How to set goals during a recession?

In this episode of The Bookkeepers’ Podcast, we were joined by Catherine Morgan, business coach and financial expert.

Catherine believes that our emotional relationship with money plays a significant role in shaping our financial goals and how we make financial decisions. This isn’t just an issue for us, but also for our clients who may tie their emotions to money and may not even realize it. Understanding these emotions is an important step towards creating a healthier relationship with money and setting achievable financial goals – both for us and for our clients.

Catherine suggests that we need to change our mindset from feeling like we “need” more clients to feeling we would like to attract more clients. This shift in mindset can help us focus on creating a positive and productive relationship with our clients and help them feel more comfortable working with us as financial professionals rather than attracting the wrong clients.

When it comes to setting financial goals in a recession, Catherine stresses the importance of knowing your numbers. Understanding your current financial standing is essential in developing realistic goals that can be achieved within the current economic climate. This means being aware of your expenses, income, and profits, and using that information to create a comprehensive plan.

One challenge that many businesses face in a recession is the pressure from clients to cut prices. Catherine suggests that instead of simply lowering prices, we can have a conversation with our clients about their financial concerns and offer solutions that can help them overcome these challenges. This can involve working together to find ways to reduce expenses or exploring alternative options for generating income.

Finally, Catherine highlights the importance of helping clients worry less during these uncertain times. She suggests that as financial professionals, we can offer guidance and support to our clients to help them feel more confident and secure. This can involve having open and honest conversations about their financial situation, offering advice on how to handle their finances during a recession, and being available to answer any questions or concerns they may have.

In this interview, we learn that setting financial goals in a recession requires a holistic approach that takes into account our emotional relationship with money, our current financial situation, and the needs of our clients. By focusing on creating a positive and abundant mindset, knowing our numbers, and being there for our clients, we can help them feel more confident and secure, and ultimately achieve our financial goals as well.

Time stamps
0:00 Introduction
1:20 About Catherine Morgan
10:00 What should we do if we’re afraid of losing clients and income right now?
21:25 How to encourage our clients to open up to us about money and their goals
23:30 The importance of differentiating your practice from other bookkeepers and accountants
26:00 Questions to ask your clients on a discovery call
38:00 A new approach to goal setting

There were some great gems of information in this episode and we hope you find it useful as you consider how to support your clients during this time.


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