic accountant, but she is also a bestselling author and keynote speaker. She holds an MBA from Keller Graduate School of Management and an MS from Carlow University. Her professional certifications include Certified Fraud Examiner and QuickBooks Certified ProAdvisor.

Bernadette is passionate about empowering small business owners with financial literacy and expertise. Through her firm, she provides high-quality financial data, advice, and strategies to help clients make informed decisions and achieve long-term success. Her clients praise her ability to ease their fears, help them understand their financial picture, and positively impact their profits.

With a strong educational background, professional certifications, and decades of experience, Bernadette has established herself as a trusted advisor and advocate for small business owners seeking financial guidance and growth.

Website | LinkedIn | Instagram | Facebook

Topics Discussed in this Episode

00:00 Welcome to The Price and Value Journey with Bernadette Harris
01:44 The Evolution of Bernadette’s Accounting Firm
04:02 Navigating the Pandemic: Challenges and Growth
06:14 A Personal Health Crisis Leads to Major Changes
10:43 Strategic Business Shifts and Becoming an Expat
15:44 The Difficult Decision to Let Go of Clients
20:46 Revamping the Team and Embracing Remote Work
22:59 Embracing Remote Work and Flexibility
24:07 The Power of Location Independence
25:59 The Role of Coaching in Business Transformation
28:40 Stepping into the CEO Role: A New Leadership Paradigm
32:33 Navigating Business and Personal Growth from Mexico
38:23 Envisioning the Future: Business Evolution and Client Relationships
42:21 Connecting with Bernadette
43:17 Closing Thoughts

About The Price and Value Journey

The title of this show describes the journey all professional service providers are on: building a service practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at a price that reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line and the mindset you bring to your business.

The show is hosted and produced by John Ray and the North Fulton studio of Business RadioX®. The show can also be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray, Author of The Generosity Mindset and Host of "The Price and Value Journey"
John Ray, Author of The Generosity Mindset and Host of The Price and Value Journey

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include business coaching and advisory work, as well as advising solopreneurs and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their expertise, such as attorneys, CPAs, accountants and bookkeepers, consultants, coaches, marketing professionals, and other professional services practitioners.

In his other business, John is a Show Host and Producer and owns the North Fulton (Georgia) studio of Business RadioX®. John and his team work with B2B professionals to create and conduct their own podcast using The Generosity Mindset™ Method:  building and deepening relationships in a non-salesy way that translates into revenue for their business.

John is also the host of North Fulton Business Radio. With over 750 shows and having featured over 1,200 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in its region like no one else.

John’s Book, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices

The Generosity Mindset, by John RayJohn is the #1 national best-selling author of The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices.

If you are a professional services provider, your goal is to do transformative work for clients you love working with and get paid commensurate with the value you deliver to those clients. While negative mindsets can inhibit your growth, adopting a different mindset, The Generosity Mindset™, can replace those self-limiting beliefs. The Generosity Mindset enables you to diagnose and communicate the value you deliver to clients and, in turn, more effectively price to receive a portion of that value.

Whether you’re a consultant, coach, marketing or branding professional, business advisor, attorney, CPA, or work in virtually any other professional services discipline, your content and technical expertise are not proprietary. What’s unique, though, is your experience and how you synthesize and deliver your knowledge. What’s special is your demeanor or the way you deal with your best-fit clients. What’s invaluable is how you deliver great value by guiding people through massive changes in their personal lives and in their businesses that bring them to a place they never thought possible.

The combination of all these elements is quite different for you compared to any other service provider in your industry. Therein lies your value, but it’s not the value you see. It’s the value your best-fit customers see in you.

If pricing your value feels uncomfortable or unfamiliar to you, this book will teach you why putting a price on the value your clients perceive and identify serves both them and you, and you’ll learn the factors involved in getting your price right.

The book is available at all major physical and online book retailers worldwide. Follow this link for further details.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: advisory services, Bernadette Harris, BTB Advisory Firm, CPa, expat, John Ray, Mexico, Price and Value Journey, pricing, professional services, professional services providers, solopreneurs, value, value pricing

Changing Your Pricing Mindset

July 21, 2023 by John Ray

Changing Your Pricing Mindset
North Fulton Studio
Changing Your Pricing Mindset
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Changing Your Pricing MindsetChanging Your Pricing Mindset

On this episode The Price and Value Journey, host John Ray presents “Changing Your Pricing Mindset” to a group of business owners. John lays out mindsets that create problems for professional services providers, such as the mindset of comparison and the mindset of inadequacy. John defines and discusses what he calls “the generosity mindset” as an antidote. He also shares how clients decide to buy based on intangibles, having value conversations with prospects and clients, constructing proposals with a three-option model, and closes by answering questions from roundtable members.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: Hello, I’m John Ray on the Price and Value Journey. Recently I was honored to be invited to present to a private round table, organized and run by Terry Dockery, better known as Doc Dockery. He has a business consulting firm called The Resolve Firm and as part of his work he runs this private round table for business leaders and business owners, and occasionally he’ll have guest speakers in to come in and talk about various areas of

[00:00:33] expertise and topics of interest. He invited me to speak on pricing and value and other issues like that, and I gave a presentation called Changing Your Pricing Mindset. And in that presentation I covered issues like mindset and the mindsets which inhibit our growth and the generosity mindset to get over those

[00:01:01] inhibiting mindsets that hold us back. I also talked about the value conversation, how to construct better proposals and more.

[00:01:16] With Doc’s permission, I’m releasing the recording of that round table as an episode of the Price and Value Journey.

John Ray: [00:00:00] Okay. I’m going to talk about pricing mindset. And pricing mindset has a lot to do with you as a services provider, me as a services provider. If you’re a product provider, not so much, but we’ll talk about the difference here in a second.

John Ray: [00:00:21] So, here’s the obvious statement, in professional services, you’re not selling a product. So, you’re not selling a bicycle, you’re not selling apples, you’re not selling doggy treats, you’re not selling cans of green beans or craft beer, let’s say. What you’re selling and what your factory for amounts to is what’s between your ears. It’s the sum total of your experience, your expertise, what you bring to the table for your clients. And what that means is that you are the product. You individually are the product.

John Ray: [00:01:04] And that creates a big problem because, essentially, you’re pricing yourself. Now, you’re not pricing a third inanimate object. That bag of doggy treats or that can of green beans or that bicycle, you’re not pricing that. What you’re pricing is, essentially, yourself because everything that you’re offering that client is you, who you are, and what comes out of your head. And that’s a problem. It’s a problem because what gets in the way as a services provider, you being able to most effectively position yourself and price your services are mindsets, it gets into what’s in our head.

John Ray: [00:01:56] And here are a few of those mindsets that inhibit our growth that hold us back as services providers. One is the mindset of inadequacy. Another way to say that is the imposter syndrome, “I’m not quite good enough to be sitting in front of this client” or “I need to discount my services in order to measure up and to get this client to take a chance on me.”

John Ray: [00:02:24] That’s particularly a problem mindset with somebody that’s new in their business. I get the question all the time about should I discount my services when I’m first starting out. The answer to that is no, and we can get into that if you want to know more about that. But the mindset of inadequacy can even affect you as you grow and you start to take on larger clients. And you get to a point where maybe sometimes you come across a client, you wonder if you’re adequate to be able to handle that client.

John Ray: [00:03:01] The mindset of comparison. So, the mindset of comparison is really pretty simple, particularly in a social media soaked world. It’s, “Hey, I see someone else out there that doesn’t seem to have any warts, any problems. They’ve got slick social media images. They write well, blah, blah, blah. I can’t measure up to that.”

John Ray: [00:03:28] The mindset of binary thinking. Everything is black and white. There’s no gray. That kind of thinking inhibits our growth. The mindset of helping. So, the best example of this I’ve heard in the last few years is, I got invited to speak to a group of leadership coaches, and one of those coaches came up and told me that they are just on a mission to help everyone and they just do not believe in overcharging for the help that they want to be. Another way to say that is that’s the Mother Teresa syndrome. That’s nice and cute, but it’s not going to sustain a business longer term.

John Ray: [00:04:15] The mindset of scarcity. So, the feeling that the world is a fixed pie, that there are only so many clients to go around, and, therefore, whatever someone “takes from me” is something that I’ll never be able to replace. It’s seeing the world as I’ve got to get what I can get today and whatever client is in front of me, I have to sign up.

John Ray: [00:04:45] So, it’s mindsets like this that inhibit our growth. So, to get past this, I think what we have to do is we have to understand there are two distinct perspectives that exist for our clients, our prospects, the community, our network, and us as a service provider. We’re the business owner and we’re looking at ourselves and our expertise. We look at our certifications and, of course, we’re swimming in some combination. Each of us have some combination of some mindset issues that affect how we look at our business.

John Ray: [00:05:27] Clients, however, have an entirely different perspective. They don’t see those mindset issues that we have. And a lot of them really don’t care about our expertise and certifications. What they care about is solutions to their problems. And they are sitting in front of us for a reason that goes beyond the things that we like to talk about, which is our expertise, our qualifications, degree, certifications, past clients, et cetera. Those aren’t the same perspectives.

John Ray: [00:06:11] Here’s my solution to this, if you will, or the way I think about it and my philosophy about it in terms of what I see as work for me and many others. And it’s really making it about others in terms of the mindset you bring to the table. So, those clients, prospects, referral partners, community is creating a generosity mindset around that entire ecosystem, if you will. And not leaning into those mindsets you carry in your head but the needs, hopes, desires, wants, dreams of that person sitting in front of you, whether they’re a client, a prospect, a referral partner, or a member of your community.

John Ray: [00:07:05] And the generosity mindset has a number of different characteristics, but here are just a few. It’s empathetic. Generosity is something where you’re standing in the shoes of someone else and thinking about their needs and wants first. You’re thinking in terms of how you empower others to improve their lives and their businesses and create transformative outcomes for them, both professionally and personally. It’s not transactional.

John Ray: [00:07:42] So, sometimes when you hear some people say I want to help, the way they frame that sometimes can be transactional and it feels that way and people smell that, “when you want to help” but there’s a catch. And I think the companies that did particularly well during the pandemic were those that helped without a catch to it, if you will. Those that had a catch to it, consumers, the rest of us, we all smelled that out. And people are very smart and they see through that.

John Ray: [00:08:30] So, generosity mindset is not transactional. And, again, it’s about empowering others. I feel so strongly about that, I have said that on here twice. But maybe it’s all summed up in one of my favorite books, The Go-Giver by Bob Burg. And he says, your influence is determined by how abundantly you place other people’s interests first.

John Ray: [00:08:55] And you can put income, you can put your value, you can put a lot of different nouns in there in place of influence, and they all come out the same is that the extent to which you place other people’s interests first is the extent to which your business ultimately will grow.

John Ray: [00:09:16] Now, here’s the beautiful irony of this. We as business owners, we see ourselves in a certain way and the clients view us as outcome deliverers. And what they’re looking for is value received, and their perception of value received is really how they’re looking at us. And they’re looking for transformational outcomes. And the value of those outcomes are always more, worth more to them than what we see. They see more value in us as services providers than we see in ourselves.

John Ray: [00:10:02] Now, why is that? Let’s talk about the lottery. This is a good way to explain intangible value. So, we’ve had several billion dollar lotteries, and the odds of winning $1 billion lottery are about one in 300,000,000. So, one piece of paper that you receive after standing in line for however long you have to stand in line to get one of those pieces of paper, that’s a statistically worthless piece of paper. That’s what the odds of one in 300,000,000 amount to.

John Ray: [00:10:42] Well, people are obviously buying those tickets for some reason. So, what are they getting if the chances are overwhelming that they’re buying something that they’re not going to receive any money back from? What they’re receiving are hopes. Hope springs eternal, as it will. They’re dreaming of what they’re going to do if they win.

John Ray: [00:11:07] Identification. Identification is, “Hey. I’m standing in line with all the people in my community.” Fear of missing out, “There’s my wife right there who texts me and says, ‘Hey, did you buy a ticket for the billion dollar lottery?'” So, there’s the fear of missing out. We can’t win if we don’t play. So, all of those benefits are intangible benefits, and that’s the reason people buy. They get something out of buying that ticket that goes well beyond the value of the ticket or they wouldn’t buy.

John Ray: [00:11:42] So, the point of that is that clients buy based on intangibles, not just tangible value. They buy based on intangibles. And if you want to characterize what those look like, it could be things like fulfillment, you feel more educated, for example, because I have engaged in the service, or identity. Identity may be a plain baseball cap is worth a whole lot less than one that’s got a Georgia Bulldogs logo on it. There’s identity.

John Ray: [00:12:21] Nostalgia, that may be an old soft drink that people have nostalgia for or an old type of food or a place or what have you. Enhancement, something that enhances my life in some way, whether that’s through knowledge or pleasure or what have you. Rituals, the place I drive by every day or the same coffee place I go to every day for my coffee or what have you. And indulgence is how I reward myself. So, whether that’s my favorite restaurant, my wife has her favorite place to go get a facial, what have you.

John Ray: [00:12:58] These are intangibles that have nothing to do with your service per se. So, let me explain how this works in real life. So, this is my friend Gloria Mattei. Gloria is the owner of Nothing Bundt Cakes, which she’s got now two locations, one here in Alpharetta and one in Sandy Springs. And Gloria came on my show and the first question I always ask on my show is the elevator pitch question, let’s tell folks about how you serve everyone.

John Ray: [00:13:32] And the first thing that she said on my show was we deliver joy. See, she’s positioned herself in an entirely different place than the sheet cake makers at Walmart and Kroger that are right around the corner from her locations. And when you see her product – you can get a sense of it here in one of these photos – you can see why people light up when someone walks in the room with one of her cakes. So, yes, she does deliver joy.

John Ray: [00:14:05] And the other intangibles that she has as well that she likes to talk about is that she’s a locally owned business. So, she’s not a unit of some corporate entity that’s located out of town. And she’s very active in the community in terms of supporting local charitable causes. So, when you support her business and you buy joy from her, if you will, you’re supporting local, charitable causes.

John Ray: [00:14:35] Here’s another example closer to home in professional services. Roger Lusby and Frazier & Deeter – they do a show with us, they’re a client of mine – he had one of his clients on, a fellow named Chuck Walker. And during the show, I asked Chuck, I said, “Tell me about Frazier & Deeter and how they’ve helped you build your business, and what it’s like working with Roger Lusby?”

John Ray: [00:14:58] And he didn’t say anything about the quality of his tax return, or the quality of business advice, or anything like that. Although, Roger has been a long time provider to him and so he must be doing a great job. The first thing he said was, “Roger has a calming effect on me.”

John Ray: [00:15:19] He says, “Sometimes when you talk to Roger, I don’t really come away with anything, maybe necessarily, although I usually do. But he helps calm me down because I’m an excitable guy and I get mad when I get a notice from the IRS or I’ve got a business problem or something like that. He just talks me through and calms me down.” That’s a complete intangible that has nothing to do with the quality of the tax return preparation or the business advice itself.

John Ray: [00:15:53] So, this – what I call – generosity mindset, how does it play in terms of how we have real conversations with real clients? It starts out by having a value conversation with a prospect that talks in terms of looking at that conversation from their perspective. We’re not pitching. We’re not selling anything. We’re just having a conversation to see if I’m the best fit because I may not be. And if I’m not, we’ll find someone else who is. Oh, and by the way, we will only enter into this relationship if the value that I provide is more than the price you pay. Everyone will say yes to that because that’s what people are looking for. Always.

John Ray: [00:16:47] And when you have a value conversation with a prospect, you want to get strategic so that you can ask a whole lot of questions that may or may not necessarily apply to your service. But what they do for you is allow you to get to what the real underlying dreams, hopes, needs, concerns of that client really are. And you allow clients to brain dump with the reasons that they called you, but also the things that are going on in the back of their head that they may not think are germane but actually truly might be.

John Ray: [00:17:33] Some of these questions I like to ask are questions like What’s keeping you up at night? What are you procrastinating about? That’s always a great question. My favorite is, How does your spouse or your significant other feel about your business? And I wrote a LinkedIn piece about this, so if you’re already following me on LinkedIn, you can find it there. It’s a newsletter I released last week. My newsletter is called The Price and Value Journey, and you can find it there.

John Ray: [00:18:06] But it was about a client meeting I had with a fellow that called me to come in and advise him on his business. And he was going on and on about how this and that was going well, and he had these multiple locations, and what great things he had done. And it was getting to the point where I was wondering why I was there.

John Ray: [00:18:27] And then, his spouse came in. And we introduced and she asked who I was, and I told her. And she said, “Oh, my gosh. Thank you so much for being here. We’ve got all sorts of problems and our books are terrible. We don’t know exactly what we’re making. We don’t know what the business is worth. Our retirement is sunk into this business and we don’t know what all that’s going to end up being worth.”

John Ray: [00:18:53] Guess what? Truth blew in the room when she came in. And, suddenly, I had a clear picture of what the needs, hopes, and desires of that client were that her husband really didn’t want to get into voluntarily.

John Ray: [00:19:10] I love to ask why questions, because why questions are catalytic. They cause people to think. So, when you’re in front of somebody talking about your business, Why are we doing this? What’s the end game? What do you think you’re going to accomplish out of this? What would happen if you just left things like they are? Why now? Is it really urgent that you do it now? You made this call to me or you’ve been referred in to me for a reason, why are we doing it now? And why did you wait so long to address the problem? Why me because I’m not the cheapest?

John Ray: [00:19:49] You see what I did there? I’ve positioned myself for a later conversation around price. Why not just handle that internally or do it yourself or hire someone else? So, why me? This is a very powerful question to ask.

John Ray: [00:20:09] Now, one thing about a value conversation is I think it’s not just a conversation you have with prospective clients. It’s a continuing dialogue, if you will, that you have with your clients. “Hey, how are things going? What are we doing right lately? Hey, we’ve cleaned this up or that up in your business, how has that transformed things that are going on in the rest of your business? Those kind of questions that you ask on an ongoing basis are really valued dialogue. And that value dialogue helps you later when it comes to having a conversation around raising prices.

John Ray: [00:20:54] Let’s talk briefly about proposals. The biggest mistake professional services folks make in offering a proposal is there’s one option and one price. And basically what you’re saying to a client is take it or leave it. It’s basically yes or no. It’s an ultimatum. That’s not a great message to leave.

John Ray: [00:21:15] What you really want to do is offer choices. And it’s really a recognition that different clients have different values. And clients like choices to an extent they can get confused with way too many choices. They’re relying on you as the expert to craft options that they can choose from.

John Ray: [00:21:38] Three is the magic number. So, it’s kind of a good, better, best model. Three is not overwhelming. And there’s a tendency to gravitate to the middle option. So, I advocate a good, better, best model. Good is your basic version of what’s requested by the client. Better includes a little bit more, so everything that’s in your good category plus additional benefits. Those benefits, by the way, may be, if you’re in the services business, things like your accessibility, how quickly you deliver the service, that kind of thing. So, it doesn’t all have to be additional things that you do. It’s how you deliver your service. And, of course, best is your velvet rope option, if you will.

John Ray: [00:22:34] Now, the biggest mistake that a lot of services folks make is they have one option, and that option is basically best. There’s no differentiation here.

John Ray: [00:22:47] Constructing a proposal, so I believe there’s just a few basic things that a proposal needs to have. Please do not put your qualifications, your picture, your degrees, anything about yourself in a proposal. That’s already settled. You wouldn’t have gotten that far if the client had any concern about that. So, please don’t put your team pictures, don’t put any of that stuff in there.

John Ray: [00:23:18] You simply reiterate the customer request, what did they originally talk about and what came out of that value conversation that you had. So, what you’re doing is you’re demonstrating that you were listening and you’re demonstrating an understanding of the client.

John Ray: [00:23:36] You provide options, recommendations. I call my proposals engagement recommendations or engagement options. I don’t like the term proposal because I’m an expert just like you are. And experts don’t propose, they give recommendations. So, when you go to the doctor, it does not propose to do something for you and you should be the same way.

John Ray: [00:24:03] And then, terms and conditions, that’s how you’re going to get paid. And that’s a pretty important piece of any document that you put in front of a client.

John Ray: [00:24:14] So, here’s just an example of a client that I worked with and what happens, the power of offering options. And this particular client, I can’t really get into the detail of exactly what they do, but essentially what they offered was an online coaching experience, we’ll call it, that lasted for a couple of hours and it was $800. Now, they didn’t price it by the hour – thank goodness. And by the way, you will notice that none of this really works that well if you’re pricing by the hour. That’s an entirely different discussion I’m happy to have.

John Ray: [00:24:59] But this particular client was thinking of it that way, if you will, and he was looking at the service that he offered in this experience and looking at it and saying I’m making $400 or $500 an hour, that’s pretty good money. And as we went into it and started thinking about it, what we talked about was what’s the perceived client value that’s coming out of that experience that you’re giving that client? And what we came up with were good, better, and best options.

John Ray: [00:25:40] And what was clear is what he had previously been pricing at $800 really had perceived value that was much, much higher such that he could justify a $1,500 price. We went through a whole exercise about what would be in his better option, what would be in his best option. I tried to get his best option a lot higher than 5,000, but he wouldn’t do that, so that’s as high as we went. But what we did was we came up with options that would allow him to put those in front of a client and let them choose what was the best fit for them.

John Ray: [00:26:21] So, right out of the chute, the first client he put this in front of chose the better option for $3,300. So, you don’t need me to do the math on this. That’s over four times the revenue you would received otherwise. Here’s the deal, the first bullet point is the most important to me, that client received much more value than they thought possible. They’re the ones that selected that. He didn’t. They selected that.

John Ray: [00:26:58] So, what he was doing by simply offering one option at a much lower price, he was not offering clients the value that they wanted to choose. So, it was really was all about them. And when he made it about them and gave them choices, those choices inevitably end up working out better for him as well. So, it’s happier client, happier consultant.

John Ray: [00:27:30] So, I’m going to take questions at this point because I’ve hit a lot of this at a real high level. And what I find is it starts generating questions and I want to get to that. But just real quick, you can find out more about me at pricevaluejourney.com. That includes my podcast. And I also have a book coming out later this year, it’s called – ironically enough – The Price and Value Journey: How to Improve Your Confidence, Your Value, and Your Prices Using the Generosity Mindset Method. So, that’s the name of the book, and here are some of the topics, whatnot, that you’ll find that I’ve addressed in my podcast and I’ll be addressing in my book as well.

Speaker 1: [00:28:18] John, how did you know that you could drop that last bit about the sky’s the limit on pricing your professional services? Right at the time when Terry had stepped out of the room, we really appreciate your ability to deliver that message when he couldn’t hear it.

John Ray: [00:28:34] Timing is everything, right?

Speaker 1: [00:28:35] Yeah, yeah, yeah.

Speaker 2: [00:28:36] John, I’ve been thinking of engaging in myself because I feel like I’m not charging these guys merely —

Speaker 1: [00:28:42] No. No. I already cut that off because you were out of the room. There was a whole bunch of caveats on there that you didn’t hear.

John Ray: [00:28:55] Well, I’m interested in your question. So, what questions can I answer?

Speaker 2: [00:29:00] I have a question for you.

John Ray: [00:29:02] Please.

Speaker 2: [00:29:02] But it’s very [inaudible]. So, I used to cut my teeth doing Fortune 500 consulting. I was traveling a lot, and my kids were growing up without me, and I was making a lot of money, but I was miserable. So, I decided to move downstream to the small business market and focus on the Atlanta region, basically to get out of hotels and off airplanes.

Speaker 2: [00:29:23] And it has been a pricing dilemma. What people used to pay me just to have access to be able to call me was a whole lot more. And it’s funny because it’s a different market of people in the smaller companies, they’re not as comfortable asking for help. The corporate guys get used to bringing in experts. And small business people – we’re talking about that earlier – they want to do everything themselves, they have a hard time asking for help, et cetera.

Speaker 2: [00:29:54] So, finding a pricing model that works in that market has always been an ongoing debate with myself about, “Damn. I’m worth more than that.” But then, what can a small business person realistically spend that makes sense for their budget where their kid doesn’t have to do without braces or that sort of thing? Anyhow, I’m sure you deal with small businesses and entrepreneurs that are scaling up their businesses. And I don’t know if that’s a question, but it certainly is an ongoing concern just for these guys and for myself as well.

John Ray: [00:30:29] Yeah, I mean – go ahead. Someone else had —

Speaker 1: [00:30:33] No. I’d like to hear your response.

John Ray: [00:30:35] Okay. Yeah. So, there’s several things there. So, one is that the caché and the authority value of the business card that you used to have is not with you anymore, so that’s one thing. And, yes, that can be a negative because people by McKinsey, let’s say – I’ll use that term – they buy the security of McKinsey not the consultant. In the small to medium-sized business market, they’re buying the consultant.

John Ray: [00:31:13] So, here’s a couple of things. One is that, when you come in with an hourly price to someone like that, the problem with an hourly price to a small to medium-sized business owner is they’ll tell you, “Hey. I’m not making $500 or 750 or 1,000 an hour.” Whatever you’re charging, they immediately look at that and say that makes no sense. And, of course, quoting an hourly rate is not the final price anyway, because they don’t know how long anything’s going to take. And, frankly, it really doesn’t matter how long it takes. It should not matter to them. What they care about are transformational outcomes, not how long it takes you to do it.

John Ray: [00:31:55] And increasingly, with the way services are changing with AI and a lot of other tools, we can come up with diagnostic solutions faster than ever. So, it’s really incumbent upon us to get away from hourly pricing. But part of what I think you have to do is have that value conversation with clients.

John Ray: [00:32:20] And let’s talk about what this project is going to do, not just for you professionally and in your business, but what is it going to do for you personally. So, what I tell people in my pricing consulting is I’m the difference between somebody being able to vacation in Rome, Georgia versus Rome, Italy. That puts it in an entirely different frame of mind. That gets into where the spouse wants to go for vacation, or whatever, and doesn’t want to get stuck on vacation. I call it a confidence crutch. That’s what you lean on. You don’t lean on the service itself. You lean on the value of the transformation.

John Ray: [00:33:11] So, that’s why value conversation is so important and that you continue to dig on, let’s say, we get this project done and it’s going to cost your business to make X more in revenue. What’s that going to do for you? It allows us to hire more employees so we can expand, maybe expand our sales force. What is that going to do for you? And you keep digging into that. And there’s value that comes out of that, that is not just tangible but intangible. And it’s a multiple, a big multiple of whatever it is you’re charging.

John Ray: [00:33:53] So, what that does is it makes your fee, whatever you decide to charge, an investment in an outcome. And it also creates room for you to improve your price. Now, there’s a lot more to it than that, but that’s the best answer I can give in just a couple of minutes. Does that make sense?

Speaker 1: [00:34:22] Yeah. Yeah. What’s got me thinking and marveling at this is how you took a concept that we were talking about pricing and pack so much more into it. This idea of the generosity mindset, which requires an attitude and behavior of empathy, I’ve written out a formula that you got me thinking about. And the formula is nothing but equals, so it’s not a real formula. Empathy equals respect. Respect equals trust. And trust equals next. Meaning next problem, next opportunity, next whatever.

Speaker 1: [00:35:10] Because I’m already thinking past what we’re talking about right now. I know that we’re going to address what we’re talking about right now, but I’ve now blown past all of the, like you say, statement of work, proposal, et cetera, et cetera. I’m just thinking about where do we start on the next item?

Speaker 1: [00:35:32] And pricing isn’t even in the conversation at that point because they’re already trusting you to essentially price your services appropriately for them because you do everything else appropriately with them in mind. And like I say, you’ve just packed so much into a pricing parameter that is really helpful to think through what we perhaps stumble through as to what we think and how we deliver our services and how we engage with our customers.

Speaker 2: [00:36:08] John, I hope you heard that compliment.

John Ray: [00:36:10] Thank you. Thank you for that. Thank you very much.

Speaker 2: [00:36:13] We got about ten minutes left, but before you get away, I have decided to double the price of this group, and I want to thank you for giving me the confidence to do so.

Speaker 1: [00:36:22] That joke is already an old joke. I’m worried that long.

John Ray: [00:36:26] It’s an old joke, but I didn’t hear much of a value conversation that came out of it. That was a real truncated value conversation, Doc, so you’re going to have to do better than that, bud.

Speaker 2: [00:36:34] I skipped a few steps, I guess.

Speaker 5: [00:36:38] I got a question. You had talked about kind of the Goldilocks price and a good, better, best, and how someone who doesn’t have that today just has a best option. And I’ve seen it for myself and I’ve seen it for other people, where, when you take just that and then you start to build out the good, better, best very quickly, it comes back to wanting to just be nice to people. And if someone chooses the good, they continue to get the best treatment.

Speaker 5: [00:37:11] So, where someone struggles when they created this stratification into three levels, now a client comes in and chooses the lowest level, but the service provider still gives them the same level of attention and support as someone who chose the top. How do you help someone work through dialing down their service for scope creep?

Speaker 2: [00:37:35] Scope creep.

John Ray: [00:37:36] Yeah. There’s horror movies with that name, scope creep. Yeah. So, this is where you have to, first of all, document. So, this is why the engagement recommendations are so important because you’re documenting the scope. And if someone comes back to you and says can you do X, that’s in your better or best options and they’ve got your good option, then what you say is, “You know what? Here’s the thing, I’ve got folks that are paying for that and it’s not fair to them for me to give that away, because, essentially, it would be giving it away because you didn’t select that to begin with. And I understand why you want that now, so let’s talk about that. Okay? Let’s talk about what a different kind of relationship looks like.” That’s one way to address it is that, because what you’re getting at with that client is what’s fair. What’s fair?

Speaker 2: [00:38:43] Reciprocal empathy.

John Ray: [00:38:45] Yes. Essentially, that’s a good way to put it. And people want themselves to be treated fairly, so they understand, most of them do. The vast majority of people are going to understand that response. But the key is having the guts, frankly, to have that conversation. And a lot of times it’s just easier to do that because you want to please. We’re all pleasers, right? We want to please our clients. And there’s nothing wrong with that, but we don’t please by giving things away ultimately, because what we’re doing is, of course, we’re really changing the value perception that they have of our service and ourselves.

Speaker 3: [00:39:35] Related to what you just said, value and perception, on the last slide, I think the first bullet point was where you were saying when the client did the better option and you said that was a win-win for the service provider and the client. The first bullet point you said there is that something like the client perceives a much higher value.

Speaker 3: [00:39:58] Can you elaborate on that, why you say that? Is that because they picked the middle one, is it because it’s their decision, it’s a psychological thing that they’re saying, “Okay. Because this is my choice, and I had three choices, I picked what I perceived to be the greatest value.” How do you make that statement with confidence that because they picked it, they perceive it to be a higher value or the highest value?

John Ray: [00:40:23] Yeah. That’s a really important question. So, let me give an example here. And I know we’re running up on time, but this is going to be a quick example. So, let’s talk about coffee. I’m a cheapskate when it comes to coffee. Even the dollar cup at racetrack, I’m perfectly fine with the racetrack coffee, but I’d rather come to Doc’s office and let him buy my coffee. So, I’m a cheapskate when it comes to coffee.

John Ray: [00:40:51] My daughter wears out Starbucks every day for 5 or 6 bucks. The most expensive cup of coffee in the United States is a $75 cup of coffee from some farm in Panama. And it’s a one night only tasting blah, blah, blah. Who knew coffee is like wine? I had no idea. I’m not criticizing it. People see value in that.

John Ray: [00:41:14] There’s an example right there since we’re talking about the middle option, if you’re offering my daughter who wants to pay more than racetrack cup of coffee, then that doesn’t match. And she’s willing to pay more for what she perceives as more value. And that’s really what we’re talking about.

John Ray: [00:41:38] So, each of us have our own laundry list of services or things that we do for clients that people have different perceptions of value of. And what we’re trying to do is better match client perception of value with the particular mix of service that we offer. Does that make sense?

Speaker 3: [00:42:01] That’s a great explanation. The daughter wanting to buy the more expensive cup of coffee. But [inaudible] makes good sense.

Speaker 2: [00:42:09] So, what [inaudible] wants.

Speaker 3: [00:42:12] It’s the perception of what you’re getting because you’re spending more enhances – I think psychologically, part of what you’re saying is I’m getting a better value because I’m paying more for it.

Speaker 1: [00:42:20] Or I’ve figured out that this is —

Speaker 2: [00:42:24] Can the value be tied to whether the solution I’m looking for is a pain point or it’s nice to have?

John Ray: [00:42:37] Yeah. It makes perfect sense. And, yeah, thank you for that. Because, hey, pain, particularly with small and medium-sized businesses, that may be one of the hardest things we have to do when we talk to our business clients, is, they’ve been dealing with pain so long they’ve forgotten what it’s like to be well. And so, they don’t even know what that feels like. And you have to draw a picture of that.

John Ray: [00:43:08] But psychologically, pain avoidance is the biggest thing that makes us react to something. Only half the people in this country go to the dentist regularly. Think about that. They would rather avoid potential pain than deal with dental hygiene. That’s a powerful emotion. And if you can tap into that emotion with your service offering, it has powerful perceived value.

Speaker 4: [00:43:42] Yeah. Because usually when I deal with clients, I haven’t looked at it, unfortunately, from a value standpoint. It’s always been I have a Tylenol or a vitamin analogy, and I try to put them in one of those buckets to know if this will be a potential client or not. So, from hearing you talk today, I’m definitely looking at things a little differently.

John Ray: [00:44:07] And see, here’s the thing, our clients that we’ve had successful engagements with will tell us some of these things. And this is where you go talk to them. What did this engagement do for you that goes beyond just the engagement itself, and have that conversation. You’ll be amazed at what you find out. And you’ll also be amazed at what you find out, how people see value in you. They will come back with things like you had a calming effect or you had these other intangibles that are reasons why they did business with you or doing business with you, and it’s important for you to know what those are.

Speaker 4: [00:44:57] Very helpful.

Speaker 1: [00:44:58] That phrase that you used is something I haven’t heard before that is especially powerful, why questions are catalytic. There’s so much there in those few words. That’s wonderful. Keep using it.

John Ray: [00:45:14] Yeah. Thank you. I mean, see, we’re sitting here talking about this intellectually, and, hey, I’m on a journey. We’re all on a journey. That’s why I call my podcast The Price and Value Journey. We’re all on a journey doing better about this, and I am too.

John Ray: [00:45:35] I’ll just throw this in, by the way, one change I’ve made recently and it worked quite well, when I went to raise the price for a client, I presented them a whole new set of engagement options. I didn’t come back to raise the price on the existing set of service deliverables. I gave them a whole new set of options.

John Ray: [00:45:57] And the basic option was what they had today where I had a higher price. And I went through that and explained the value that they had gotten out of. And so, I had a value conversation along the way and they had told me about all the things that had happened because of their consumption of that basic service option, if you will.

John Ray: [00:46:23] But then, I gave them a better and a best, “Hey, if you want more, here’s how you can get that and here’s the value that comes out of that, I think.” And guess what? They picked the middle option. So, I got a much more engaged client a much higher fee. So, think about using options just to be able to raise your price.

John Ray: And that’s it. And I want to thank again my friend, Doc Dockery for allowing me to repurpose the recording of that presentation as an episode of the Price and Value Journey. Doc does great work, and if you’d like to know more about him you can go to the resolve firm.com. That’s The resolve. R E S O L V E firm dot com. That’s the name of his consulting practice. Doc is also the author of “Leadership, Happiness and Profit :12 Steps to a High-Performance Business.” You can find that book on Amazon and it’s terrific. I can’t recommend it highly enough if you’re looking to be happy and scale your business at the same time, that’s Doc’s specialty.

[00:00:49] Check him out at your convenience. And folks, just a quick reminder that more information on The Price and Value Journey can be found at pricevaluejourney.com. You can find a link to our show archive there at pricevaluejourney.com. And of course, you can find the show on all the major podcast apps.

[00:01:11] You can also sign up to receive updates on my book that’s coming out later this year in 2023. It’s called “The Price and Value Journey: Raising Your Confidence, Your Value, and Your Prices Using the Generosity Mindset Method.” We cover a lot of the topics in that book that you’ve heard on this episode. So if you like updates on when that book will be released check that out.

[00:01:38] And if you’d like to connect with me directly, you can email me, john at john ray.co. Thank you for joining me.

 

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translates into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 1,700 podcast episodes.

Coming in 2023:  A New Book!

John’s working on a book that will be released in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices Using The Generosity Mindset Method. The book covers topics like value and adopting a mindset of value, pricing your services more effectively, proposals, and essential elements of growing your business. For more information or to sign up to receive updates on the book release, go to pricevaluejourney.com.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: changing your pricing mindset, generosity mindset, John Ray, mindset, Price and Value Journey, pricing, professional services, professional services providers, solopreneurs, Terry Doc Dockery, value, value pricing

Burnout in Professional Services, with Dr. George Vergolias, R3 Continuum

June 8, 2023 by John Ray

Burnout
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Burnout in Professional Services, with Dr. George Vergolias, R3 Continuum
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Burnout

Burnout in Professional Services, with Dr. George Vergolias, R3 Continuum

Dr. George Vergolias, Chief Clinical Officer at R3 Continuum, joined host John Ray to discuss burnout in solo and small firm professional services providers. Dr. Vergolias described the stages of burnout, differentiated between stress and burnout, and offered tips and strategies to mitigate its effects, particularly when your firm is small without a lot of big firm resources. He also discussed building resilience in recovery from burnout, broaching the topic with someone you think might be suffering, and much more.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

R3 Continuum

Behavioral health is fundamental to workplace wellbeing, culture, and performance. It is also the key to resilient and thriving employees, organizations, and communities. For over thirty years, R3 has been a workplace behavioral health pioneer and innovator, providing rapid response and ongoing behavioral health solutions that help people and organizations recover, perform, and thrive in the wake of disruption and stress.

Company website | LinkedIn | Facebook

Dr. George Vergolias, Chief Clinical Officer, R3 Continuum

Dr. George Vergolias, Chief Clinical Officer, R3 Continuum

George Vergolias, PsyD, LP is a forensic psychologist and threat management expert. As part of his role of Chief Clinical Officer of R3 Continuum, he leads their Threat of violence and workplace violence programs.

Dr. Vergolias is also the founder and President of TelePsych Supports, a tele-mental health company providing involuntary commitment and crisis risk evaluations for hospitals and emergency departments. He has over 20 years of forensic experience with expertise in the following areas: violence risk and threat management, psychological dynamics of stalking, sexual offending, emotional trauma, civil and involuntary commitment, suicide and self-harm, occupational disability, law enforcement consultation, expert witness testimony, and tele-mental health.

Dr. Vergolias has directly assessed or managed over one thousand cases related to elevated risk for violence or self-harm, sexual assault, stalking, and communicated threats. He has consulted with regional, state, and federal law enforcement agencies, including the FBI, Secret Service, and Bureau of Prisons.

He has worked for and consulted with Fortune 500 companies, major insurance carriers, government agencies, and large healthcare systems on issues related to work absence management, workplace violence, medical necessity reviews, and expert witness consultation.

LinkedIn

TRANSCRIPT

John Ray : [00:00:00] Hello, I’m John Ray on the Price and Value Journey. As we pour our passion and energy into serving our clients and growing our respective businesses, we often find ourselves walking a tightrope, you might say, balancing multiple responsibilities in our firms and with our families, of course, and pushing ourselves to meet the ever-increasing demands of entrepreneurship. Those never stop. The risk of burnout is ever present in that kind of situation and understanding its causes, its consequences, and most importantly, prevention strategies is essential for our well-being and our long-term success.

John Ray : [00:00:44] So, to address the issue of burnout, I’m privileged to have Dr. George Vergolias join us today. George is a doctor of psychology. He’s a workplace resilience consultant. He’s an expert in workplace well-being. He’s got quite a CV, you might say, in this area. And he is the chief clinical officer at R3 Continuum, and R3 Continuum is a worldwide leader in providing tailored behavioral health solutions for organizations that help people manage through workplace disruption and stress. George, thank you for joining us.

George Vergolias: [00:01:23] Pleasure to be here, John. Thanks for having me.

John Ray : [00:01:25] Yeah, thank you so much. So before we get going on burnout, let’s talk a little bit about you and R3 Continuum and the work you’re doing.

George Vergolias: [00:01:34] Certainly. Let me start with talking about R3 Continuum. We’ve been in business for about 35 years, and as you said in the intro, we really offer tailored behavioral health solutions to workplaces to help promote well-being, help mitigate disruptive events. Those could be anywhere from a natural disaster like a fire or tornado, as well as manmade tragedies like an active shooter situation, an accidental death, a suicide at the workplace. We respond to almost 3000 individual events every month. We have an international network of providers that we leverage to do that. And our goal is in that front to really help people recover and bounce back from those events in a way that kind of maximizes their resilience and allows them to get back on their feet.

George Vergolias: [00:02:21] We also offer a range of psychological evaluations that might be required in the workplace, fitness for duty evaluations, pre-employment screens that help reduce risk and help, again, get people back on track that may be struggling with some issues. And then, we do workplace violence solutions as well because unfortunately, we see a rise in those across the workplace, across all sectors.

George Vergolias: [00:02:46] And then, we have a leadership program and executive optimization, leadership wellness program, where we work with high-level leaders and a number of organizations, both small and large, around helping promote their well-being and their leadership skills. And part of that is leadership wellness, support as well as performance coaching. So, it’s a wide range of activities that we engage in, but all of it is geared towards offering those tailored behavioral health solutions to the workplace.

George Vergolias: [00:03:14] As far as my background, I’ve been a psychologist, initially a clinical psychologist, and I did my post-doc in forensic psychology at Notre Dame many years ago, longer than I care to admit. But I’ve been doing this for almost 30 years. And early career, I actually did a lot of traditional forensic work. I did a lot of work with the courts. I did a lot of assessments for people not guilty by reason of insanity and so on.

George Vergolias: [00:03:39] And then, at one point I started moving into doing school violence assessments and school shooting assessments right around the time that Columbine hit and when that occurred, because there were so few specialists doing that, you were thrust into being an expert. A few years later, I transitioned that expertise into the corporate setting, working with workplace violence, and I’ve been doing that now for 20-plus years.

George Vergolias: [00:04:01] It was about 10 or 12 years ago that I really felt like when I joined R3 about 12 years ago, it was right around that time that I began to realize that dealing with individual threats, I still do that, by the way. It’s an important activity. There’s a lot we can do to mitigate threats if we’re aware of them. But I felt like it was whack-a-mole, like you would deal with one threat and mitigate it and then another would pop up somewhere else and another would pop up somewhere else.

George Vergolias: [00:04:28] And I began to ask the question, “What can we do at scale? What can we do larger? And I was watching a documentary on the Dalai Lama, ironically, and it struck me, John, that the Dalai Lama is probably close to 0% risk of engaging in a mass shooting because the Dalai Lama it’s because he’s living his life, maximizing a sense of emotional and psychological well-being. He’s living a really sharp, well-honed life of resilience and compassion. And that got me thinking. If we could build workplace cultures, and let’s be honest, we spend about a third of our life at work, if we could build workplace cultures that foster well-being and resilience, we at scale can really start moving the needle towards more people being somewhat inoculated from engaging in heinous, violent acts. That’s what got me into understanding psychological resilience and well-being. I approach it from a kind of a tougher edge. I don’t approach it from the let’s-go-to-a-mountain-top-and-do-yoga approach. I find it’s really useful. And then, of course, the pandemic hit and the awareness of employee well-being skyrocketed. It had to.

John Ray : [00:05:40] Yeah.

George Vergolias: [00:05:40] And that finds us here today. So that’s my trajectory with a lot of details left out. But that’s a larger part of my story that brings me here today.

John Ray : [00:05:48] Yeah, that’s really helpful. And that could take me on a bunny trail we don’t have time to go down, so I’m going to the Dalai Lama piece of that particularly, but we’ll let that go for the moment. But maybe that’s another episode. But let’s talk about burnout. And maybe what we can do is start by defining burnout, because everyone’s got their own idea of what that means.

George Vergolias: [00:06:10] Yeah. And there are many definitions of this, by the way. When I think of burnout, I think of feeling overwhelmed, right? And by the way, I’m stealing some of these ideas from Brene Brown. She does wonderful work. Many of your audience may know her. She does wonderful work on resilience and vulnerability.

George Vergolias: [00:06:25] So when we speak of overwhelm, it really means an extreme level of stress and emotional or cognitive intensity that really evolves to a point where we’re feeling unable to function. We’re immobile. Even if we’re somewhat functional, we’re just clearly not near the top of our game. What’s interesting is we can function with stress. We all have stress. We have stress every day at various levels. And some of that stress is good. When we think of negative stress we don’t want in our life, the word stress captures that.

George Vergolias: [00:06:25] There’s actually a psychological concept that’s not often used. It’s called eustress, E-U-S-T-R-E-S-S. And this stands for stress that we actually embrace or choose. Think of planning a wedding. Think of planning a large family reunion, of preparing for the birth of a first child or a second child, and the nesting that comes with that. These are very stressful events. Building a new home, which I’m doing right now. These are very stressful things, but they’re exciting stress. So there is a difference there. The key is we all experience that.

George Vergolias: [00:07:26] But when we get to burnout, really what we’re talking about is there are three stages we tend to think about. And the first is normative. We’re not even necessarily – I call it pre-burnout, right? It’s stage one. It’s stress. We feel increased arousal, increased demands on us, both personal and professional. We have some irritability and we might have some anxiety. We might wake up in the night and we can’t get back to bed.

George Vergolias: [00:07:50] Stage two, we actually go into almost an evolutionary defense of starting to conserve energy. We might be showing up to work late. Even if we’re working remotely from home as I do, we might be waking up later. It’s harder to get out of bed. It’s harder to be excited in the morning. We procrastinate a little more than we normally would, and that eventually could lead to presenteeism or quiet quitting.

George Vergolias: [00:08:16] Stage three, we get to a place we are psychologically and physically exhausted. In addition to that, there’s a disengagement from the work. The passion just is no longer there anymore. And that could also then lead to or spill into clinical levels of sadness, depression, and anxiety, among other things, which can lead to increased substance abuse if someone’s trying to cope or combat those.

George Vergolias: [00:08:40] That is my definition. But the stages I think are helpful because it helps people understand where they might be in that process of evolving or – I don’t like evolving – progressing into more and more burnout.

John Ray : [00:08:54] Yeah, that’s very helpful. But let’s dive into that a little further. These are signs or symptoms. But how do I self-identify? Particularly, our audience is particularly solo and small professional services providers. You know, the question of self-identification of where you are in those stages can be hard, right?

George Vergolias: [00:09:18] Absolutely. It absolutely can be. And what’s tough is when you are a solopreneur, right, a solo entrepreneur or whether even just a small group, most people that are running or leading those companies, they’re in it at some level because they feel some passion for it. Not always necessarily. It might be, I just got connected to a job, but often there is some degree of feeling some ownership, especially owners of these groups and solo folks.

George Vergolias: [00:09:46] And so, what’s interesting is, what I like to ask, is there a passion that has been lost? I remember a quote I heard a while back that said this, the reason that you feel burned out is not that you’re doing too much. The reason that you feel burned out is that you’re not doing enough of what really gets you excited. And what happens often with solo entrepreneurs or really small companies, especially leaders in those companies, is they go into the business because they love being an architect.

George Vergolias: [00:10:22] I love being a psychologist, but then once I start a group practice and I got four or five people under me and I’m running it, now I’m a business person, now I’m an H.R. director. Now I’m navigating malpractice insurance premiums. I’m navigating marketing and sales if I want to grow. And most small companies don’t have separate divisions for all of these functions. And it takes a while for that person to realize that I’m no longer doing the thing I love doing at the beginning, which is being a psychologist. Being aware of that, being aware of where has that passion gone and how has it been lost is the first step.

George Vergolias: [00:10:52] I think it’s also important to just be aware of how we feel emotionally and physically. And I know that sounds so easy, but for most people, and there are some gender differences, especially for men, we’re not very good at that. And entrepreneurs that maybe are a little type-A personality, maybe high motivation that goes, it’s really hard to slow down and take inventory around how we’re feeling. So, things like meditation, journaling, doing gratitude practices, they are helpful in their own right by slowing us down, but they’re helpful because they allow us to self-reflect and get an idea of where we stand. So that helps with that identification of that first stage of burnout even going into that second stage. It comes with awareness.

John Ray : [00:11:43] So, I would think a lot of professionals have the feeling, look, it’s supposed to be stressful. I’ve been in a stressful profession my whole life. I think of accountants, the tax deadlines and having to deal with that. Just, for example, attorneys with court filings and deadlines they have to meet and so forth, they are – stress is part of the deal. Right? And so – and how do I incorporate some sense of awareness when my default has always been stress?

George Vergolias: [00:12:19] Yeah, that’s a great point. So what I like to do to break that down, because it is hard, right? Because again, when you’re high performing, when the whole company lays on your shoulders or you feel like it does, it’s hard to turn that off. And the reality is you may not be able to, right? You just may not be able to. There’s people that depend on you, not only your family, but other workers that depend on you.

George Vergolias: [00:12:40] What I like to do is I like to look at barriers and goals. And what’s interesting is when people start out any kind of new business, even a new job, they tend to be focused on goals, right? How do I improve? How do I get these sales? How do I build this new production line? How do I grow this practice? Whatever it may be. And there’s excitement with that often. At some point, for many of us, what happens is we transition and we have to deal with the barriers that get in the way.

George Vergolias: [00:13:08] When we are focused, when we are waking up every day, or for me at times in my life, waking up at three in the morning and just focused and obsessing over the barriers and not focusing on the goals as well, I start asking for me at least, am I now entering some realm of burnout? Because the goal is what sustains us. We could be stressed and as long as we’re still focused on that ultimate goal, getting through law school, getting through med school, whatever it may be, even more benign issues like planning a wedding, that’s stressful, but there’s that ultimate goal that kind of sustains us.

George Vergolias: [00:13:45] When we start focusing just on the barriers, and I don’t mean just our attention emotionally, we’re just emphasizing and obsessing over the barriers in a way that we feel like we’re stuck in a sandbag or in a mud pit, the inertia, then I start asking the question the people I consult with, “Are we now in a burnout stage? And let’s reassess where we’re at.”

John Ray : [00:14:07] Right.

George Vergolias: [00:14:07] The question is, what can you do to reignite the spark? And that’s where – I don’t want to go down a rabbit hole because we might get to it, but just at a high level right now, that might mean time management. It might mean we have to give up some control and delegate so that we can get back to doing some of what we really love. And that doesn’t mean we’re doing it 50% of the time.

George Vergolias: [00:14:28] I remember when I was at the height of growing my hospital practice, I got to a point that 10% of my time was what I love doing, 90% I just felt like a daily slog. I just offloaded maybe an additional 20% to some key people and I paid them well to do it, and I still do. So, I didn’t go from 10% of what I love to do to 70%. I literally went from 10 to 30%. That made all the difference in the world. That sustained me. So, it’s finding that balance and then reigniting what it is that brought you to this work and what used to get you excited in it.

John Ray : [00:15:04] This is a really important point here because I think a lot of professionals, service providers, think of outsourcing as something that’s purely economic, that, hey, my time is worth more when I’m working on a case or I’m working on a client issue than it is when I’m doing the social media, or I’m doing the bookkeeping, or I’m doing administrative tasks in the business. And so, they think of it in economic terms purely as opposed to self-care terms, which is what you’re getting at.

George Vergolias: [00:15:36] Yeah. And I would even push back a little. I absolutely am getting at that about the self-care because, again, as leaders, we are not optimizing our performance. We are no different than a track star or a hockey player or an NBA player that is coming off an injury and trains or forces them to play the next night. We know that doesn’t happen, right? It doesn’t happen, right? Now, they have huge resources. They have massive budgets. Right? They have cold plunge baths and all kinds of technology to help recover from injury. But it’s the same logic from an emotional well-being perspective. You can’t lead, you can’t grow if you’re not working close or trying to push towards your optimal performance. And so, there is a cost from that angle: innovation, creativity, flexibility, just good management of people, all suffers, when we feel we don’t have the time to do those things or focus on those things. So, I think it is important to be aware of that from the self-support or emotional support angle to ourselves.

George Vergolias: [00:16:38] But I would say one other thing that I want to push back on only, John, is that from a purely economic stance, my time certainly is better spent seeing a client at a couple of hundred dollars an hour or whatever the rate would be than social media. But the question is, if I want to scale, if I want to grow, if I want to expand, I got to figure out how to do that. And maybe for me, it makes sense for me to do it. If maybe I’m good at it, maybe I enjoy it. I actually enjoy social media a bit myself, so maybe it actually fuels me so then I’ll just keep it. But if it is just another task that continues, I wake up every day loathing, there’s a value in offloading that in some cases. And that’s where each individual has to decide what makes sense.

John Ray : [00:17:30] Yeah. I like the way you frame that because I guess what you’re saying is there are hidden economics in there that you need to recognize and maybe they’re not – maybe they’re hidden, maybe they’re long-term versus short-term. But they have an economic impact on the business one way or the other.

George Vergolias: [00:17:50] Yes.

John Ray : [00:17:50] Ultimately.

George Vergolias: [00:17:51] The most common variation of this that I see, John, and I see it in Fortune 500 companies down to companies that have four employees, I don’t have time to really manage my people and grow them. Like, I can manage them in terms of problems. You made a mistake, let me bring out the stick and admonish you for – but don’t have time to grow them. And my rebuttal constantly is you don’t have time not to, because the cost of replacing them, the cost of building talent in your organization, whether you have two people or 2000 people, is extremely costly in terms of time, lost opportunity, lost sales and lost customer satisfaction. And so, we have to make time for these things. We have to carve out time.

John Ray : [00:18:37] Yeah, for sure. Those costs are only going up, right?

George Vergolias: [00:18:40] Especially since the pandemic hit. Because workers now are really saying, you know, the old model that I grew up in, and perhaps you and I both grew up in and certainly our parents did, you work at a place for 10 or 12 years, you work like a dog, and hopefully there’s some payout at the end. We have Gen X and Gen Z workers that want a lot out of their – they want to feel valued, they want to feel supported, they want to feel like they have a growth trajectory, they want to be compensated well, and they are not afraid to move around every two or three years. They don’t care if their resume has a new job on it for every two years. Whereas I remember coming up early on, all of my advisors were saying, “Oh, you can’t leave a job under five years because it looks terrible.” So as leaders, we have to be mindful of those new dynamics in the workforce because otherwise, we’re just going to lose talent.

John Ray : [00:19:27] Yeah, for sure. George, you mentioned a little earlier and I want to get to this before we get too far away from it. You mentioned the term stepping outside yourself. It strikes me that phrase is a vital one for people that hear the phrase mindless – mindfulness and think, I’m not that person. I’m not the Dalai Lama. You’re pointing toward something I think that may be helpful to people like that.

George Vergolias: [00:19:57] Yeah. Exactly.

John Ray : [00:19:59] Say more about that.

George Vergolias: [00:20:00] Yeah. Yeah. I have a saying and I’ve heard it around. It’s not mine. I didn’t coin it. But we are at a place, I think, in business understanding well-being where yoga does wonderful things. But the saying is you can’t yoga your way out of this. And that’s what we learned from the pandemic, right? All the stressors hitting us and even now, economic stressors, high-interest rates, tremendous difficulty getting reasonable rates on loans and lending, all of that. We’re just not going to be able to sit on a mountaintop and yoga our way out of this as leaders.

George Vergolias: [00:20:30] And so, the mindfulness isn’t necessarily just about meditation or gratitude practices. It’s about really understanding what are you good at as a leader and what are you not good at. And related to that, overlapping that, is what charges you, refuels you, and what burns you out, and then architecting, structuring your workplace, your leadership, whether again three people or a thousand people, in a way that builds on your strengths and builds on what refuels you, and then finding people to do those other things that fuel them, that they’re good at it. And that’s going to take some time to restructure that. That’s how I think about mindfulness. But it begins with really taking a deep inventory, right, of what works for you and then what doesn’t work for you.

George Vergolias: [00:21:19] And that, I think is at the core of resilience as well, is understanding where am I, what do I need to do in this situation and what’s my best plan forward, and having that approach. It can be difficult to figure that out. For many people, they’re like, “Listen, I’m not a meditation person.” That’s fine. By the way, I cannot sit and just meditate. I actually do walking meditation. I’m way too active. I have ADHD. I manage it. Sometimes it’s a superpower, sometimes it’s a liability. You know, my mindfulness is I fly fish. I go out in the river and there’s a meditative thing to that fly fishing unless I get caught in the tree and then it’s frustrating. But I don’t think of work. I come back after two hours on the river.

John Ray : [00:22:03] Yeah.

George Vergolias: [00:22:04] My family will ask, “So what’d you do? What’d you think about?” Nothing. I didn’t think about anything. But I am now ready to attack the day either later or tomorrow.

George Vergolias: [00:22:13] So, mindfulness isn’t just meditating or putting Tibetan bowls in front of you, right? It can be any activity that allows you to recharge and allows the dust to settle so you can re-approach the barriers and issues in front of you with a fresh eye.

John Ray : [00:22:28] Yeah, that’s really liberating, I think, for a lot of people because it’s not -you’re talking about practices now.

George Vergolias: [00:22:35] Yes.

George Vergolias: [00:22:35] And so, those practices can be as varied as there are human beings, right? It just – it depends on your own mindset, your own DNA when it comes to that kind of thing.

George Vergolias: [00:22:46] Yeah, absolutely. The other thing I would add, I encourage, is seek input from other people. Get an inventory around, whether it’s your workers, whether you have a business coach, whether there’s just somebody you respect in the community that is a colleague of sorts. Maybe you’re part of a business group, maybe you’re part of a church-based group and someone understands you. What kind of leader do you think I am? How do I engage with people? If you could give me feedback on improving my leadership approach or helping grow people, what would that be like?

George Vergolias: [00:23:21] You know what I did early career and I still do it from time to time, I will ask this of coaches of soccer or baseball, not necessarily super young, but grade school to high school coaches that have done it for 15 plus years, ten, 15 years, because these people that stick with that, they know how to develop kids. They know how to develop youngsters. And what I love about when I ask people that do that regularly, they’ll tell me, “I know you, George, and I think you’re too harsh on yourself and as a result, you’re too harsh on your people.” That’s interesting. And then I’ll take that back and I’ll think about that. So you have to seek that input. One of the difficulties of being a solopreneur or just even a small business is you don’t have the feedback loop.

John Ray : [00:24:05] Exactly.

George Vergolias: [00:24:06] Yeah. And so you have to seek that where else you can from people that know you reasonably well. That’s part of the mindfulness as well.

John Ray : [00:24:14] Yeah, for sure. Let’s talk about workload management, and to your point about solo and small professional services firms, there’s a heavy workload, and I’m sure a lot of folks hear tips about time management or what have you and think, “Oh, that’s great for them. I’m not sure it works for me.” So, let’s talk about how you see that for these particular professionals.

George Vergolias: [00:24:40] Yeah. It’s a great question and it’s something that really strikes a lot of people. You know what’s interesting? I consult with a number of firms. I’m not going to mention them but they are in the financial or tax arena, and they have seasons in which half the year they’re working 12, 14 plus hours a day.

John Ray : [00:24:59] Sure.

George Vergolias: [00:24:59] Sometimes six days a week. And we apply these concepts. The first thing we talk about is you have to make it feasible. And so, I’m going to start with what not to do, right? If you go on Instagram or TikTok these days, you’re going to find some productivity guru that’s going to say, you should wake up at 6 a.m., go out – and by the way, I love all of these techniques. I do. But they’re saying do this every day. Go get ten, 15 minutes of sun, then do a cold plunge, and then, or a cold shower, then do like 10 or 15 minutes of mindfulness meditation. Then maybe do 5 to 10 minutes of breath work, then go work out, then come back and have a nice breakfast and fuel yourself. Then do a gratitude. Who has time for that? I got kids. I got to get up and get to work. Right? Chronic, not chronically, but often, I’m up at two in the morning and I can’t get back to bed. I have mental insomnia occasionally, so I need that extra hour of sleep to compensate for what I missed.

George Vergolias: [00:25:53] So what I say is, you can’t do all of that. The question is what can your morning ritual be even if it’s really minimized down that allows you to at least get something in. Just because you can’t do a ten-minute meditation, do a two minute. Just do it. Just get it going, right? Get it started. If you can’t do a 15 or 20-minute walk, do a five-minute walk. Whatever it may be, try to find those places in your day where you can carve out the things that you feel you need to sustain yourself. There will be days that are just not feasible.

George Vergolias: [00:26:28] But what I think one of the hardest things that many solopreneurs and small business leaders do, but I also see this at higher leadership levels with big companies, is they will say, I just don’t have time for that. And I will often say, you know, you have 40 hours a week to get done your work. The question isn’t you don’t have the time. The question is how are you allocating it. A little bit about different ways to think about that and try to do that, it becomes very individualistic. Now that takes time. It takes time to architect that.

George Vergolias: [00:27:02] So one thing that I do, John, usually the first weekend of the new year, I will purposely not plan anything for the weekend. Obviously, there might be some family activities within reason, but I try to have nothing planned and I take that weekend and I do it on the weekend because during the week it’s hard. Business stuff comes up. And I really try to architect what worked for me last year, what do I need to change in my schedule this year, and let me lay that out.

George Vergolias: [00:27:31] I also go into my goals, writing my objectives, but I really try to architect my day of what habits do I want to instill and how do I do that, and then how do I set a goal for 21 days because we know that 21 days is typically your window of really solidifying a habit, and then I build on that. That takes time to do that. It takes time to build that out. I know that’s pretty high level, so we could get into some detail if you want, depending on –

John Ray : [00:27:57] I think everyone’s mileage may vary. Right? And I think to some degree, we’re not going to be able to hit all the possibilities there. But certainly, you’ve given folks, I think, a lot to think about. So, maybe we can just leave it at that because I want to get to recovery. So, building resilience as you recover from burnout, for those of our listeners that may have had an episode, a time in their life when they experienced burnout, how do they recover?

George Vergolias: [00:28:30] Yeah. So, it does begin with awareness of just being aware that I need to recover and I need – where I am today is not where I want to be. There’s a quote I heard not long ago, which I absolutely love, and it is, the reason that you’re burned out is not – no, sorry, I already said that one. Sorry. It’s – bear with me. I’ve got some notes here.

John Ray : [00:28:51] Sure.

George Vergolias: [00:28:54] And actually, I know this by heart. I don’t even need to say it. The single most important factor in determining your success in life is the degree into which you can keep a promise to yourself. And what I love about that is because think about it, how many times on January 1st we said, I’m going to lose weight, I’m going to learn Spanish, I’m going to do something else. February is completely riddled with the broken promises that we made in January for all of us.

George Vergolias: [00:29:19] But when you frame it as I am making a promise to myself, one, there’s total accountability there now. And you’re really framing it in a way that you could choose to go back on that promise. And I do. There’s things I promised, and I said, this isn’t the year for that or this isn’t the month for that. I need to reassess my goals. Nothing wrong with that. But that’s a different dynamic than I let myself down. So I think it starts with awareness and knowing what do you want to improve on. From there, I think what comes with the resilience piece, and this is pretty critical, is understanding the different components of resilience.

George Vergolias: [00:29:58] So for me, I go back to the old Jim Collins analogy from Good to Great, the mirror, the window and the interaction between. So what I like to say when I think of resilience, it’s the ability to absorb adversity and to bounce back from difficult situations. So it really has two forms. One is when I’m resilient emotionally and psychologically, I can take the blow better. I can take a punch better without completely falling down. But there are times in life that I’m going to fall down and resilience also helps me get back on my feet more quickly, right, emotionally and psychologically.

George Vergolias: [00:30:35] And so, from the mirror perspective, I ask the question, “Am I responding to this situation the best way I know how? Am I maximizing my response?” So, I’m looking in the mirror at what can I do, what can I control. It’s a very stoic kind of way of looking at the world.

George Vergolias: [00:30:50] I’m also looking out the window, which is not I’m blaming John because he was mean to me or he didn’t give me the promotion. I’m looking out the window and saying, how has this dilemma or situation been broken down into actionable steps that I can act on? Because again, now I have locus of control. I’m not blaming the world. I’m I now have some ability to control the situation, even if it’s seemingly not in control. And what I mean by that, John, is sometimes there are things we simply cannot control.

George Vergolias: [00:31:21] A great example of resilience, and this was not easy, many local, very small family-owned restaurants or bars when the pandemic hit were just completely limited when everything shut down.

John Ray : [00:31:34] Sure.

George Vergolias: [00:31:36] Bars were – in North Carolina, bars could not open. They were just stuck. But those that had food, they were starting to pivot to doing DoorDash, takeout, delivery. And for a number of them, that allowed them to barely get by. That’s an example where they looked at the situation, said this isn’t ideal, what can we do in the moment?

George Vergolias: [00:31:54] And then, the third aspect there is exploring what are the options. So what resources in me and what resources externally based on the situation and the actionable steps I’ve identified need to come together to maximize the outcome I want to drive towards, right? It’s a very analytical way of looking at it. But the problem when we get beat down or when we get knocked down in life is we tend to get stuck in the emotionality of it. And so, breaking it down that way at least gets us back on track.

George Vergolias: [00:32:25] The other thing that we have to be mindful of or just aware of is there’s a tendency when we feel broken down, beat down, to sink into a state of inertia and hopelessness. That can be very difficult and it could even elevate to clinical levels of depression or anxiety. It’s important that we try to break through and push through those, and there are a number of things we can do to do that, and we could talk about that depending on what direction you want to go in the conversation.

John Ray : [00:32:51] Yeah.

George Vergolias: [00:32:53] You want to do that?

John Ray : [00:32:54] Yeah, let’s briefly do that because I’ve got another little particular piece of this puzzle I want to get to as well.

George Vergolias: [00:32:59] So, I will say that what we saw even pre-pandemic, exacerbated in the pandemic and still lingering on, is four big areas related to burnout that affect people. One is stress and anxiety, two is depression, three is general sleep problems, and four is difficulty with focus.

George Vergolias: [00:33:17] So under anxiety, stress and depression, I’m not going to go into all of these, but it’s important to, one, deep breathing exercises can help with stress and anxiety. Doing easy stuff. Start the day if you feel like I can’t get the motor going in the morning, start with easy stuff. Wash the dishes. In some cases, if you’re simply procrastinating or emotionally avoiding a task, “I don’t want to do my taxes,” right, then start with the harder task. Do something unrelated that’s even more difficult. And what happens is in both of those scenarios, you’re actually priming your dopamine circuit. And not only is it psychologically beneficial because you say to yourself, “I just did that harder thing that was even more annoying, now I’m more open to doing the taxes. The taxes are actually a relief compared to having cleaned out the garage this morning.” But there’s a dopamine effect, a circuit of the dopamine circuit that kicks in, based on achieving those tasks. That’s why when we check off a to do, we often feel good. It’s a little win for the day. There’s actually both a psychological and a biological basis for that.

George Vergolias: [00:34:21] The other is with depression especially or withdrawal, trying to prioritize FaceTime with people. And now that we’re back to engaging, it’s important to try to get out, push past inertia and keep it simple. The KISS technique, Keep It Simple, Stupid. Right? Often people will say, “I need to paint the bedroom. I can’t get motivated.” I’ll tell you what, just paint one wall. Get started.

George Vergolias: [00:34:48] Years ago, I was quite young, but years ago, I just – I procrastinated and I didn’t floss much. Right? A lot of people. Some people floss regularly, others don’t. I had a dentist that said something amazing to me. “I don’t want you to floss your whole mouth. All I want you to do in the morning and when you go to bed is floss one tooth. You floss one tooth. Just do it for a while.” And I did. But what happened is once I got the floss on my fingers and I started doing one tooth, my mind said, “You’re already there, man, finish it. Just finish it.”

George Vergolias: [00:35:16] So when you start with small steps, it creates “All right, now, I’ll take the second. Now, I’ll take the third.” And before you know it, you’ve taken 100 or 200 steps. So that helps in terms of dealing with that bouncing-back inertia that often hits people.

John Ray : [00:35:31] Yeah, that’s very helpful. So, let’s talk about a different aspect of this burnout issue, and that’s what we see in others that we care about. So, maybe it’s a colleague, maybe it’s a strategic partner that has their own firm that we spend a lot of time with, that we refer business back and forth to each other, whatever. What are those warning signs that we need to be watching out for with them? And how do you broach that topic with a colleague that you may think is suffering from burnout?

George Vergolias: [00:36:06] Yeah. That’s a really great question and something that I think affects all of us, not perhaps just on the being burnout side, but certainly on knowing or interacting with others. So, I’ll start with the signs and they can be different, certainly, but some of what I mentioned earlier. So, people that are either more aroused, more vigilant, more emotionally volatile than they used to be, especially if they were subdued and now they’re just acting or their arousal is more, they get more upset, they get more irritable. But the flip side can happen. If you have somebody that’s normally – I’m Greek and Irish, I tend to be a little more dynamic.

John Ray : [00:36:44] You don’t have a chance, George.

George Vergolias: [00:36:45] I don’t. I don’t. Here’s what’s funny, though. I was out a week ago, got some bad news about a friend going through health issues. And ironically, I was at a bar with some friends for a Thursday night trivia thing, and a buddy came up and he goes, “Hey, George, you seem really subdued and quiet today. Everything okay?” I wasn’t, like, sad. I wasn’t crying in my beer, but I was just subdued and he noticed. So, a change in someone’s demeanor is important to notice. That’s one of the first steps. Irritability, more anxiety. And at some point, especially for smaller organizations or companies, because we interact so much with each other when it’s four or five or six of us or less, we can tell when people are off for a period of time. Now, people might be off for a few days or a week or two weeks. Typically what I like to look at is if you’re off for a week or two, I now want to start checking in with you. That’s not just a blip on the map once you get past two or three weeks.

George Vergolias: [00:37:45] What’s interesting, a lot of the diagnostic categories in the Diagnostic and Statistical Manual of Mental Disorders use two to three weeks as a window by which you go from simply having symptoms of depression to now you are in a depression. So I often look at that too. And then, what I will – so, again, irritability, increased anger, just a change in mood, is there a sense that they’re phoning in work where before they weren’t? Are they more scattered with their focus? Are they more short or curt in their emails or a little more hostile? And you’re like, “God, that’s not like John. What’s going on with him?” And I noticed that for a week or one to two weeks for a while.

George Vergolias: [00:38:26] What I will do is, one, I’m pretty direct but in a supportive way. So what I’d like to do is I don’t do it in an audience. I don’t do it in a group format. Let’s say to you, John, I’ll pull you aside and say, “Hey, John, we’ve been working together for five, what, five, six years now?” And if it’s a small business, it might be something like, “You come over to the pool, I’ve come and seen your kids play basketball. We know each other pretty well. I’m a little concerned. I just noticed a change in you, and I just want to check in. How are you doing? Is there anything I can help or support with?” And I open that up not in an accusatory way, “John, you look depressed. John, what the hell is wrong with you?”

John Ray : [00:39:03] Sure.

George Vergolias: [00:39:04] Especially men, especially men. And so really, it’s “I care about you. I’m noticing a change. I just want to check in and see how you’re doing and how can I help.” Hopefully, that leads to a little more dialogue around how things are going. This gets back to what we said earlier, John, around we don’t have time to not manage and engage with our employees. It’s part of that process. The more that we do that as a baseline and we know what their baseline is, the easier it will be for us to spot that they’re sliding a bit into burnout or they’re struggling with their mental health.

John Ray : [00:39:42] Do you find that individuals like this are they’re really just waiting for someone to break that ice for them, to broach this and that by us just knowing that, if that’s the case, that might give us the courage to have that conversation when it’s needed?

George Vergolias: [00:39:59] Yeah, I think it’s one of two things, but both should embolden our courage. One is just they may not be aware, they may not be aware. They may be – their MO in life and in business might be just I am that knight on the white horse and I’m going to ride this white horse until I fall off and die. That’s just – that’s been successful for me for ten years. And damn it, I’m going to keep doing it.

George Vergolias: [00:40:22] And if your ankle was just – imagine a running analogy. If your ankle is a little sore or your Achilles tendon is just tight, maybe pushing through that and doing a marathon works. If you have a broken leg, that’s not going to work. It’s just not going to work. You have to take time away. So that’s the first bucket is they’re just not aware.

George Vergolias: [00:40:41] The other bucket is exactly like you said, they are aware and they feel I cannot slow down. Everyone is depending on me and I can’t let myself down. I can’t let my family down. I can’t let my employees down. When someone comes to you and opens up in the way I said, checks in, they still might be a little bit defensive, but it softens. It makes it more open for them to engage.

George Vergolias: [00:41:08] I heard something ironically from a cartoon. There’s a great cartoon called The Horse, the Fox, I think, the Hare and the Boy. And the fox and horse are walking along and the horse says to the fox, “What’s the bravest word you ever said?” And the fox said, “Help. That’s the bravest thing I’ve ever said is help.” What’s funny is when you ask for help or if we were to go, if I saw you struggling and I came to you and checked in and you admitted, “Yeah, I am struggling and this is what I’m dealing with,” in a way, you’re saying help. If it’s nothing more than just hear me out, just listen to me, that is decidedly not giving up because you’re still in the fight. You’re still wanting to engage. Right?

George Vergolias: [00:41:53] So I think it’s important that we try to have those conversations earlier, then better. There is a point when people get so burned out that they are now just checked out. They are just disengaged. It doesn’t mean it isn’t worth having. It’s just harder to get them back. But I think those are really important discussions that we don’t have enough at work.

John Ray : [00:42:14] Yeah, absolutely. So, we were talking before we came on here about just the plethora of resources that are out there that have come about here over the last few years, even really before the pandemic as you pointed out, and some innovative approaches to address burnout and workplace well-being. Talk about the ones – help people sort through those, if you will, and the ones that our listeners ought to pay attention to in your view.

George Vergolias: [00:42:47] So, I want to open this by just anchoring a critical concept and that is I do a lot of training internationally and I always ask around this topic. If I were to write a blog, let’s say, or an article on physical health, what do you think I would talk about? And typically people say nutrition, weight lifting, cardio, working out, yoga, Pilates, whatever. And if I was going to talk about physical illness, what would I be writing about? Cancer, diabetes, heart issues. Okay.

George Vergolias: [00:43:17] What’s funny is when I ask the same question about mental health, people mention anxiety, depression, bipolar disorder, suicidality, substance abuse. We automatically attribute mental health to mental illness. We equate them in the zeitgeist, in the general culture. It’s important to know that mental health is like physical health. We are all invested in that. Some of us do better than others in managing that. Some of us do well for a while and we fall away. But every day we are invested in our mental health the way we are invested in our physical health. We all don’t have physical illness and we all don’t have mental illness.

George Vergolias: [00:43:53] So, it’s important for us to understand there’s a difference. As a leader, you have to be engaged and invested in your people’s mental health, even if they don’t have mental illness. Those are not always the same. So, it’s important for us to realize that.

George Vergolias: [00:44:04] In terms of resources, larger companies have employee assistance programs or they have internal wellness or well-being programs that are built in. Solo entrepreneurs don’t have that. Smaller companies often don’t have that. So what you can do, in some ways, maybe you could bring in training to help build on these concepts of resilience and well-being even that can be expensive. But there’s a benefit to being a small company with only a few employees, and that is if you or maybe you designate your office manager because he or she is really into well-being issues, right, you designate them to learn about some of these techniques and then you have them educate or train maybe the rest of the company or just check in with people, or you have certain incentives.

George Vergolias: [00:44:51] You can have – at a local company in Raleigh here, literally, I think they had six people. And what they did is they did a really simple thing. They said, for people that want to do hot yoga or Pilates or even CrossFit, we are going to supplement 25 or 50% of the cost of your training for two months. So it didn’t break the budget. It wasn’t like exactly, totally cheap, but it didn’t break the budget. And what they found, why two months? If you do these things for two months, people either drop out after two weeks, but those that go for two months, they tend to stick with it and they tend to find, hey, this is now is worth it to me and I’m going to pay for it on my own and it’s going to help with my well-being.

George Vergolias: [00:45:35] So, there are creative ways to think about how to connect people to resources without necessarily paying for them for the next two years. The other thing that we will do or we recommend with small companies is have occasional check-ins, right, where it might be once a week, it might be once every other week where you’re checking in with your employees in a morning huddle, and you’re decidedly, for those days, not talking about the business. You’re checking in with how are you doing, how are things at home? Not pushing for that but you’re creating a space in which people feel open to raise their hand and say, “You know what? I’m struggling. My kid’s struggling in school and there’s a lot of tension in the marriage right now and it’s adding to my overall burnout.” Sometimes just sharing that or having coworkers know what that understanding is helps a lot. And then, from there, it’s amazing that other coworkers might say, “You know what? I dealt with that three years ago, and I went and talked to this counselor,” or, “I joined this group,” or My church has a group that deals with this issue.” It’s amazing what those resources are organically if we can tap into those.

John Ray : [00:46:43] Yeah, for sure. And I want to follow up on that, just to be specific. Are you suggesting that as leaders of our teams that we should bring that up in a small group or just in our one-on-one sessions with our team members, or both?

George Vergolias: [00:47:00] No, that’s a great distinction. And I’m glad you made that because I don’t want to, I don’t want to – I was not totally clear on that. What I would recommend is if you have a concern in particular about one employee, back to your previous question, I would do that on a one-to-one basis. Again, let’s say, John, I thought you maybe were struggling. You’ve had a change in behavior. I wouldn’t call you out in front of a group for confidentiality reasons, for stigma. Sometimes people feel a little bit shamed or shameful. They shouldn’t, but they do. It’s a natural reaction. I would do that on a one-to-one basis to keep the confidentiality and the privacy intact.

George Vergolias: [00:47:34] But what I’m talking about in the group format is, let’s say I did this for a while when I was working in the hospital, we would have a Wednesday morning huddle and it was always patient care and what do we need to work on and what do we need to change in our documentation. But what I did at least once a month is I would say the first 15 minutes, no business. I’m just checking in. And how are you guys doing? Let’s just take a temperature. On a scale of 1 to 10, how are you coping? And then, if someone said – ten being bad, they might say – I’m at an eight, do you want to say anything more about that? And invariably, the first few times, no. But as soon as one person starts opening up and engaging, the other group starts feeling more comfortable. So what you’re doing is you’re creating just a safe environment for people to open up and talk and share ideas about how they’re dealing with it.

George Vergolias: [00:48:22] Often you know what one of these is, I’m working with a certain client who’s extremely demanding, maybe even hostile. And someone says, “I had that client last year and this is what I found works with him.” It can be something just really tactical like that that really can help take the edge off and give somebody some insight on how to face a certain problem.

George Vergolias: [00:48:44] So, that’s what I would do in the group format is keep it more general and then allow people to explore whatever or discuss what they feel they need to.

John Ray : [00:48:53] Yeah. Wow. That’s extremely valuable advice there, George. We’re coming up on time for sure. And you’ve been so generous with your time and thank you again for that. But before we let you go, any other success stories of individuals that have overcome burnout or lessons that can be learned that maybe we haven’t touched on?

George Vergolias: [00:49:18] I think there are a lot of success stories. None immediately come to mind. But what I would say is what’s really interesting about burnout is it’s not about – people – we keep thinking it’s about stress. It’s about our reaction to the stress. It’s fascinating how much the human individual, the human being can take in terms of managing stress if we’re managing it in a way that’s palatable. It isn’t about volume. It’s about the quality of how we’re managing that and prioritizing things. And so often what leads to burnout is we are prioritizing things in a way that doesn’t necessarily have to be put at the front of the line.

George Vergolias: [00:50:03] So a classic example for me, and I guess maybe I’m the story, is being a bit ADHD and being a bit driven, I chronically for years, I’m 54, up until literally about 50 years of age I did this, I would make a list of 25 things every day I wanted to get done, and if I didn’t get them done, I really felt like I’m a loser. What am I doing? What did I accomplish? I finally just had to make – I have three key things I want to get done. Everything beyond that is gravy. And if I only get two of those, I feel like it’s a major success. If I get one, I still feel positive about the one. I just had to reorient my sense of priority and my sense of accomplishment. It didn’t take away my drive or my motivation.

George Vergolias: [00:50:47] So, those things that I think are important to realize is that the burnout is yes, we have a lot going on outside of us, but it’s really about our reaction to that and how we’re managing that.

John Ray : [00:50:58] Yeah. Wow, George, this has been terrific. And I can’t imagine there aren’t some folks that having heard some of the advice, tips, guidance that you’ve shared would like to know more. Can they be in touch, and if so, how?

George Vergolias: [00:51:13] Certainly. One is our website, of course, r3c.com, is a great place to find more about the topics I’m talking about. You can reach me directly. It’s george.vergolias – I’ll spell that, V-E-R-G-O-L-I-A-S – @r3c.com. And I’m also, if you use that same name I just linked to you, I’m on LinkedIn, which is another wonderful way to reach out to me.

John Ray : [00:51:41] Terrific. Dr. George Vergolias, R3 Continuum, thank you so much for joining us here on the Price and Value Journey.

George Vergolias: [00:51:48] My pleasure, John. Thanks so much for having me.

John Ray : [00:51:51] Thank you. And, folks, just a quick reminder as we wrap up here, if you want to be in touch with me directly, feel free to email me at john@johnray.co. I’m happy to respond there. Or also on LinkedIn, John Ray, on LinkedIn. You can find me there.

John Ray : [00:52:09] If you would like to receive an update or updates on my upcoming book due to be released later this year, 2023, you can go to pricevaluejourney.com. The name of the book is The Price and Value Journey. Imagine that. The Price and Value Journey: Raising Your Confidence, Your Value and Your Prices Using The Generosity Mindset Method. So if those are issues for you, this book may be right up your alley. Feel free to be in touch to learn more on that.

John Ray : [00:52:39] So for my guests, Dr. George Vergolias, I’m John Ray on the Price and Value Journey. Thank you again for joining us.

 

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 2,000 podcast episodes.

Coming in 2023:  A New Book!

John’s working on a book that will be released in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices Using The Generosity Mindset Method. The book covers topics like value and adopting a mindset of value, pricing your services more effectively, proposals, and essential elements of growing your business. For more information or to sign up to receive updates on the book release, go to pricevaluejourney.com.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: behavioral health, burnout, Dr. George Vergolias, John Ray, Price and Value Journey, pricing, professional services, professional services providers, R3 Continuum, solopreneurs, stress, value, value pricing

Why You Should Do a LinkedIn Newsletter, with Adam Houlahan, Prominence Global

June 1, 2023 by John Ray

Adam Houlahan
North Fulton Studio
Why You Should Do a LinkedIn Newsletter, with Adam Houlahan, Prominence Global
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Why You Should Do a LinkedIn Newsletter

Why You Should Do a LinkedIn Newsletter, with Adam Houlahan, Prominence Global

Adam Houlahan, CEO of Prominence Global and best-selling author, was the guest on this edition of The Price and Value Journey, discussing why you should do a LinkedIn newsletter. He and host John Ray covered how to make them impactful, what makes a LinkedIn newsletter unique, how often to post a newsletter, repurposing content, aligning with LinkedIn’s current algorithm, and much more.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

Prominence Global

Prominence Global is, you’ll find, very different. They help their clients position themselves as industry leaders who are the envy of their peers.

Their mantra is authenticity They create intelligent strategies that cut through the noise that is social media. They do that by being authentic, courageous, and committed to make a difference in their world too. They value transparency More is learned from their mistakes than successes, sharing both is their commitment to honesty and truth. They operate with Integrity Ethics in marketing is in their DNA, they are not afraid to say ‘no’.

Prominence Global seeks continuous improvement through innovation They’re constantly curious in growing themselves, their team and the service they provide. They’re personal. They understand there is no cookie-cutter program that suits every business. They develop solutions that are as individual as their clients are.

They make a positive difference. They believe real and meaningful change comes through the world’s entrepreneurs. They create a powerful on-line presence for each client that grows & accelerates their global footprint, so that together they really can make a huge impact.

Through their Premium Partnership with the global giving movement www.B1G1.com they impact the lives of millions of people in need just by doing what they do every day.

They developed a range of support services to cater to every need. ☞ Free web events ☞ Free Community you can join ☞ Free Profile Optimisation Course ☞ Inner Circle Solo ☞ Inner Circle Academy ☞ Inner Circle Legends.

Their programs are an intensive ‘deep dive’ — a superb, results-producing methodology that creates a cutting-edge, lead generation sales funnel for almost any industry.

The difference is simply how much support you need from their team of dedicated professionals.

Company website | LinkedIn

Adam Houlahan, CEO, Prominence Global

Adam Houlahan, CEO, Prominence Global

Adam Houlahan is an International Keynote Speaker specializing in LinkedIn strategies for entrepreneurs, and CEO of the highly successful LinkedIn agency, Prominence Global.

He hosts arguably the world’s largest free on-line LinkedIn training event with thousands of people registering every 10-weeks and is considered to be one of Australia’s leading experts in harnessing the power of LinkedIn for business.

Adam is also the author of three Amazon best-selling books Social Media Secret Sauce, The LinkedIn Playbook, and Influencer. Adam co-authored a fourth international best-seller Better Business, Better Life, Better World. His purpose is to positively impact 12 million people in need and has surpassed 10 million on the way to that target.

LinkedIn

TRANSCRIPT

John Ray: [00:00:05] And hello again, everyone. I’m John Ray on the Price and Value Journey. Today, we’re going to talk about whether and why you should have a LinkedIn newsletter. It’s a rather narrow topic, but one that I got interested in, thanks to Adam Houlahan.

Adam is an international keynote speaker who specializes in LinkedIn strategies for entrepreneurs, and he’s the CEO of the highly successful LinkedIn agency Prominence Global. He hosts arguably the world’s largest free online training event, with thousands of people registering every ten weeks. And he’s considered to be one of Australia’s leading experts in harnessing the power of LinkedIn for business. I think it’s beyond Australia, but that’s just my opinion.

Adam is also the author of three Amazon bestselling books, Social Media Secret Sauce, which I have not read, but I have read the LinkedIn Playbook and Influencer, both of which I recommend. Adam co-authored a fourth international bestseller called Better Business, Better Life, Better World. And that comes from his belief that real and meaningful change comes through the world’s entrepreneurs. His purpose is to positively impact 12 million people in need, and he has surpassed 10 million on the way to that target. Wow. Adam, thank you for coming on the show.

Adam Houlahan: [00:01:36] John, it’s an absolute pleasure and really looking forward to today.

John Ray: [00:01:40] Yeah. Thank you so much. And thank you again for your work. And before we get into LinkedIn, though, I want to just give you a shout out for your work here on the positive impact you’re trying to make on a worldwide basis. So describe that for everyone so they know exactly what we’re talking about.

Adam Houlahan: [00:01:59] Yeah, sure. I think it’s one of those things, John, that all of us, small to medium sized business owners understand. Our governments aren’t really going to make a significant change in the world, and it’s up to us to do what we can to effect that change. And right from day one, when we started Prominence Global, we had an alignment with an organization called B1G1.

And through those guys, we make sure that everything we do, so every, like you mentioned, the events that we host, every time someone comes to one of those events, we make sure a child gets access to a day’s education. When people join some of our programs, we build wells for families, so they’ve got access to drinking water. All those types of things, lots of great things, environmental things, all aligned with the Sustainable Development Goals for 2030.

So we feel like we’re just doing our little bit to make a bit of an impact in achieving that Sustainable Development Goals on time in 2030.

John Ray: [00:02:57] Thank you for that. And I would encourage those of you listeners who are interested, go to the Prominence Global website. You can see it all detailed there and see it all counting almost live. So it’s pretty cool. So thank you for that work, Adam. Yeah.

So let’s get into talking about Prominence Global, specifically in terms of your LinkedIn expertise and how you’re serving entrepreneurs and executives that want to amp up their LinkedIn presence.

Adam Houlahan: [00:03:30] Sure. And like you mentioned at the start, John, yeah, today we’re mostly talking about a very niche topic of newsletters for LinkedIn, as LinkedIn is a multi-faceted platform, serves lots of different needs. Again, as far as us as an agency, we’re very niche. We don’t work with sales teams or people looking for new jobs or people recruiting for jobs, that type of thing.

We very much focus on how business owners or leaders can use LinkedIn to create a really highly engaged personal brand and how they use that personal brand to then generate new business and revenue for their businesses. Very, very niche within the big sphere of what LinkedIn can do.

John Ray: [00:04:13] Yeah. And you’re pretty tied in to LinkedIn in terms of the features that are coming and knowing a lot about kind of what the architecture of LinkedIn and what their overall business strategy is, which gives you an advantage, right?

Adam Houlahan: [00:04:32] It’s something we choose to make sure we keep on top of. Within our team, we have a team that that’s all they do. They just continually monitor all the changes. LinkedIn, you might be surprised, John, we’re like, what, halfway through 2023 and there’s been almost 90 updates to the platform already. The only thing is LinkedIn doesn’t come out and tell us all about them. They create these new tools and things and then leave us all to work it out for ourselves.

So yeah, we see it as a great, great way to just keep the LinkedIn community updated on those changes. And that’s what those events are about, is there’s enough changes every ten weeks to host an event that lots of people choose to come along to.

John Ray: [00:05:14] Yeah, for sure. So as you mentioned, this is a pretty niche topic. And here’s the irony of the topic. I got — I’m a subscriber to your newsletter. I got interested in the topic in part because of your newsletter. One of which was should I have a LinkedIn newsletter? So let’s talk.

And there were some interesting points in that made me think this would make a really good topic for this audience of solo and small professional services providers to hear about LinkedIn newsletters. but let’s do some definitions before we dive in further detail. So what’s the difference between a regular post and a LinkedIn newsletter?

Adam Houlahan: [00:06:02] Yeah. It’s a great question. Good place to start. So think of it like your normal status post, which is probably if you’re checking through your feed, that’s what you’re going to see the most of. And that will consist of might be a short bit of text-based content with maybe an image attached. It might be like a video, a bit of copy attached. It’s all fairly short form content.

A newsletter is different in two important ways. One, it’s actually long form content. So as far as your audience, there’s some of them that like just that short, punchy bite size content and then when they really buy into what you or your business is about, they will definitely be interested in a longer form of article and just you have a blog on your website. They’re going to be somewhere in that 800 to 1200 words, and your newsletter on LinkedIn can be exactly the same. It can be longer, John, but I wouldn’t go longer than that. That’s probably about the sweet spot for them.

Second really important part, as you just mentioned, you subscribe to my newsletter. So people can actually, apart from just being connected with you on LinkedIn, they can actually subscribe to that newsletter. And that means that whenever you upload a new article, they’re going to get notified in their notifications on LinkedIn, but also by email that you’ve released something new. And of course, the visibility of people engaging on that as a general rule is always higher.

John Ray: [00:07:34] Yeah. And so are there any particular individuals, professions that should have a LinkedIn newsletter? Are there some that shouldn’t even worry about it? Let’s qualify those that really ought to have one.

Adam Houlahan: [00:07:50] Yeah. Basically, if you’re going to share content on LinkedIn, and I should preface that by saying high value, highly niched content. So there’s a lot of people that — just to maybe give you some rough numbers, John. Current, we’re coming close to 950 million members on LinkedIn right now. Of that 950 million, only one percent share content on a regular basis. By regular, say, once a week.

But only one percent of that one percent create content that’s niched within a very narrow field of expertise and that’s the content LinkedIn really likes. They want you to create content that just stays in the narrow lane because it makes it really easy for them to know who in the link of those 950 million people likely to be interested in it.

And that’s what they’re trying to do. They’re trying to get our newsfeeds filled with the type of content we really like. Newsletters give a lot of signals to LinkedIn as to how engaged you are on that content, and that allows them to organically show that content under the right circumstances to a much wider audience than maybe just your first-degree connections or the subscribers to your newsletter.

John Ray: [00:09:07] Yeah. And before I started, in part because of the newsletter you wrote about LinkedIn newsletters before, I’ve had a newsletter now for, I guess, five or six editions. I went and looked at a lot of them and they vary widely in terms of quality, like anything else. So let’s talk about that. What makes for a high quality LinkedIn newsletter?

Adam Houlahan: [00:09:36] Yeah, it’s a good question. So the first part is it’s just copywriting 101. Good headline, good imagery, things that capture people’s attention. And then, as I said, probably something in that 800 to 1200 word count. If you make it too short, then of course, you’re not providing the value that a newsletter is able to provide, which is that deeper insight onto a topic. Go too long and, of course, people get a little turned off. Staying somewhere in that 800-to-1200-word character count, word count I should say, a few visual, exactly the same as you do on your own personal blog. You’re going to have a few images that highlight the points.

And the most important thing always, John, is a call to action at the end of it, give people a next step that they should take. And as on the end of those, we will say, look, here’s a few other ways we can help you and links off to other resources that just like these events that we run and other free resources that people can go and consume.

And of course people, if they’ve enjoyed or found value in the content that you’ve shared, then they’re very likely to want to know more and go deeper into what it is that you offer. And I’m sure we’ve all heard the old 711 principle of seven people need to have at least seven touch points and probably 11 hours of content sort of thing before they’re really invested in you and who you are. So the more you can get people engaging off one piece of content into another, the more you deepen that know like trust factor that people tend to have in you.

John Ray: [00:11:12] For sure. Now, Adam when you — the term high quality, I guess, is a term that everybody’s got their own opinion of what high quality is, right? So I think what — and this is a question. I think what you’re getting at is it’s not the place to put a press release. It’s not the place to put something that’s something less than generously helpful content, right? It’s not the promotional piece of it, if you want to call a call to action, promotional is at the very end where if people want to engage with that, they can, but you lead with what’s helpful.

Adam Houlahan: [00:11:54] Oh, exactly. And further to that, John, is probably more high value, probably a way we could, a better way we could say that is highly niched. And if I use my letter as an example and as I mentioned earlier, we don’t have solutions for people using LinkedIn for job search or recruitment or all those other things that the platform can do.

So none of our content is ever talking about those things. We serve the smallest small to medium business owners who use that platform for personal branding and lead generation. And so our content just always stays in that lane. So that’s probably a better way of saying high value is highly niched.

John Ray: [00:12:38] Yeah. It’s like in your case too, it’s not confusing. I mean, if you did a post on or a newsletter on Instagram influencers, that would throw everybody off, right? What’s Adam doing here?

Adam Houlahan: [00:12:50] Exactly. And we all probably are on multiple platforms, but I never profess to be an expert or know a lot about Instagram or Facebook or TikTok or any other platforms. I know how to leverage LinkedIn really well, and that’s why I just stay in that lane. And I never, newsletters or any other content for that matter, ever talk about anything other than how you can get as a small to medium business owner, how you can get value out of the LinkedIn platform.

John Ray: [00:13:18] So I’m sure there are a lot of folks that listen to this conversation and wonder, hey, I’ve got an existing newsletter. It seems like people are reading it. Why should I start a LinkedIn newsletter?

Adam Houlahan: [00:13:35] Yeah. So you most likely should and should have a newsletter or blog or whatever on your website. But your — and you can definitely have like one newsletter on your personal profile on LinkedIn and you can also have one on your company profile. If there’s a reason for you to ever need to talk about more than one thing, that’s how you can split that into two different topics.

But the reality is there’s a certain market that knows how to find and interact on your personal newsletter or your blog, and you’ve got a whole another LinkedIn community who most likely there will be some crossover, of course, but the high majority of them probably never go to your website or your blog for that matter. So you’re just exposing information, good information to a whole new audience.

John Ray: [00:14:25] And let’s say I decide I want to get started. Do I need a certain number of followers to make it work or a certain amount of reach? When should I start?

Adam Houlahan: [00:14:39] John, it’s a wonderful old saying is when was the best time to start? It’s probably like three years ago. When’s the next best time to start? Today. If we wait until all the ducks are aligned, we’ll never get started. So the point being, yes, obviously, if you had more followers or whatever, then it’s going to get more immediate impact. But it doesn’t mean to say if you don’t have a lot of followers, you shouldn’t start one today.

One little thing you should know, or your audience should know is that when the very first time you create your newsletter on LinkedIn, LinkedIn will send a notification to everybody you’re connected to on LinkedIn and say, “Hey, Adam. John’s just started a new newsletter about this. Would you like to subscribe to it?” So they give you this one off nice little boost of visibility. So you’ll pretty much guarantee that you’re going to get a few followers right out of the gate.

The second thing is, now, this wasn’t the case when they first started, but all new people that follow or connect with you from now on also get that, not a mass one like the very first one, but individual by individual. You get an invitation from LinkedIn to follow your newsletter if they’re following you or following you. So you will build a following.

Now, of course, what that really should be a red flag to everyone is make sure that very first newsletter that you put out is your best stuff because that’s the first one people are going to see and where you’ll get this influx of new people.

We’ve had some of our clients, John, and in fairness they probably have 10,000 connections or whatever on LinkedIn or maybe more. And when we help them first launch their new newsletter, got 1500 to 3000 followers to that newsletter within seven days. And that’s because of LinkedIn doing that initial big push for you.

John Ray: [00:16:34] Yeah, that’s fantastic. And by definition, they opt in, so everyone opts in. Unlike folks, your email newsletter, which may or may not have opt ins. Let’s be honest about this. You may be emailing folks that really didn’t ask to be put on your email list, but LinkedIn does not allow that.

Adam Houlahan: [00:17:01] No, they don’t. And so that’s the thing that people that opt in for your newsletter, they’ve made a willing decision to do that. As the author of your newsletter, you kind of have an obligation to serve those followers in a powerful way. I see it personally. I see it as an absolute privilege to be able to have people want to follow my newsletter and engage on that content. I’ll be honest, John, it just inspires me to give them my best stuff and that’s where they’ll always find it.

John Ray: [00:17:30] Yeah. And how often do you do your newsletters? Biweekly, is that correct?

Adam Houlahan: [00:17:35] Yeah, biweekly. Look, there’s no right or wrong. There is a wrong, it’s never. And I think to be honest, John, I feel once a week is actually too much for a long content. I think biweek — look, this is just my personal opinion. I think biweekly is the best cadence.

However, I’ll be fair, I’d say that’s one of those questions you could ask 10 different experts and get 11 different responses. But in my opinion about biweekly is a good cadence for that good long. And keep in mind that there’s a bit of work in putting together a good quality piece of information like that. So don’t put a noose around your neck of having to create that every single week.

John Ray: [00:18:12] Yeah, for sure. Now, in making that decision, does it make a difference in terms of how often you post? Would that play into how often you do a newsletter? In other words, you’re posting every day, right? Or every weekday? What’s your cadence on posting generally?

Adam Houlahan: [00:18:32] Yep. So again, our sort of recommendation and what all of our clients work to and we do as well is three times per week. So Monday, Wednesday, Friday. And on a calendar month, John, that’s 13 pieces of content. And so two of those are going to be newsletters. So we don’t add more. We just have that as part of our overall 13 pieces of content that we share every month.

John Ray: [00:18:57] Gotcha. Gotcha. And but the most important thing I take it is not the number, it’s the consistency.

Adam Houlahan: [00:19:07] A hundred percent. That’s it. Consistency wins every single time. I would rather see people start with once per month and then build that up to biweekly when it suits. Equally with the rest of their content. So when we say three times per week, we don’t necessarily say start, try and start there. Start at once per week. And then when you’ve got a bit of a rhythm around that, then you can move to twice a week and then eventually three.

But the key thing is, what a big mistake I often see made is people come out of the gate really hard, find it’s really hard to maintain that and then become inconsistent. And it’s very interesting. I wanna share a very quick story with you, John. I was in a meeting on the weekend just gone down in Melbourne, which is a couple of hours flight from where I live.

And one of the people that was there said, oh, by the way, I got a message from someone the other day because I normally post a video on a Friday and I was getting ready for this meeting and I forgot to post it and I got a message saying, oh, I was looking out for your video because I know you post every Friday.

So if you start creating really good content, people will know the cadence of where you post it. Now, some people will love your newsletter, some people will love your videos, some people will love your other content. Rarely will they love all of it. Sometimes they do, but they will know the cadence of your newsletter. And if you start getting inconsistent, then their desire to keep interacting on it will drop away.

John Ray: [00:20:39] Let’s talk about the interplay between if you have an email newsletter now, your blog, and your LinkedIn newsletter. So should you repurpose the content that you are already developing for your blog? Or even more importantly, your email newsletter? Can you put that both places?

Adam Houlahan: [00:21:01] Yeah, 100 percent. Again, remember, you probably have different audiences that consume that content in different places, so not all of your LinkedIn audience are going to see your newsletter. Not all of your email database are going to see all of your email newsletters or your blog. So a good way — you’re going to take a bit of effort to create a good quality newsletter. So by all means, repurpose it across a couple of channels.

Now the key thing there, John, is you probably say, for example, what we do is we’ll post it onto our company blog first. And then a month or so later, we will repurpose it onto our LinkedIn newsletters. So don’t post them at the same time. There’s a bit of a SEO play there as well, so it’s okay to repurpose it. Just give it a good four to six weeks in between different platforms.

John Ray: [00:21:53] Got it. And are LinkedIn newsletters indexed, speaking of SEO, indexed by Google? And are there any preferences that Google has toward LinkedIn newsletters versus post?

Adam Houlahan: [00:22:07] Yeah, 100 percent. They will index on Google and every piece of content that you create on LinkedIn now has its own unique URL. So part of that is the reason for indexation. So yeah, look, definitely because your newsletter is long form, it is going to index better than your standard posts because as hopefully your audience knows, Google has a preference for longer form content than really short punchy stuff.

So yeah, one, yes, it will index. And two, it will index better than your other content because of its longer form, which is again one of those reasons why you don’t want to go short. Don’t short your newsletter, so to speak. Give it enough algorithmic juice so that Google wants to index it.

John Ray: [00:22:56] Yeah. So how do I know that my newsletter is resonating with my target audience, this niche that I’ve put a flag in, if you will, for myself?

Adam Houlahan: [00:23:07] Yeah, it’s pretty reasonably easy. One, you’ll see that, month after month, your people subscribing to the newsletter will grow. And of course, part of that growth comes to promotion as well. So one, when you put out your newsletter, it is getting seen by not only your subscribers, but people will come across it in your feed. And you might want to, if you’re doing some email marketing, you certainly want to at times share about a link to your newsletter, that type of thing. But growth in subscribers is one way to tell that.

The second is, of course, LinkedIn will give you some analytics on that. It’ll show you how many impressions, how many people have liked it or comment on it or shared it. So just, you would gauge that by the growth in those things. To be honest, I don’t get too concerned about likes and shares. LinkedIn is not a big lover of shared content because it’s already on the platform.

Now, having said that, it’s no downside to us if people share our content, it’s great, but the real metrics you want to follow is the subscriber rate that that’s growing. And what I really follow is the number of people that are interacting on the newsletter and like commenting on it and leaving their opinions.

To me, that’s the biggest indicator of anything, is if people are starting to interact on your content by going out of their way to leave their views or thanking you for sharing it or whatever. That’s one of the best indicators for sure.

John Ray: [00:24:35] One of the things — I think I’m hearing a lot of things here, which is very helpful. Thank you. But one of the things that strikes me, Adam, is I think a lot of people have the notion because they get an invitation to a newsletter pretty frequently right now. Is that, hey, there are so many newsletters around, right, why should I start one? And the stats that you quoted right at the top of this episode would indicate there’s still a lot of folks that may never do a newsletter a lot more than or doing one.

Adam Houlahan: [00:25:12] Oh, 100 percent. That’s definitely right. LinkedIn’s own goals are to have about 3 billion members on the platform, so they’re only about A one-third of the way there themselves. So it’s like I said, when was the best time? A little while ago. When’s the next best time? Today. Yeah, just start.

John Ray: [00:25:29] Yeah, for sure. I would be remiss if I didn’t ask you to just talk in general about what you’re seeing on LinkedIn today, what some of the things that people need to pay particular attention to. I noticed you were talking about some enhancements to Sales Navigator that were pretty interesting. But talk about what’s on your mind these days and what you’re sharing with your clients about LinkedIn.

Adam Houlahan: [00:25:57] Yeah, look, it’s a never ending learning curve. There’s no doubt about that. Though, having said that, obviously those changes transcend all parts of LinkedIn. So you don’t need to be staying across all of those 90 changes that have happened in the last six months. But the things to really focus on is I think the most important thing is to start with an end goal.

Why are you on the platform? What is it you want to do? Who is it you want to be interacting with? And do you want to be seen as a marketer or as a, the term we like to use, John, is a sage. The term most people use is thought leader. I think that term is a little overdone these days. And but the reality is, I think the real value is to be seen as that real authority within your field of expertise.

You don’t have to dominate the whole LinkedIn platform. You don’t have to be Gary Vaynerchuk or Elon Musk or those people who transcend all audiences. You just need to be known and liked and trusted within your area of expertise. And if you can do that job done and LinkedIn wants to help you do that and how they help you, that is still LinkedIn probably gives better organic traction on content than any other platform as long as you understand the rules, so to speak. And if you stick by them.

In simple terms, what that rule is stay very, very niche. Don’t be trying to talk about all things to all people, and that helps LinkedIn to understand who’s your audience. Remember, they know a lot of information about all of us, so they know what you’re interested in. They want to give you content in your feed that is really interesting to you, where what might be in my feed would be completely different to yours.

And that’s okay, because if we’re all getting fed the information that we like and enjoy, we’re more likely to stay on the platform. So the end goal, in my opinion, is to align with LinkedIn’s goals. If you can align your goals with theirs, then it’s a win-win. And LinkedIn is very good at supporting those who support them, if that makes sense.

John Ray: [00:28:10] No, it makes perfect sense. And just to encourage those folks out there that really have not participated on LinkedIn, it occurs to me back to the newsletters that starting a newsletter may be a great way to put your toe in the water. If you’re already developing content for an email newsletter, why not get your toe in the water and start a newsletter on LinkedIn and see where it goes?

Adam Houlahan: [00:28:35] Absolutely, John. The other thing is that, and this is a reasonably new release from LinkedIn, is that you can actually schedule your newsletter. So around consistency, you don’t have to — there’s a little bit of work in formatting your email newsletter or your blog, and it’s the same on LinkedIn. But you can do that in advance, and you can schedule it so that — let’s say you’re doing it biweekly.

You can say, I want this to go out on exactly this time and this day in the future. And so that’s how you can keep that consistency and your audience knows, gets to know when you’re going to post. I think it literally has only been available — by the way, you can do that for all your other content types on LinkedIn as well, but only very new in the last month or so where you’ve been able to do it for newsletters.

John Ray: [00:29:22] We’re getting to the end of this interview, and I want to give you a chance for a call to action. So talk about what you’ve got going right now that our listeners might want to know about and might want to dive into and learn more about you and your work, how you can help them.

Adam Houlahan: [00:29:38] Sure. There’s two things, really easy. Either go to our website, which is prominence.global or just follow me on LinkedIn. That’s where we’re always going to let you know when we’ve put out, we have lots of free events and things where we just love to help the LinkedIn community. There’s literally probably almost one every month of different formats, but we’ll always let you know if you’re following us on there. And that’s the easiest way to make sure that you stay up to date with every, not every single change that’s happening on LinkedIn, but the important ones relative to small to medium business owners.

John Ray: [00:30:15] Terrific. Adam Houlahan from Prominence Global. Adam, thank you so much for taking the time to come on and share your expertise. We appreciate you. And again, I encourage everyone out there to follow you.

Adam Houlahan: [00:30:28] Thank you, John. As I said, it’s an absolute pleasure to be with you again today. And I look forward to doing it again sometime very soon.

John Ray: [00:30:36] Something tells me we’ll have a reason to — LinkedIn will give us a reason to, right?

Adam Houlahan: [00:30:41] For sure.

John Ray: [00:30:41] Yeah, for sure. Thank you again. And folks, just a quick reminder as we wrap up here, that if you want to know more information on this podcast, this series, go to pricevaluejourney.com. You can find our show archive there. You can also, of course, find it on your favorite podcast app.

And you can also sign up to receive updates on a book I have coming out this year. I’m trying to catch up with Adam, 2023, later in 2023. It’s called The Price and Value Journey, Raising Your Confidence, Your Value and Your Prices Using the Generosity Mindset Method. If you want to know more about that book that’s coming and I’m featuring some little pieces on that in my email newsletter, by the way, go check it out.

So for my guest, Adam Houlahan, I’m John Ray. Join us next time on the Price and Value Journey.

 

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 2,000 podcast episodes.

Coming in 2023:  A New Book!

John’s working on a book that will be released in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices Using The Generosity Mindset Method. The book covers topics like value and adopting a mindset of value, pricing your services more effectively, proposals, and essential elements of growing your business. For more information or to sign up to receive updates on the book release, go to pricevaluejourney.com.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: Adam Houlahan, John Ray, LinkedIn, LinkedIn Newsletters, Price and Value Journey, pricing, professional services, professional services providers, Prominence Global, Social Media, solopreneurs, The Price and Value Journey, value, value pricing

Relationship Building as a Business Banker: An Interview with Samantha McElhaney, Pinnacle Financial Partners

May 8, 2023 by John Ray

Samantha McElhaney
North Fulton Studio
Relationship Building as a Business Banker: An Interview with Samantha McElhaney, Pinnacle Financial Partners
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Samantha McElhaney

Relationship Building as a Business Banker: An Interview with Samantha McElhaney, Pinnacle Financial Partners

How do you build your brand and your book of business as a business banker when you don’t control your pricing, your reputation is tied up with your employer (which might or might not be helpful), and you work for a publicly traded company with quarter-to-quarter earnings pressure? On this episode of The Price and Value Journey, host John Ray spoke with Samantha McElhaney of Pinnacle Financial Partners. Sam discussed why she’s remained in banking her entire career, how she operates with an abundance mindset and a “relationship first” philosophy, how she handles mistakes and errors, developing trusted strategic referral partners and other referral sources, her philosophy of networking, success stories, and much more.

The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

Note from Host John Ray:

We’ve recently expanded our guest focus to professional services providers who do not have their own solo or small professional services firms. They have something to teach those of us who operate independently, because they work with handicaps those of us who own our own businesses don’t have.

In this vein, we recently chatted with Steve Aleksandrowicz, a Medicare insurance broker who built a book of business in an extremely competitive space without a website, no advertising, in an industry dominated by major companies.

I wanted to feature a business and/or personal banker who had built their client base and reputation by a focus on relationships. Business bankers are not in control of their pricing, they are somewhat captive to the reputation of their institution, which may or may not be as good as their own reputation, and they work for publicly traded companies who have quarter to quarter earnings pressure.

I knew who I thought was the ideal professional to invite, but I decided to ask around among a few trusted members of my network. Everyone I asked confirmed my choice, the guest for this episode, Samantha McElhaney.

It’s a great conversation….enjoy!

Samantha McElhaney, Commercial Financial Advisor/Senior Vice President, Pinnacle Financial Partners

Samantha McElhaney, Commercial Financial Advisor/Senior Vice President, Pinnacle Financial Partners

Samantha McElhaney is a Commercial Financial Advisor and Senior Vice President with Pinnacle Financial Partners.

She is a single mom of twins at the University of Alabama and the University of South Carolina, respectively. She has been in financial services for 28 years, starting as a teller while in college.

Sam loves lighthouses because they provide hope in the darkness/storms of life and admits she is extremely hard on herself. She leads and participates in small groups at North Point Community Church and Woodstock City Church because her faith is extremely important to her personally and professionally.

Sam’s favorite time of the year is college football season. She’s always ready for fall, food, and “fandemonium.”

LinkedIn

Pinnacle Financial Partners

The Pinnacle approach is a very people-centric one. It takes an unwavering focus and commitment of leadership to make it work.

The same five key business strategies Pinnacle has employed since its inception shape our focus today: Focus on businesses, real estate professionals, and consumers that desire a deep relationship with their financial partner. Provide distinctive service and effective advice. Hire and retain highly experienced and qualified financial services professionals. Offer a full line of financial services including banking, investments, mortgage, trust, insurance, and financial planning. Offer extraordinary convenience.

Pinnacle is much more than a bank. It’s a place for people to find true partners for their business. It’s a place where seasoned professionals give clients unmatched service and advice that improves their financial well-being. And it’s a place where people love coming to work every day.

Company website | LinkedIn | Facebook

TRANSCRIPT

John Ray: [00:00:00] And hello again, I’m John Ray on The Price and Value Journey. We’ve recently shifted our guest focus to professional services providers who do not have their own solo or small professional services firms, but they have something to teach us who do. Those of us who operate independently because these professionals work with issues and concerns that those of us who have our own businesses, we don’t have.

We recently chatted with Steve Aleksandrowicz. He’s a Medicare insurance broker who’s built a book of business over 12 years in a very competitive space without a website, no advertising, and in an industry dominated by major companies. Check out the show archive for that episode if you missed it.

I wanted to feature a business and or personal banker who had built their client base and reputation by focusing on relationships. And here’s why I wanted to talk to a business banker. They are not in control of their pricing, which makes chills run up my spine, as you might imagine. And they are somewhat captive to the reputation of their institution, which may or may not be as good as their own. And they work for publicly traded companies who have quarter to quarter earnings pressure.

I knew who I thought was the ideal professional to invite, but I decided to ask around among a few trusted members of my network, and everyone agreed with the first thought that came to my mind. The guest that I have here with me today, Samantha McElhaney.

Sam is a commercial financial advisor, senior vice president with Pinnacle Financial Partners. She’s been in the banking industry for 28 years and almost all of that time as a business banker.

Maybe the best way to introduce Sam is what she says about herself on LinkedIn in her profile. She says that for 28 years in the financial services industry, my number one priority has been to connect the right people together in order to pay it forward. By placing my clients’ needs first, I am gaining their trust and becoming a more important part of their overall team.

Quite well said. Sam McElhaney, thank you so much for coming on Price and Value Journey.

Samantha McElhaney: [00:02:29] Thank you, John.

John Ray: [00:02:30] Yeah, thank you so much. So give everyone a brief overview of you and your banking career and maybe explain why banking for you.

Samantha McElhaney: [00:02:41] I actually started in banking as a teller in college. It was the perfect job while going to school in Memphis, Tennessee Rhodes College. A lot of people assume, I went to the University of Alabama.

John Ray: [00:02:56] A great school by the way, Rhodes College.

Samantha McElhaney: [00:02:58] Yes, it is. Go Lynx. But I did receive a scholarship to Alabama, but chose academics over athletics.

John Ray: [00:03:07] Were you an athlete?

Samantha McElhaney: [00:03:08] I was. I played softball.

John Ray: [00:03:09] Really?

Samantha McElhaney: [00:03:10] Yeah.

John Ray: [00:03:10] Okay. See, I just learned something about you. Wow. Cool.

Samantha McElhaney: [00:03:14] But chose academics and went to Rhodes. And actually, majored in history. And I’m supposed to be a teacher, high school history teacher. But you probably don’t want me in your classroom with my OCD behavior.

But after doing my student teaching while also working my full-time job at Union Planters Bank in Memphis, I went into the management training program. And upon graduation, chose to stay with Union Planters and become a branch manager at the naive age of 21 instead of teaching in Memphis, Tennessee.

So my career in banking started that way. And also influenced very heavily by my manager at the time who is still in banking. He’s in the mortgage industry in Nashville, Tennessee. As well as my assistant manager at the time, who is also my best friend of almost 30 years, and she’s in Illinois and the banking industry as well. So pretty well connected there.

John Ray: [00:04:18] What are their names? Let’s shout them out.

Samantha McElhaney: [00:04:19] Yeah. Jeff Devereaux with Studio Bank up in Nashville, and Kara Ferguson who’s in a bank up in Illinois that has changed names several times because she’s in community banking.

John Ray: [00:04:30] Got it. Got it. So, Jeff and Kara.

Samantha McElhaney: [00:04:33] They’re the bomb.

John Ray: [00:04:34] Yeah. Yeah. Shout out to the two of you.

Samantha McElhaney: [00:04:36] Yes.

John Ray: [00:04:37] But you’re a little bit unusual, though, as are apparently Jeff and Kara, too.

Samantha McElhaney: [00:04:45] Yes.

John Ray: [00:04:45] In that you’ve stayed in banking because banking has, let’s say, spit out a whole lot of people over the last two and a half decades with all the merger activity in 2008 fun that everyone had in that time. Why have you stayed? And what’s made you successful?

Samantha McElhaney: [00:05:07] I probably have stayed because I became a mom, number one, in 2003. And every day, blessings, goes to make sure my kids get through college. They’re both in school right now. Number one, so I’ve got to get them through school.

But number two, I just love meeting business owners on a daily basis and hearing their dreams and what they want to accomplish. And I hope to be a part and become a part of their team and making those dreams happen.

One of my favorite shows on television is Shark Tank. And those entrepreneurs are those people on Shark Tank, and they are doing something that I wish I could have done or I could do, come up with that great idea. And so when I go visit them and hear their stories, I’m basically getting to live out Shark Tank and hopefully provide them with the funds that they need to fulfill their dreams. And when they do, and they tell me that I help them do that, it’s just an amazing feeling inside.

John Ray: [00:06:06] Yeah. Yeah. I want to come back to that but part of what’s happened in the banking industry over the last three or four decades, really, I mean it’s been going on for a while is, although it’s slowed down recently, it seems is just the constant formation of community banks. And some of them are built for sale, right?

Samantha McElhaney: [00:06:33] Yes.

John Ray: [00:06:34] But you’ve never, if I’ve got your resume right, you’ve never been enticed by that. And community banks sell themselves as being relationship oriented. You talk about being relationship oriented, but you’ve stayed at larger banks. Why is that?

Samantha McElhaney: [00:06:53] Well, I actually had technically a one day stint at a community bank. I left Fifth Third in 2018 and joined a small community bank here in town that was formerly Midtown Bank and became first Landmark. So it was technically considered a community bank. And then it started the whole merger process. And so over a period of four years, went through five different mergers.

John Ray: [00:07:23] Oh, dear.

Samantha McElhaney: [00:07:23] Which is the definition of community banking, because in order to fulfill the needs of its clients, over time, the only way to do so is to get larger and have capacity. And so merger after merger after merger happened. So that was a new experience for me in that world.

John Ray: [00:07:43] Okay. Okay. So you did do that.

Samantha McElhaney: [00:07:45] Just briefly.

John Ray: [00:07:46] Briefly. Yeah.

Samantha McElhaney: [00:07:47] Because it became, went from a community bank to what is now a large regional bank.

John Ray: [00:07:52] Right. Right. So what was that — how did that experience — how does that contrast between your time at larger banks in terms of your ability to deal with your customers in a relationship format? Was it better? Was it worse? About the same? Or was it what you made of it yourself? Talk about that.

Samantha McElhaney: [00:08:18] I honestly, having experienced both sides of the coin because I made great relationships and great friends in both scenarios. One of the reasons why I’m where I am today at Pinnacle with the large bank scenario, but I still am in contact with those smaller community bank, friends and partners. I just had lunch with a couple of them a few weeks ago and they do pride themselves on relationship style banking.

But it’s really not the name of the bank for customers, or at least it shouldn’t be. It should be the person that you’re banking with. And if you’re banking with a person and you know that person and that person knows what they’re doing within their institution, they should be able to navigate the waters within their institution and get to the people that they need to make decisions to get things and make things happen for you when it comes to products, when it comes to service, when it comes to getting answers, when it comes to getting requests through, when it comes to changing products, updating products.

For instance, if your online banking product doesn’t have a tool that you need, then that banker who’s representing you within that institution should be able to run that idea up the chain. And those changes should be able to be made within that online banking platform, because I’m sure you’re not the only person, John, who wants that change to be made. I’m sure others. You’re just the one voicing it.

John Ray: [00:09:48] What you’re describing is the role of you’re the facilitator.

Samantha McElhaney: [00:09:53] I like to say advocate.

John Ray: [00:09:54] Yeah, yeah, I like that better. Yeah.

Samantha McElhaney: [00:09:56] Yeah. That’s what — we call them advisors at Pinnacle. I like to say advocate. It’s the same initial, but I like to say I’m a daily financial advocate for my clients.

John Ray: [00:10:08] Yeah, I mean, it’s not — this is a dangerous analogy because it’s not that people are guilty of anything, but like you’re advocating for someone in court, right? I mean, you’re arguing on their behalf.

Samantha McElhaney: [00:10:24] I need to be able to tell their story and their why. Yeah. So that means I have to ask some critical questions. I need everybody to be honest on both sides. It goes both ways. That’s one of my biggest pet peeves is when a banker won’t honestly tell somebody why or why not they can do something. And don’t blame the bank. You know, I am the bank.

From day one since I was hired as a teller, I’m not going to sit there and go, well, someone upstairs told me, I can’t do this. No, we just can’t do it. I can’t do it. It’s my responsibility. I am the bank no matter where I am, whether it’s Monday through Friday during business hours or it’s a Saturday when I’m inside of a grocery store, if they recognize me as the banker. Yeah, I represent the bank 24/7.

John Ray: [00:11:10] Now, that’s interesting because as we talked, as I led this off, there are policies. You have no control over prices. You have no control over marketing that you have no control over. So how do you absorb the idea that you are the bank, and you may be advocating for things that or representing things that you don’t even actually agree with?

Samantha McElhaney: [00:11:39] That’s a great question because I’m definitely a why person. I need to understand the why we’re doing it the way that we’re doing it. And I’ve always been the person, especially in a meeting, to ask the question. But if you can give me some answers to the question when I ask it, don’t dance around it.

And I’ve luckily worked for companies who or individuals in the company from a management perspective who’ve always been open and willing to give me that answer so that I can be their biggest cheerleader or biggest representative out in the community.

And they know that I will voice that answer out in the most professional way possible. They’ll give me that to arm myself and be that advocate for the company and to help the clients. So to calm down anything or to lift up anything and be a positive voice.

So even though I might not have had any authority per se to influence a price or to change a product, they have always given me what I’ve needed so that I could let people know this is how we’re going to do it and this is how we’re going to be your best advocate and this is how we’re going to create a portfolio for you so that you can do your day to day business. And I can take care of your financials. And you won’t have to worry about those things on a regular basis.

And it’s been pretty successful. I have been called on the carpet, but when I’ve been called on the carpet, I have no problem saying, you’re absolutely right, let me fix this.

John Ray: [00:13:14] Well, give an example of that. I mean, you don’t have to mention the details of individuals or whatever but talk about just giving an example of that being called on the carpet.

Samantha McElhaney: [00:13:25] Well, I mean, for instance, when we set something up from an implementation standpoint, when a customer gets onboarded at any institution I’ve ever worked at, you tell people that it’s going to take a certain amount of time to get things implemented, set up, and we ask them to keep their old accounts open and new accounts, and cash is going to come in, cash is going to go out. And there shouldn’t be flaws or there shouldn’t be any issues.

But things do happen, unfortunately, out there. We’ve got scammers and we’ve got people taking things out of mailboxes and items of that nature. And so fraud, for instance, does occur. When that situation happens, we try our best in the banking world to prevent it from happening or to catch it before it happens to the client.

When it does happen, customers, you know, they get fearful. They get scared. They get emotional. And so you have to listen to the customers. You have to acknowledge their fear. You have to help them understand, yes, we are going to protect you and that we’re sorry it happened. We thought we had all the instruments in place to prevent it from happening.

Unfortunately, it didn’t stop it. We are going to fix this. We’re going to give you your money back. We’re going to do all the investigation. Just give us the time to do it. But first and foremost, let us give you your money back. Okay. We’ll do this right here, right there for you. So we can’t always catch it, but we try to do our best job possible. And we are truly sorry that it happened.

John Ray: [00:15:06] Yeah, yeah, sure. And you don’t control a lot of the aspects of the quality of your product.

Samantha McElhaney: [00:15:15] I wish but no.

John Ray: [00:15:18] I mean, again, unlike those of our listeners who are solo, small professional services firms, they control the quality of their product. You have a problem with that?

Samantha McElhaney: [00:15:32] We have vendors, of course. We buy products from other people and they promise us things as well. Yeah. But when you work with good vendor partners who will listen to us and gather feedback. For instance in online banking, it’s imperative that you not only are compatible with HP computers, but you’re compatible with Mac computers. And not all online banking products were necessarily compatible for a while with Mac computers. So it was frustrating.

John Ray: [00:16:01] Really.

Samantha McElhaney: [00:16:02] It was frustrating for some customers. And they wouldn’t go to technology because a lot of people converted to Macs early on.

John Ray: [00:16:08] Right. And they’re not leaving.

Samantha McElhaney: [00:16:11] They’re not going to leave it. Once you’re a Mac customer, you won’t go back to an HP. So it was very imperative early on to find out who would and who would not work with Mac computers for customers.

And when vendors said they would and it didn’t work, you had to find out the why and explain it and get it fixed. So that’s just one example that always sticks out in my head. And when I’ve worked for an institution, it’s one of the first questions I ask because a lot of your savvy business entrepreneurs all have the Apple products now.

John Ray: [00:16:47] Yes. Yeah, for sure. Let’s talk about relationships. Now, one of the things I find interesting is that banks may be large, they may be small, they may be mega banks, but every one of them, I think they must have the same marketing people because they all talk about their importance of relationships, right?

Samantha McElhaney: [00:17:12] Yes.

John Ray: [00:17:13] So there’s no difference in the marketing piece of it when you get to know the bank and you get to know their people. Like you, then only then do you know the difference, right?

Samantha McElhaney: [00:17:27] Right.

John Ray: [00:17:27] Right. So talk about, I guess the reality versus the marketing, if you will, of building relationships and how you do it, because it’s a one-on-one thing. And you said that well, if I can just add. You talked about how it’s about people and it’s not about the institution which the executive suite, probably, they’re running in circles hearing that maybe sometimes, depending on the bank. A great bank knows that, right? But talk about that, just the difference between how you operate on the ground in building relationships versus the marketing speak.

Samantha McElhaney: [00:18:19] Yeah. I get leery when someone claims they’re all things to all of their customers. I can do everything. And then they hand out A 1-800 number to their clients. That’s one of the reasons why I am where I am today because we don’t give out a 1-800 number and we also strive to pick up the phone.

In fact, our motto is we will pick up the phone in three rings. So if I’m unavailable because I’m on the phone, let’s say with you, John, my phone rolls to the next person in line, human being, in line to pick up the phone, who is my colleague and teammate. And that’s not a marketing thing or a marketing department. That’s us as a team. That’s different.

John Ray: [00:19:09] Yeah. That’s a process thing, right?

Samantha McElhaney: [00:19:12] Yeah.

John Ray: [00:19:12] Yeah.

Samantha McElhaney: [00:19:13] Yeah, exactly.

John Ray: [00:19:13] It has nothing to do with marketing.

Samantha McElhaney: [00:19:14] No.

John Ray: [00:19:14] Right.

Samantha McElhaney: [00:19:15] And it’s something that we all almost like sign an oath or an agreement with previous and it’s just not in banks, it’s in other companies.

John Ray: [00:19:28] Oh, sure. Yeah.

Samantha McElhaney: [00:19:29] Yeah. Not to be named, but companies, they’ll sit there and switch you over six different times just to talk to someone to get something answered. I’m experiencing this right now in customer service with a vendor that I’ve used for years trying to get it resolved, and it’s resulted in me having to tweet to get an answer.

John Ray: [00:19:52] Oh, lovely.

Samantha McElhaney: [00:19:53] Yeah. And it’s really sad that you have to go to those extremes to get somebody to reply after you’ve called and after you’ve sent emails. And it takes social media now to get somebody to respond to something that could have been resolved really quickly with the first phone call that you made. And the promise that the person said, okay, this will be resolved before the end of the business day.

Lip service is not cheap. If people will just say what they say and do what they say and mean what they say and follow through with what they say, the world would probably be a different place and people would probably feel a lot better about what they’re hearing and about what they’re being promised. And would probably have a higher customer service scores and higher follow through and have happier shopping experiences for that matter.

You can spend a gazillion dollars on your marketing and on your appearance and on your brand and on your logo. But at the end of the day, it’s all about the people who are providing it. And if those people don’t believe in the marketing and the promos and everything, it doesn’t matter. So I’d rather you invest in the people who are providing the service than the color and the brand and everything else that doesn’t matter.

John Ray: [00:21:19] Right. Right.

Samantha McElhaney: [00:21:21] I hope that answered your question.

John Ray: [00:21:22] No, no, it did. But I want to dig a little deeper into your current institution, Pinnacle Financial Partners. So first of all, you hear the name and you think that sounds like an investment bank or something.

Samantha McElhaney: [00:21:40] Yeah, it does. I have been asked, you got your license.

John Ray: [00:21:43] Right. Right. Where’s the bank in there? So what does the name signify and why is it that you’re — what is it about Pinnacle that helps you do what you do?

Samantha McElhaney: [00:21:56] Okay. When I lived in Nashville, because that’s where my children were born, Pinnacle started in 2000. And it was born out of mergers of banks that got to be pretty large. That bank, which is now the largest bank in Nashville and the second largest bank in Tennessee, just started out differently. It focuses on its employees being happy. The employees own stock in the bank. And the employees, if they’re happy, they will provide amazing customer service. So employees come first. Therefore, clients get treated extremely well.

In 2020, the announcement was made that they were here in Atlanta, and I read it in the newspaper, and I was like, whoa, this is a big news, because Pinnacle believes in raving fans. Pinnacle believes in taking care of clients, taking care of employees.

And Pinnacle doesn’t spend a lot of money on marketing. So you didn’t see the big billboards and commercials about them coming to town like you have with other institutions in the past. They also don’t post on LinkedIn. They don’t post on Indeed. They don’t have job postings or career fairs or anything of that nature.

You have to, at minimum, have at least 15 years of experience in your position. So our tellers, down to our tellers, they all have been in those positions or have banking experience of at least 15 years or more. So it’s just a different type of institution. We also call ourselves a firm. So you’ll hear us talk about ourselves as we are a firm.

John Ray: [00:23:40] Why?

Samantha McElhaney: [00:23:41] Because we’re about relationships. And we believe firms build relationships and banks do transactions. And so we’re advisors, not bankers. And so we advise clients on everything when it comes to their business and their personal financial matters and build those relationships.

We’re not going to do a transaction for you. We look at everything and we help introduce you to people that can help you with every idea and every situation. And it may not be something that we do financially for you. That may come later. So that’s what makes it different.

John Ray: [00:24:20] Yeah. Hence your title, Commercial Financial Advisor.

Samantha McElhaney: [00:24:24] Yes. And I don’t have a license.

John Ray: [00:24:25] Right, Right. That doesn’t mean you do stocks or something like that. Yeah, right. Yeah. You advise on all aspects of a business.

Samantha McElhaney: [00:24:34] Yes.

John Ray: [00:24:35] Got it. And so let’s — with Pinnacle as your backdrop, which you seem extraordinarily happy with.

Samantha McElhaney: [00:24:45] It’s my dream.

John Ray: [00:24:46] Yeah. Wow. So let’s talk about your approach to relationship building. So how does that work for you? You’re connected with someone. It’s a loose connection. How do you make that connection tighter so that whenever there’s an opportunity, an impetus for that individual to change banks, that they’re thinking of you?

Samantha McElhaney: [00:25:15] I mean, I never look at any introduction as being a waste or as unnecessary or as what’s the purpose of this introduction or what’s in it for me? I want to meet anybody and everybody. My mom said that when I was little that I would walk up to anybody and just introduce myself. That’s not necessarily the best thing on the planet when it comes to strangers. But she said, I had no problem meeting people.

And so I like to know people’s stories. I like to know what gets them up and gets them going in the morning. And so I want to hear about their business. I want to hear about their families. I want to hear what motivates them, what their passion is. And then I want to hear what keeps them up at night.

And again, that may not be banking. It may not be financially related. I laugh and tell the story about early on in the 2000 when I was in my career, moving here to Atlanta, one of the first companies I met here in Atlanta, the customer spent probably our first 10, if not 15 minutes, talking about and apologizing for the taste of his coffee in the meeting.

John Ray: [00:26:33] Oh, really?

Samantha McElhaney: [00:26:34] Because the coffee, he said, it’s just awful and I just — I’ve tried so many different coffee vendors. I don’t know what to do, but the coffee’s just horrible. And I’m sorry. I’m sorry. Well, come to find out, it was the water filtration system.

And so we ended up introducing him to a water filtration vendor system to put in his office. And the taste of the coffee changed, and he never talked about it again after we solved that solution and problem. So we could talk about other things like his actual business down the road.

So I like the fact that we got down to the heart of it and figured it out and introduced him to a solution. Now you say, that’s kind of weird, Sam. But no, that was something that obviously bothered him because he spent 10 to 15 minutes talking about it during our initial meeting.

So those are the kind of things I want to do is help somebody with what’s preventing them from doing what they do best, which is obviously their business.

John Ray: [00:27:36] Right. So it sounds like what I’m hearing is that you’re trying to figure out what their problems are, what is keeping them up at night, whether that has anything to do with their banking issues or not and trying to proactively bring them solutions to that.

Samantha McElhaney: [00:27:54] Yeah. And that may not in the past with all of my banks that I’ve ever worked with that may not meet my goals right now in the immediate present. But I think long term, it has helped me with not only who I work for, but who I work with, whether that’s my employer or my clients or future prospects, because I think I’m doing the right thing for everybody involved. Because that’s what they need, not necessarily what Sam needs at that particular time.

John Ray: [00:28:29] Yeah. So you work for — as good as your firm is for you, you’re still in a big public company. I mean, and public companies by definition, I mean they have quarter to quarter earnings pressures —

Samantha McElhaney: [00:28:45] For profit.

John Ray: [00:28:46] Right? They’re for profit. They’re for profit. That’s always important. But there are goals, there are budgets, there are, again, the quarter-to-quarter pressures. So what you’re talking about helping someone with their water filtration system, that doesn’t actually add to earnings per share.

Samantha McElhaney: [00:29:07] No, it helps.

John Ray: [00:29:08] For the quarter.

Samantha McElhaney: [00:29:08] It helped that company, I’m sure, but it didn’t help my company at that time.

John Ray: [00:29:12] Right. So, I mean, how do you balance these things, right? Because you’ve got to hit your targets, whatever those targets are and over whatever time frame you’re talking about, how do you balance that?

Samantha McElhaney: [00:29:30] That’s very important. I really honestly believe in a combination of if I’m out there doing the right things every single day, which is out meeting people, talking to people, asking people to do the same thing, keep their ears open, feet on the street, making the right introductions, if I’m asking them who they need to be introduced to, if that’s ongoing 365 days of the year, no matter where I am, I mean, even I take vacations.

I mean, I go to football games because my kids are at two of the best SEC schools on the planet. No offense, Georgia, but they are — you know, I’ll talk to people when I’m at those institutions. I’m always talking about businesses and opportunities and trying to make connections.

And if I’m doing that 365 days, then it always creates what I think is a pipeline. And I’m a big believer and a lady of faith. And I just truly believe that if I continue to do the right things then and I stick to my faith, then it will be provided for me because I’m walking and talking and doing what I’m supposed to do for the right people and for the people who need it. And so I just have to believe I can’t have fear. It’s going to happen and it’s going to be produced so.

John Ray: [00:31:00] Well, so what you’re describing is you’re living from a philosophy of the world is an abundant place, right?

Samantha McElhaney: [00:31:09] It should be.

John Ray: [00:31:10] That’s one way to describe it. As opposed to that the world is a fixed pie. It’s a place of scarcity. And you have to grab whatever you can grab at that moment. That’s what you’re describing. That’s the dichotomy you’re describing, right?

Samantha McElhaney: [00:31:25] I like the way you just put that because I don’t want to see people with one set amount and everybody’s beating each other up to try to get, like you said, their piece. I think there is plenty of business out there for everybody and the right amount is going to go to the right person and to the right fit.

It’s like, for instance, we’ve discussed before when someone comes up to you and says that I can make anybody and everybody, I don’t believe that. I know a lot of bankers here in Atlanta, a lot of people who are really my good friends.

And so I’m not the bank for everybody and I’m not the banker for everybody. That’s why if it’s not a right fit, I have no problem introducing you to a great banker at another institution who’s probably the right fit.

And people are like, why would you do that? Don’t you have goals? I’m like, no, it’s better to put you in the right place so that you’re with the right banker and you’re not being moved around all the time. You’re with who you need to be, the right institution, the right person so that your business can prosper. And I hope it would be paid forward in the long run.

John Ray: [00:32:31] Right. So the analogy here for, again, those of our listeners that are solo small professional services firms, they have their own firm, they’re not subject to quarter-to-quarter earnings, but if they’re trying to maintain this a philosophy like yours, you’re going to go through dips.

Samantha McElhaney: [00:32:48] Always.

John Ray: [00:32:49] Right?

Samantha McElhaney: [00:32:49] Yes.

John Ray: [00:32:50] Where that philosophy of abundance seems like it’s not working, right? So how do you sustain yourself through that?

Samantha McElhaney: [00:32:59] I mean, you’ll sit there and you’ll say, oh my gosh, there’s nothing in the books, there’s nothing in the pipeline. But if you will do the right steps every single day, get up, not mope or play martyr, if you will get out and show the activities and show that you’re actually doing the right things and continue over and over again, kind of like what Adam Grant talks about in give and take and give and give and make the introductions and do the things that you’re supposed to do, even with your coworkers and teammates, then it will eventually open up again and just flood. And you’ll be like, whoa, wait a minute, it was there all along? Why did I doubt it? It will happen and occur.

If you’re not doing the right things in the right steps. Then no, the abundance won’t happen, or the opportunities won’t happen, but you have to be consistent. I love the word consistent. My kids used to say, you all aren’t being fair. And I’m like, babies, I never claim to be fair, but I’m definitely consistent in my practices.

John Ray: [00:34:05] Yeah. We could talk a lot about fair, right?

Samantha McElhaney: [00:34:12] Yes.

John Ray: [00:34:12] Yeah, fair is something that happens in the early fall.

Samantha McElhaney: [00:34:15] In Cumming, for sure. In October, the best one.

John Ray: [00:34:18] That’s right. Yeah. Yeah. You’re mixed up on what fair is all about.

Samantha McElhaney: [00:34:22] Exactly.

John Ray: [00:34:23] Yeah. So you mentioned your personality, you’re an outgoing personality. You love to meet people. There are a lot of our listeners that wouldn’t describe themselves that way. They’re introverts.

Samantha McElhaney: [00:34:39] Yes.

John Ray: [00:34:39] And they don’t see themselves as wanting to put themselves out there the way it’s so easy for you. So give counsel to folks like that, that they want a network, and they want to develop strategic referral partner network like you have. How do they do that in a way that’s non-threatening?

Samantha McElhaney: [00:35:04] Oh, wow. Because I mean, initially when I first moved to Atlanta, where I knew nobody in 2005, I mean I was that person who would go to any and every event and splash my name all over the place because again, had no fear of doing so.

But someone who would move here in 2005 and not know anyone, you don’t know where to start, especially if you’re inside of a shell. Personally, because I do know a lot of introverts. I do, in fact, in my small group from church, our group is half extroverts and half introverts.

John Ray: [00:35:43] Oh, you all have a lot of fun.

Samantha McElhaney: [00:35:45] Oh, yeah. Because you’ve got the people who will dominate the conversation and then you’ve got the people who are just sitting there and not saying a word. And you have to get them to to come out and participate.

John Ray: [00:35:56] And they’re running silent, running deep right there. They’re the ones that come out with the really deep thoughts.

Samantha McElhaney: [00:36:00] When they finally say something, you’re like, oh my gosh, why hadn’t you talked the whole time?

John Ray: [00:36:05] Exactly.

Samantha McElhaney: [00:36:06] You’ve got to take baby steps. And it’s really both of them, extroverts and introverts. You have to take baby steps when it comes to networking and pick something that interests you, especially introverts. You have to find an organization or a group that you’re passionate about to go join and go participate in.

Because if not, networking is not going to be fun. It is going to seem boring. It’s going to seem like a checkbox. It’s going to seem like something that you’re going to want to give up on really, really quick. Like you’ll register, you’ll show up, you’ll enter the room, you’ll pick up your badge and you’ll walk out the door type scenario.

If you go to something that you enjoy or that you have a passion for, let’s say it’s a women’s organization or it’s an event that is sponsoring animal’s rights or the Humane Society or something, you’re more likely to attend that event and find maybe one person in that entire room that you could walk up to and connect with and just have a conversation with that night about the dogs or the cats in the room that you connect with or something.

And that’s one success story right there, because you met one person. And that’s one baby step. Getting there, baby step. Staying there, baby step. Meeting one person, baby step. So that’s what I would encourage the introvert to do is to find one event, one chance, go, stay, find one person, and make the connection. And then try it again.

And then once you get your feet wet and you find out it’s not really that scary, you might actually find out you might be an introvert, extrovert. And then that’s a whole other topic for another day. And those are professional trainers. They can talk to you about that term so.

John Ray: [00:38:01] Right, right. Yeah. Because we tend to put ourselves in these binary silos, right? We’re either this or that, and that’s rarely the case, right?

Samantha McElhaney: [00:38:14] Like, I’m an extrovert during working hours. But, John, when I get home, yeah, I won’t answer our phone, or I’ll go into like a rabbit hole. I need my downtime to recharge my battery.

John Ray: [00:38:28] Right. Right. Yeah, that makes perfect sense. So let’s talk about Strategic Referral Partners because as professional services providers, we all live off our network, right, and referrals. So how did you develop that? You’re known for having quite a deep network, so extensive network. So talk about how that happened for you beyond what you’ve already mentioned.

Samantha McElhaney: [00:39:04] Again, getting out and meeting a lot of people when I first moved to Atlanta. But one of the best networking groups and sets of partners I have had, and I can admit to, and we’re a really neat group. We just met yesterday for lunch, and we have since 2012.

There was a group of us that were part of an organization that paid a lot of money to be a part of that group. We went our separate ways and formed our own networking group back in 2012 because we found some commonalities with each other, and we meet over in the Cumberland area and have the first and third Tuesday of every month around lunch time.

And we protect each other. And when I say protect each other, we don’t overlap when we meet with one another. So if there’s one CPA in the group, it’s the only CPA in the group. I’m the only banker in the group, but our organization is up to 22 members. And we regularly meet with each other. We discuss opportunities with each other, customer clients with their permission, and we look out for each other.

As far as business, we all try to do business with one another. But again, we try to make introductions with one another. And this group has probably been one of the most important parts of my business since, again, we formed in 2012. And the biggest part of it is, I could say we’re honestly family.

That group of individuals, if something ever happened to any one of us, like one individual is celebrating a wedding this weekend. There’s been babies born in that group. There’s been graduations. There’s been deaths. There’s been illness. We treat each other as family. So how we treat each other is how we want to treat our clients. It’s how we want to treat anybody. So it’s a unique organization.

And so from that baseline, that’s how we treat all of our networking partners. And so anyone we meet out in the community, we try to introduce each other to those networking partners and other referral sources. And so it’s just grown and connect each other on LinkedIn and it continues to multiply. So we’ve been very blessed with one another.

John Ray: [00:41:30] We could go down a bunny trail on this. But I mean, how does someone that does not enjoy a group like that, how do they find that kind of group, right?

Samantha McElhaney: [00:41:41] Okay, it’s a great question.

John Ray: [00:41:42] Yeah. How did they judge that group, right, for its personality of giving?

Samantha McElhaney: [00:41:48] Yeah.

John Ray: [00:41:49] You know, how does that happen for them?

Samantha McElhaney: [00:41:51] No. When I worked at Fifth Third, I had employees who would ask me about that group and how did that group even form or what would you do, what would you recommend on how we start a group similar to that? And I have told individuals in the past, start with people that you like to do business with, like to have lunch with, like to break bread with and go have breakfast or lunch with those people.

That’s maybe three, four people and put together. And you all come up with a baseline. What do you all require from a set of guidelines? Are you just going to require that you all meet once a month? Are you going to require that you all make one introduction to each other once a month? And put those baselines down and hold each other accountable.

And then set it on the calendar. Are you going to meet once a month, twice a month, whatever it is? And you come together and is it just going to be the same group of people? Or are you each going to require each other bring another person the next month and see if it stays the same in size?

And if that’s comfortable, keep it that size. If you want to grow it, then do the visitation and grow it to the next size, grow it to the next size. And then if it keeps growing, decide do you want to charge fees for that or are you cool with everybody paying for their own meals, whatever you decide from a meeting standpoint.

But you can create your own group. It doesn’t have to be a national organization and nothing against the national organizations because they’re fantastic. I’m a part of one. I only do two networking groups and one of them happens to be a national organization.

But you can create your own group. You just have to make sure the people that you’re in and working with and that kind of group all have the same ideas and philosophies in play. And the people that you invite clearly understand what those philosophies are.

So if I’m bringing you as a visitor and we introduce our clients to each other, make sure the person you’re bringing, hey, John, when you come and meet my friends, we’re going to — you know, I’m introducing you to my friends that I do business with, they’re going to ask you, who do you want to meet, who are my clients, and who are you willing to, down the road, introduce me to if my services are needed by your clients?

You know, you’ve got to be very clear about those expectations. And if you can’t be and you’re not comfortable with that, then this might not be the right group for you.

John Ray: [00:44:23] Sure. Sure. Well, let’s talk about a success story or two. You know, obviously we’re not going to mention names or affiliations, but where this relationship first approach, let me hear your problems and see if I can solve them approach has worked out for you over the longer haul.

Samantha McElhaney: [00:44:54] It’s always varied in size. I’ve had individuals come to me and they’ve been start-up companies.So I can think of one right now. Three individuals were working for a very large corporation in a field of staffing. And they wanted to leave their larger corporation and start their own smaller company.

They did not want to do SBA lending. And we basically had to sit down and look at their business plan. Everything that an SBA lender would look at and see if the plan made sense from us on a conventional standpoint to take care of them and give them the lending that they needed to get the project off the ground, which would include not only funding to start the organization, working capital for payroll for fixed needs to hire individuals, but also for the lease that they needed because they wanted to have a retail outlet. They wanted to have furniture fixtures and equipment, desks, everything of that nature. They wanted to appear like, in my opinion, like a mini little Rognstad.

Everything financially looked great, but it was going to be really dependent upon those three individuals and the strength of those three individuals. Again, they did not want to lock up their homes. They did not want to lock up 401Ks. They basically wanted an unsecured loan. And it took —

John Ray: [00:46:33] Yeah, because this business does not have any assets.

Samantha McElhaney: [00:46:35] Nothing.

John Ray: [00:46:36] Other than the furniture.

Samantha McElhaney: [00:46:37] That they were going to buy.

John Ray: [00:46:39] Right. At your financing, right?

Samantha McElhaney: [00:46:41] That they were going to purchase. And that would not really be something that a bank would want to take back in the event that it didn’t work out. So we really had to look at the deal, the projections of the deal, the history of the individuals, how they handled their personal finances, resumes, letters of recommendation. I mean, we really had to look outside the box to figure out if this was something that we wanted to do and take a chance on.

And with senior management, I mean higher levels of credit authority, everything, interviews of the three potential owners, again, the letters of people who believed in them, faith in them, things of that nature. I mean, we really went outside what’s normal parameters, especially for a large bank and made this deal happen.

And we did it on a very short term basis. So they had rather large payments in the very beginning. So they were going to have to really work and get contracts, get clients on board, make accelerated payments for this to happen. And the company did a really nice job to the point where even by year two, they were acquired.

John Ray: [00:47:58] Oh, wow.

Samantha McElhaney: [00:47:59] Yeah. Someone acquired them really quick so they could pay us back which was nice. And they’ve all gone their separate ways. And one individual right now is back in corporate America and is doing a fantastic job. Never thought they would go back into corporate America, but they are.

But it’s just a nice little story how we kind of made the exception and went outside the box, and didn’t go down the traditional path because, yes, it probably could have been done SBA, but it would have locked everything up. And a lot of customers don’t necessarily want to do that. Yeah.

Well, that was that one sticks in my head because it was just the idea of, yes, we don’t always have to put every customer inside a square box. We can kind of make it wavy, curvy, triangular, whatever shape you want to come up with.

John Ray: [00:48:53] Yeah. That’s great. Sam McElhaney, folks with Pinnacle Financial Partners. Sam, just one more question and then we’ll kind of bring it down to a close. But just offer a takeaway, just one takeaway that our listeners that are out there with their own firms can take away too, as they think about success for their practice, for their lives. What advice would you give?

Samantha McElhaney: [00:49:31] You have to — it’s going to probably sound like two pieces, so I apologize upfront for that. But first and foremost, John, really stick to your morals, stick to your values, who you are, and don’t let social media or anybody, anyone else change who you are. Because at the end of the day, people will see through that. They’ll see through anything that’s not genuine.

And I hope I’ve done that over the years. I hope people who have met me since, for instance, moving to Atlanta or even those who have known me since I first started as a teller, they will say this is the same person who started banking when she was 18, and now I’m 48. So they will be like, wow, she’s not changed. She can sometimes be a handful, but she also is very passionate, and she will fight and she will be loyal, and she will represent me and take care of me and will be honest with me.

But also, for business owners, be transparent. That’s my word for 2023. I always pick a word and I get it imprinted on a necklace. And I try to wear it on Fridays. And this year’s word is transparent.

And that’s, again, a word that I think people need to know is not a negative. It’s a very positive word. If you’re transparent, I think people will appreciate what you have to give them because there’s no smoke in mirrors. It’s you just being your most authentic and vulnerable self and it goes along with sticking to your values. So that’s why I picked 2023 and I think it’s coming in very relevant right now, especially with the banking industry and what we’re going through.

John Ray: [00:51:28] Yeah, for sure. For sure. That’s an entirely different conversation.

Samantha McElhaney: [00:51:34] Sorry, I didn’t want to open up that worm.

John Ray: [00:51:36] No, we won’t go down that trail, but maybe another time. Well, Sam McElhaney, this has been fantastic. Thank you so much for taking the time to have this conversation. I’m sure there are folks that might want to be in touch, so let’s tell them how they can contact you.

Samantha McElhaney: [00:51:54] Yeah. I am Sam McElhaney. Again, with Pinnacle Financial Partners. My office is over in the Riverwood area, but we have two other locations. One in Avalon and one in Buckhead. You can reach me at 678-524-7133. The same cell number I’ve had since I moved here to Atlanta. And my email address is Sam.McElhaney, that’s M-C-E-L-H-A-N-E-Y@P as in Paul, N as in Nancy, P as in Paul.com.

John Ray: [00:52:30] And they can find you on LinkedIn because you’re very active there.

Samantha McElhaney: [00:52:33] Yes, I try to be. Every morning, one of the first things I do.

John Ray: [00:52:36] And I think you’re the only Samantha McElhaney on LinkedIn. I think you are, right?

Samantha McElhaney: [00:52:40] Some people confuse me with another McElhaney or they ask if we’re sisters and we’re not related, but she’s one of my favorite individuals on the planet, so I like her a lot.

John Ray: [00:52:52] Okay. So connect with both of them.

Samantha McElhaney: [00:52:54] Yes. And you’ll get one of us. I’m sure she knows who I’m talking about.

John Ray: [00:52:58] There you go. Okay. Terrific. Sam McElhaney, Pinnacle Financial Partners. Thanks again so much for our talk.

Samantha McElhaney: [00:53:05] Thanks, John for having me.

John Ray: [00:53:06] Yeah, it’s been a lot of fun. Hey, folks, just a quick reminder is as we look ahead to the rest of 2023, if you are a current listener, subscriber to this podcast, thank you. Thank you for your support. We’re grateful for you.

And if you’re not, you can go to pricevaluejourney.com to find our show archive and check that out and see if you like the series enough to want to subscribe. And if you do, you can do that on your favorite podcast app. So we thank you in advance if you decide to do that.

If you go to pricevaluejourney.com, you can also get a link to receive updates on my upcoming book that will be released later this year. It’s called The Price and Value Journey, Raising Your Confidence, Your Value and Your Prices Using the Generosity Mindset Method. If you want to know more about that book, you can sign up for updates there and you can also email me directly too, if you’d like, John@JohnRay.co. Thank you again for joining me on The Price and Value Journey.

 

About The Price and Value Journey

The title of this show describes the journey all professional services providers are on:  building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.

If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.

The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.

John Ray, Host of The Price and Value Journey

John Ray The Price and Value Journey
John Ray, Host of “The Price and Value Journey”

John Ray is the host of The Price and Value Journey.

John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.

In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.

John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 2,000 podcast episodes.

Coming in 2023:  A New Book!

John’s working on a book that will be released in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices Using The Generosity Mindset Method. The book covers topics like value and adopting a mindset of value, pricing your services more effectively, proposals, and essential elements of growing your business. For more information or to sign up to receive updates on the book release, go to pricevaluejourney.com.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®:  LinkedIn | Twitter | Facebook | Instagram

Tagged With: banker, banking, business building, financial services industry, John Ray, networking, Pinnacle Financial Partners, Price and Value Journey, pricing, professional services, professional services providers, relationship banking, Sam McElhaney, solopreneurs, value, value pricing

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