There are a lot of people panicking about money right now.

As is the norm, when cash flow slows down, people start making cuts.

Trouble is, they very often aim the machete at the very elements that could help them to re-stabilise and grow!

It’s no different to the big corporates, who immediately start saving costs by cutting their marketing budget and training allowance – it’s a short-sighted move.

When it comes to people running their own businesses, coaching and mentoring end up being caught in the crossfire.

So, what do you do if you find yourself on the receiving end of clients wanting to cut their coaching work with you?

First, be honest – with yourself AND the client. Is your coaching relationship delivering value? Does it have the potential to help them turn things around? Do you ENJOY working with them?

If the answers to these questions are all resounding yeses, it’s time to move on to the next question – the one you need to be brave enough to ask your client and make sure you’ve created a space comfortable and safe enough for them to be entirely honest.

“If money wasn’t an issue right now, would you want to continue coaching with me?”

If the answer is ‘No’, keep your calm, stay in coach mode and explore – you might gather some really valuable feedback from this conversation.

If the answer is ‘Yes’, a world of options and opportunities opens up for you both; is there a way to rework their coaching programme into a lower price bracket that works for you both? Is there any additional value you could offer your client that might make it easier to stay with you? What if you created a special deal to help them get through this challenging time as a one-off, provided your coaching contract would remain in place for an agreed amount of time afterwards?

Of course, the other option is for you to stick to your guns (because you’re worth it), decide not to flex and adapt, and bid farewell to your client.

So much of this will depend on your attitude towards your clients AND towards money. You might even find your choices changing from client to client, which might indicate a big red flag in terms of how you go about choosing the people you work with! Beware of agreeing to coach someone purely for the financial reward… signing that contract might give you a buzz, but remember you’re agreeing to enter into a two-way relationship with someone, and you need to be giving your best. Make sure the fit is a good one before you start!

I hope this helps. Remember, the economic climate over the past year has created squeaky bum moments for many people, with rising energy bills and mortgage costs, not to mention anxieties around the UK recession. The Bank of England is already saying the recession might be over, though (read more here), so keep the faith and keep going.