Ep 40- Unleashing Your Hidden Advantage with Patty Block

Erin Austin: Hello ladies. Welcome back to the Hourly to Exit podcast. I am very excited to have my first repeat guest this week. Patty Block. Welcome 

Patty Block: Patty. Thank you. I'm so glad to be here. Yeah. Oh, I'm very 

Erin Austin: excited to have you back. as I mentioned the last time you were here, there are a million things that you can talk to this audience about.

Erin Austin: Very accomplished in many areas of helping women entrepreneurs, but we're excited today to talk about your new book. So first, please introduce yourself to the audience, and then tell us about the book. 

Patty Block: I'm Patty Block. I focus on helping women business owners. Unmask their hidden advantage and then unlock it so that that special something, that special attribute that you have that brings value to your clients can really help you build your business, attract right fit clients, and boost your revenue.

Erin Austin: That's wonderful. Yeah. We both have in common that we primarily work with, women entrepreneurs. And as I was reading your description of your book helping women unleash their inner power, so you used words, kind of feminine words like inner power and prophet. Well, prophet is not feminine, but I think of it as a feminine word and 

Patty Block: joy and so.

Patty Block: For your book, like is it geared to 

Erin Austin: women and are there specific issues that women have around these issues about understanding their hidden advantage that you help them work with? 

Patty Block: Yes. So, my book, I wrote it specifically because I had seen so many patterns and I didn't hear anyone else talking about this.

Patty Block: there are patterns specifically for women and roadblocks that I. I am helping my clients overcome, but I realized I wanted to reach a larger audience because running your business does not have to be a burden. Mm-hmm. And I can teach you how to do that in a way where you really are working with the people who value you the most and are willing to pay for the kinds of results that you get.

Patty Block: So what I teach is a several step process of how you can achieve that. So, Finding your hidden advantage. It may be hidden from you as well as we're often not talking about ourselves. So that means it's hidden from others as well, and it's time to unmask unlock and unleash that inner power. So some of the things that I see that are so common and pervasive for women business owners, probably the biggest.

Patty Block: It's so big. I named it. And it's called the broken cookie Effect. Yes. We'll 

Erin Austin: put, we'll put a link to your last, time here where we talk about the broken cookie effect. That's great. Thank 

Patty Block: you. Okay, great. And that is a dynamic of undervaluing ourselves, underpricing our services, and then overdelivering.

Patty Block: And every woman I know ends up overdelivering. The work that they're doing because we're high achievers and we want great results. So that broken cookie effect is affecting how we operate in the world and how we manage our pricing and talking about it. So that's probably the biggest challenge that I've seen.

Patty Block: There are many, many others. In addition to the sacrificing your profit, which is what you're doing with the broken cookie effect, there's also. Beliefs that we have that may keep us stuck and we may not be aware of that. So offering a discount nobody asked for because you're afraid you won't make the sale.

Patty Block: That's a belief that impacts how you're operating. And the challenge with not bringing in a high level of revenue is that it limits your choices. So in my view, everything flows from pricing. Mm-hmm. And it's about if you want to hire people to help you, when you can hire who you can hire, what you can pay, how you can support yourself by having others who will support the work.

Patty Block: it's really hard to do if you are not even taking a paycheck. So, which actually is pretty common for women. They'll pay employees before they pay themselves, and sometimes they don't pay themselves. So that's a far play to make a living. It is, and it's only one of many, many challenges in those limiting beliefs.

Patty Block: The second piece is we're often talking to the wrong people, thinking they're the right buyer. Mm-hmm. So in the book, and for years I've been talking about how do you define and find your ideal buyer? What does that look like? And how do you determine instead of waiting for the phone to ring, right, finding who you want to work with.

Patty Block: And the third piece is pricing, which of course is such a challenge because you feel like you're guessing. And if you're guessing with your pricing, I promise you, you're guessing. Mm. And we tend to think everybody thinks the same way we do about money, and so we end up pricing low. And then the fourth piece is how do you communicate effectively?

Patty Block: How do you talk about yourself, your pricing, your company, your solutions? How do you do that in a way that conveys value with everything you. so those are the four main pieces that I teach in the book. And I also offer an accelerator program to help women customize all of these steps inside their business.

Patty Block: Okay. So 

Erin Austin: is this framework that the forceps you mentioned, that is also what you do with your one-on-one or your clients as well. Is that 

Patty Block: basically the same? It is. Mm-hmm. And I've named. In conjunction with the broken cookie effect. It is the SNAP System. And part of that is because my mom had a nickname.

Patty Block: She was called Little Miss Gingersnap because in 2014 she went to Burning Man. And if you're not familiar, Yes. If you're not familiar with Burning Man, it started out as an art festival and it is designed for artists and musicians. It's held once a year in the BlackRock Desert of Nevada, and they have a gift economy.

Patty Block: So no money is exchanged for anything. Okay. Yes. It's really fascinating. Mm-hmm. And my sister has been a lifelong burner and had talked to my mom about going, and my dad had died the year. So my mom was feeling pretty lost. Mm-hmm. And decided this was gonna be a grand adventure. So she decided her gift was gonna be a card that had her motto on it, which is the only thing that divides when multiplied is love.

Patty Block: Ah. Mm-hmm. And. Alright. I think I said it backwards. The only thing that multiplies when divided is love. Yeah. Yes. And then she bought these giant tins of Swedish ginger snap cookies. Oh. And handed those out with the card and got her nickname of Little Miss Ginger Snap. And so I remembered that as I was working on the book.

Patty Block: Mm-hmm. And. Putting the pieces together with the broken cookie effect. And so in the book you'll see there are ginger snap exercises all through the book, which you can also download from my website so that you can type into the exercises. Cuz I was taught you never write in a book. So I needed to accommodate just see my books and see everyone feels differently about that.

Patty Block: Some people think it's fine. I was raised, you never write in a book. Mm-hmm. The exercise is not available. Right. 

Erin Austin: Well, I wanted to go back and, go through those steps again now. The, under promising and over delivery. So you mentioned over delivery in terms of the way it hit your profit.

Erin Austin: And there's another way I think that I know I've done and that I imagine other women have done is over delivery in terms. what we give of ourselves. And so for me, I have a history of having retainer clients so I feel like I have to be instantly responsive and available, basically all the time.

Erin Austin: And so there's no boundaries about, when or how you can reach me. And it was very important to me to feel like, well, if they're gonna pay me like in advance every month, like I gotta, make sure that they're 

Erin Austin: super happy. And 

Erin Austin: have, we have a common friend who's so good, like, you'll send her an email and you'll get this thing.

Erin Austin: Like, to protect my peace. I only, 

Erin Austin: like, Oh my God, I can't even imagine. 

Erin Austin: that makes me like clench inside the idea of me, like creating those kinds of boundaries. but that's another way that we over give by not having those boundaries. 

Patty Block: Absolutely. Yes. It's not all about money. Although when you limit your income, you're also limiting your choices. So it's where I start in terms of those limiting beliefs and your pricing. Because once you have that and you feel so much more confident, then a lot of other things will flow better. And you're right, we were high achievers. In everything we do, and that often makes it difficult to establish boundaries because then we feel like we might have a conflict.

Patty Block: Mm-hmm. So if I have a boundary and somebody pushes against it, then I have a choice. Right. Do I. Say something. Mm-hmm. Do I do something or do I just stay quiet? Mm-hmm. And most of us just stay quiet because we don't want the client to be unhappy. Mm-hmm. And we want to feel like we're giving 110%. So, yes, I agree with that. It's not just that we're underpricing and over delivering from a price, from a profit standpoint. Mm-hmm. It is very much about. What we're giving of ourselves. Yeah. Yeah. 

Erin Austin: Agreed. And then you mentioned the ideal buyer, and the question by that do you mean like, who is your ideal client or who within a corporation should you be talking to and how to find them?

Patty Block: So let me start with a distinction between an ideal buyer and an ideal client. So an ideal buyer. Is someone that you've defined and found, or they've been attracted to you, they've self-identified that they want to work with you, and an ideal client, in my view, does not happen by accident. That happens when you start with an ideal buyer.

Patty Block: They go on the journey. Through your sales process, so they're ready to buy. And then once they, you start the onboarding and they have become a client in many ways, you're training them to be an ideal client by setting and maintaining those expectations, and that's the perfect time to set boundaries.

Patty Block: Mm-hmm. But you have to be clear on what those boundaries are.  if you don't want a client calling you at nine o'clock at night, then you need to find a nice way to say, my typical hours are nine to five or nine to six, Monday through Friday. If there's something really urgent, please e-mail me.

Patty Block: Mm-hmm. And I will get back to you as quickly as possible So you're setting that expectation. And then if they end up calling you in the evening, a, you don't have to answer. Mm-hmm. And B, you can. Send them an email saying, I saw that you called, I'll get back to you first thing in the morning. Mm-hmm. So reinforcing those boundaries is really important.

Patty Block: It gets harder to do that as you have a longer relationship with your client. Mm-hmm. And if you haven't set those boundaries at the beginning.

Erin Austin: Yeah. That's for sure. Sothat is a great distinction. I'd never, I mean, for me and probably for a lot of our listeners, the idea. Are judging our clients and training our clients, like, we think about like, who's our best client?

Erin Austin: Who do we love to work with? But we never think about like, how do we create the circumstances to have that ideal client? We just kind of, maybe we get lucky, we don't get lucky, but, it is within our control to set the stage for having that ideal client and that ideal relationship. 

Patty Block: Exactly. And. Your client can't read your mind, right?

Patty Block: Mm-hmm. And they don't know. Unless you tell them What those boundaries are. Mm-hmm. And it's the same thing if you are giving a company a proposal. You've gone through the sales process, now you're at the proposal phase in that proposal, and verbally, you need to explain the. Because we've all experienced scope creep.

Patty Block: Mm-hmm. Yes. and it feels like conflict when they come back and say, and can you do this, this, and this? And we wanna say, well, of course we can do that. Mm-hmm. Right. But you're undercutting your profit and in many ways you're devaluing. What you're providing because you're saying, this is not valuable enough for me to charge you more.

Patty Block: Mm-hmm. So I'm just gonna throw it in. Mm-hmm. And they won't value it the same way they did when they hired you. Mm-hmm. So there's a lot of psychology underneath what you're doing and what you're saying. And let me go back to your original question of, so how do you find an ideal buyer?

Patty Block: Where do you find them? How do you find them? How do you define that? And that's a lot of what I teach, that we do wanna define your ideal buyer, but it's very rare that they're gonna find you. No matter how much marketing you do No matter, you know, we've all been sold this idea that if we just use the right messaging and market in just a particular way that resonates with this exact audience, that they're gonna come flocking to us.

Patty Block: And it really doesn't work that way. Mm-hmm. So really having a balance between your inbound people who do find you and outbound. Where you go out and find the right people to work with. Mm-hmm. That balance is really critical and it doesn't really matter if you change your pricing if you don't have an audience to buy.

Erin Austin: That's true. That's true, right? You can have the best service in the world, but, 

Patty Block: and at the same time, if you find all the right buyers, but you haven't priced appropriate, You're gonna undercut your profit. You're not building value in your company. Mm-hmm. And you're not building value for your client, Because they're not gonna really understand what it takes to get the kinds of results that you get. So all of those things conspire to undermine the credibility of your company, and it's kind of a cascade effect. We're not always aware of. So when I talk about finding your ideal buyers, it's knowing where to look for them.

Patty Block: So let me share an example. So attorneys and accountants, I work with a lot of attorneys and accountants and technical experts. And we like to have a collegial environment and we like to be surrounded by our colleagues and sometimes our competitors. And so we join organizations and we put our time and energy into organizations where our buyers are not there.

Patty Block: Hmm. That is very, very interesting. Colleagues are there. Yes. That's And so when you go into a room full of attorneys, You're very unlikely to find a buyer there, right? Mm-hmm. And you're in a room full of competitors. Yes. So it's critical that you pick an area that you think is, where you have maybe a particular expertise or you think there's a real need in the market, and you go into those organizations.

Patty Block: So for example, I have a client who is an outsourced chief financial officer. She is a cpa. Who doesn't do taxes. Mm-hmm. And she focuses on advising small business owners. Well, every time she goes into a group of CPAs, she may find great information. Mm-hmm. And she may feel good about being in that group, but she isn't gonna find buyers.

Patty Block: So we niche down to commercial real estate companies because that's where she has 25 years of experience. Then she can get involved in organizations that support commercial real estate brokers, and that's where she can find ideal buyers. Mm-hmm. So that thinking is different than what we've learned or what we think we should be doing.

Patty Block: Mm-hmm. And that's one way to go out and find your ideal buyer once you've identified. Right. That's excellent. 

Erin Austin: Yeah. I wanted to go back to one of the things about when you mentioned the conflicts that you may have with your client about, adding services and things like that. And of course, you know, my solution to that would be having a contract that has a clear statement of work with, deliverables and timings and, mountain it and the like.

Erin Austin: Some point I have to figure out when, I wrote about. That contracts are really kind of relationship manuals like, so that it can head off, make sure everyone's on the same page, make sure there's a clear understanding. Set those boundaries, set expectations and all those things to make sure everyone's on the same page when you get started.

Erin Austin: That you have a process for resolving any conflicts or any misunderstandings. And so, I'll beat that drum all day long that you need to have that contract in place. So, all right. So you talked about pricing as well, and you said, you're guessing then you're probably wrong. And I will say, and from what I hear, like pricing is literally the single most, largest challenges that we have as service providers?

Erin Austin: unlike people with products, you can look at the market and figure out, where you are. But with service providers, it's really is unique. And so why is it so, difficult other than not knowing what everyone else is doing? But why do we second guess ourselves so much and how do we get a firmer grounding?

Erin Austin: I, Database, like how do we get a better grounding for pricing? 

Patty Block: Well, one of the things that I do in my programs is I have a template mm-hmm. Where I help women build their pricing model. And a pricing model could be something like a membership model. So Costco and, Microsoft, they all have subscription models.

Patty Block: Yeah. And membership models. Or it may be something like the retainer model you had mentioned earlier. Where you have a retainer and there's certain services that are included in that. Mm-hmm. Or it could be a package where you have certain services in the silver package and you have more in the gold package.

Patty Block: Mm-hmm. So there's lots of different configurations. What that does for you when you have that structure is it builds your confidence. And the calculation is actually the easy part, especially for my clients that are all technical experts, we can do those calculations all day long. Mm-hmm. The hard part is talking about it.

Patty Block: Mm-hmm. And that's what building a model really buys for you is that confidence. Because we tend to take things personally. And so when someone asks a question, we might hear that as a criticism or pushback or an objection. Mm-hmm. Mm-hmm. It may be none of those things. Mm-hmm. But that's how we hear it.

Patty Block: Mm-hmm. And so one way to take away that feeling of it's, you know, they're personally questioning my experience or they're questioning my pricing, is to flip it and understand, first of all, it's not person. It's structural and exactly what you said about having a contract in place. I completely agree with you.

Patty Block: The challenge is even when you have a contract in place, you have to enforce it and three months down the line, when they say, oh, could you add this to what we're doing? Having a contract is helpful because you can go back to. You know, that's not in our agreement. I can go back and add an addendum or I can call my attorney or whatever, however you wanna answer that question.

Patty Block: Mm-hmm. But it's the same thing with a pricing model, because it's structural, not personal. Mm-hmm. So you can say, my pricing is structured in this way. I have a reason for doing it that way because I know that I'll get the best results. So what often happens when you package your services is that people will think it's a menu.

Patty Block:  And they'll say, could we do A and B, but not d and e? Mm-hmm. And then you have to enforce and say, My pricing is structured this way. Mm-hmm. Because this will get the best result. Right. And this is how we do this. Mm-hmm. This is why we do this. Mm-hmm. And then there's nothing personal about it.

Patty Block: Right. Right. It's structural. Mm-hmm. Mm-hmm. So the contract and the pricing really go hand in hand. Mm-hmm. And they serve that same function of building your confidence. And being really crystal clear about the scope mm-hmm. And helping you down the line when they start asking that you throw in things for free because they think, well, it isn't gonna take you long.

Patty Block: Mm-hmm. And  the fallacy, yeah. The fallacy in that is you're not selling your time, right? Mm-hmm. You're selling your expertise. Mm-hmm. Yeah.

Erin Austin: I mean, so long as you get the result, why are you worried about how long it takes me? Right. You, you get the outcome that you seek. Yeah. So then finally, communication.

Erin Austin: So I guess you, that's part of the, being able to, hold your boundaries and be able to communicate your offer and the value. Tell us more about how the communication piece works. 

Patty Block: Yes. Well, I start by teaching specific techniques. And in a former life, I was a political consultant and a lobbyist. Mm.

Patty Block: Loved it. It was fascinating and I'd never do it again, but one of the things that I did was train candidates and a lot of the techniques that I learned and taught. As a political consultant, I still teach today, but now I teach it to an audience where my heart is really with them, which are women business owners that are experts, and the focus is on understanding, learning these techniques.

Patty Block: And then practicing them so you become confident and you don't feel like that deer in the headlights caught off guard. Mm-hmm. And one of those techniques is having key points. Mm-hmm. So that you plan ahead of time what you wanna communicate, and regardless of how that conversation progresses, you have opportunities to bring in your key points.

Patty Block: And that helps you feel in. Clear about your messaging and you will be more confident, but also you'll be perceived as more confident. Mm-hmm. And what we often misunderstand in terms of communication, it really doesn't matter what we say, it really matters what the buyer hears. Mm-hmm. And there's often a disconnect.

Patty Block: And we're like so proud and we keep talking and the buyer, we can't really guess and maybe shouldn't guess. What they're interpreting or how they're hearing that, or if they're self-identifying as a good fit to work with you. So, Having key points is an important first step, but there are many other techniques that I teach so that they all fit together and you are perceived in a particular way and you don't have to let your reputation happen by accident.

Patty Block: Wonderful. Wonderful. Well, 

Erin Austin: thank you for that. And so do you go through this,  as  a, a group coaching or is this one-on-one that you're doing? 

Patty Block: So I do both. I have one-on-one consulting and then I have an accelerator program for the book called Your Hidden Advantage Accelerator. Okay. And we go through, this is what I call the SNAP system.

Patty Block: Mm-hmm. Based on ginger snap. And it stands for the S is stop Believing the myths. Mm-hmm. N is narrow your focus. So that's all about finding your ideal buyers. Mm-hmm. A is assess your value, that's pricing. Mm-hmm. The last P is practice your power, which is all about communicating. And using the SNAP system.

Patty Block: I use that both in the private consulting and in the accelerator. And the accelerator is a 12 week. Intensive. Mm-hmm. That is group coaching. Mm-hmm. And there's an option to add sessions with me individually if you'd like to do that as well. And the accelerator is designed for me to be able to guide you and make sure that you are able to customize what you've learned and apply it inside your company.

Patty Block: So I'm a big believer that we don't necessarily learn. Just from reading or just from attending a class? Mm-hmm. It needs to be practiced over time. Yes. Especially things where you may come into it not feeling terribly confident, or maybe you're learning new skills. Having someone to guide you I think is really important.

Patty Block: It's been important for me personally, and I know it's been important for my clients. 

Erin Austin: Wonderful. Wonderful. Thank you for that. So, We're at the Hourly to Exit podcast and, we have talked before about, your plans for growing your business and has anything changed? Uh, do you have any new, goals in mind about scaling and eventually selling your 

Patty Block: business?

Patty Block: Well, for me, I always kid around that I'm gonna die at my desk, but as long as I find. Which I do every day. Then I'm gonna continue to work with women business owners. I think it is, there are still so many roadblocks for us that I feel so compelled mm-hmm. To help. So in terms of, building value to exit my business someday, that is also part of the work that I do with my clients.

Patty Block: Mm-hmm. And I believe that we are building value every. In their company. In my company. Because all of the activities that you do in terms of your pricing, how you're perceived, how you communicate, all of that also builds value. And sometimes we lose sight of that. So that is what I focus on now and my main goal for this year is the launch of my book and the accelerator program and, continuing to work with clients one-on.

Erin Austin: Fantastic. Well, I would like to point out that a key part of your strategy, both in your business, and I assume with your clients, is the creation of intellectual property. And I still come across every day, those who don't understand the. applicability of intellectual property to their service-based business.

Erin Austin: So do 

Patty Block: you talk explicitly to 

Erin Austin: your clients about creating intellectual property assets or is that just something that kind of happens naturally? Cuz of course we're creating it all the time. But is it a 

Patty Block: specific focus? So we do talk about that. And of course, I'm not an expert mm-hmm. In that, so I refer them to you or to an attorney who does specialize in that.

Patty Block: And I will share with you that I have quite a bit of intellectual property and content that I have trademarked and. Including the broken cookie effect. Mm-hmm. it's kind of a long process. Mm-hmm. So you have to be really patient and it's so helpful when you have a guide like you who can guide through that process so you don't make mistakes and lose out on those opportunities.

Patty Block: Mm-hmm. So yes, I absolutely do that in my business and I do talk with my clients about that. 

Erin Austin: Great. Yeah. And just so everyone, is aware that you don't have to have a registered, trademark or registered copyright in order to have an electrical property. as you create it, you get the rights to it.

Erin Austin: And so, yeah. Read some of my stuff and find out more about that. But it's all, as experts, whenever we're using our intellect, we're creating ip. So we wanna make sure that we understand it and, aren't shy about it. Okay. So as we wrap up, we believe in creating a more equitable society, and having an economy that works for everyone.

Erin Austin: And so is there an organization or person who's doing work in this area that you'd 

Patty Block: like to share with the audience. Yes, for many years I have Supported Girls Inc. Which is a national organization and they have chapters in major cities, and the idea is to, help. Typically underprivileged girls, but in particular girls that are entering their teenage years and need that additional support to think differently, behave differently, and to grow up into women who are capable and well educated and can influence those around them.

Patty Block: Mm-hmm. So Girls Inc. Has been a favorite charity of mine for many. Wonderful, 

Erin Austin: and we will have the link to that in the show notes. I have a teenage boy. And I am so grateful that I have a boy, not a girl. Cause I don't know what I would do. the pressures on them are just extraordinary, honestly.

Erin Austin: and so the support that's wonderful. An organization that supports them and helping them through this super stressful time in their lives is fantastic. So thank you for sharing that. So, I know we've been talking about your book and, I believe you have an offer 

Patty Block: for the. I do, I offer a free bonus training called the Value Equation that will help you understand if you're ever tempted to offer a discount that nobody asked for.

Patty Block: That's what I call an invisible discount. Ah. This training will help you understand why you're doing that and what you can do differently, and you can find the training and you can buy my book at yourhiddenadvantage.com. And if you're interested in the accelerator program that is at unlockyourhiddenadvantage.com.

Erin Austin: Fantastic. And so you mentioned a couple places we can find you. Can we also find you on LinkedIn or where else can people find you? 

Patty Block: Absolutely. You can find me on LinkedIn. It's Patty with a y patty block and I love connecting with people. So please, and when you send me an, invitation to connect, please reference this podcast so I can make that mental connection.

Patty Block: Yay. And you can also contact me through my. Fantastic. 

Erin Austin: Thank you so much, Patty. This has been wonderful to have you back 

Patty Block: and we'll talk again soon. Thank you.