Afraid To Ask For A Raise?
Are you making what you’re worth? Are there people doing your job, with your education, but making more? You could very well be leaving money on the table by not asking for what you need or want at work. And when you work for less than you should, you end up resenting your work and stressed about money all the time. Ready to take the leap? Follow these expert strategies to figure out how and why to ask for more.
As an executive coach for more than 30 years, I’ve worked with many top leaders who appear extremely successful externally, yet struggle with their self-worth.
It’s important first to understand and acknowledge your self-worth – and then learn how to sell it within your company.
Develop a sense of urgency. It’s human nature to seek out safety, and – especially if you’re not confident in your abilities – it may seem risky to ask for a raise. But the truth is, you may already be past the breaking point. If you’re finding yourself resentful and frustrated, you have two options: stick with what you’re doing, knowing how deeply dissatisfying it is, or step up and ask. Recognize that if you don’t take action, your dissatisfaction may leak out through words or deeds, and damage the reputation you’ve worked so hard to cultivate.
Next, it’s time for a personal assessment. You’ll want to look at almost every factor to get a complete picture, from your educational background to your long-term record within the organization to your team’s performance in the past quarter. Most importantly, make a list of the things that make you unique and set you apart from others in your company. You can draw anecdotes and hard data from performance reviews, personal letters and commendations, and client satisfaction surveys. Look for documented instances where goals have been met, sales and revenue earned, detailed performance statistics, initiatives you’ve undertaken, and key areas where you’ve demonstrated your loyalty and commitment.
When you’ve amassed this mound of information, you’re almost certain to feel worthy to make a case for yourself. Note that it’s important not to treat this as a one-time event; instead, set up an ongoing system to document and periodically communicate your accomplishments to your boss and, where relevant, throughout the organization.
– via Harvard Business Review
Stop Short-Changing Yourself!
But what if you’re an entrepreneur and the above tips don’t apply to you? Don’t worry, you can ask for a raise, too — just in a different way! These are some great tidbits of wisdom for when you’re striking out on your own, stressed about money, and need the confidence and strategy to make sure you’re making what you – and your services – are worth.
Connect to a bigger reason for making money
Even when I was really struggling in my business and could barely pay my bills, I still lacked the motivation I needed to push me into making proposals.
It wasn’t until a friend of mine told me about his 99 year-old grandma and how she could really benefit from having a mobility scooter to give her some freedom and independence back that something changed for me.
Hearing my friend talk about his grandma really touched me (I’ve always had a soft spot for older people) and I sprung into action immediately and set up a donation page to raise money for a scooter. Within a very short time we had the money and were able to buy my friend’s grandma a modest mobility scooter.
I realised that making money for myself simply wasn’t a big enough motivation, but when I tied making money to something larger than myself, I was able to draw on a totally different energy and motivation.
This has now become a core part of my business: I’m not only earning money for myself, I’m earning money to support the people and causes I really care about and believe in. Making more money means I can have more impact in the world
What do you care about so deeply that will have you forget about the discomfort of making proposals?
Give versus take
Another major problem for newbie entrepreneurs is this strange belief that by someone paying you for your product or service you’re depriving them of their money and leaving them with less than they had before.
In fact, the opposite is true. When someone pays you for your product or service they are gaining, not losing.
When you’re getting ready to make a proposal to a potential client, get clear in your mind all the ways in which they are going to benefit from your product or service. Visualise clearly the ways in which they are going to gain.
From this place, it should be much easier for you to make a confident proposal. After all, what you’re offering is going to help them, right?
– via Change your thoughts
Ready to start making what you’re worth? A small change to your money mind-set could make a HUGE difference in your bottom line!