It’s not unusual for a business to go thru ebbs and peaks. I think if most business owners are honest we’ve all had this happen to us. Sometimes the economy takes a turn that effects our market, maybe the rules change in our industry or our market becomes too saturated. All these circumstances can make obtaining or retaining clients harder. Profits fall, and you wonder if you should go and get a J-O-B.
I’m sure that even the titans of industry have experienced that sinking feeling of a business that’s trending downwards at one point but how it’s handled can mean the difference between success and becoming another statistic.
Worrying about money eventually leads to poor decisions. Those decisions have a negative impact on our business finances and our personal attitude towards the business.
This eventually leaks out to our daily touches that we make while networking and trying to obtain new clients. People will smell the fear and your desperation if you are not careful. So, what can you do and what should you be careful not to do?
Don’t Take on Clients that Aren’t a Good Fit
When business is down, it can be tough to keep your ideal client in mind. Instead, you jump at the chance to work with anyone who comes along with a credit card. The trouble with this scenario is you can find yourself with a roster full of clients who:
- Aren’t willing or able to do the work required
- Spend all their time telling you why your ideas and advice won’t work
- Drain your energy and make you dread your office
- Make you chase them around to get paid
Yikes! That’s no way to operate a business, but that’s just what a fear-based mindset can do to you. Better (much better) to hold out for that perfect client. And while you’re waiting, let’s look at some ideas to get you back on track.
Don’t Stop Creating
When profits are low you feel the need to pull back and who can blame you? You feel that you can’t afford to spend money creating new programs, buying new tools and getting coaching, right?
Ok, I get it. You are nervous. This is your baby that you created from the ground up. But keep this in mind. A fearful brain can’t create. So, let’s turn that mindset around and take it one step at a time.
If business is slow then take advantage of that extra time and get creative. What can you do in your business that can create some profit? Can you create packaged goods of your top selling services or products? Can you re-invent an old service or product to be new again? But please don’t just put old content into the market without changing it up.
But you might be thinking that sounds too easy. I say why start from scratch especially if you have some evergreen products to offer? Think like a resale shop. Sometimes it’s all in the packaging. Have an eBook that people liked in the past? Can you put a new spin on it and make it into a 15-day challenge? Take that idea and rename, repackage and repurpose but do it with a positive intent and have fun!
Don’t let that fearful brain take control. Instead connect with that creative brain that made you a business owner in the first place.
Is Your Website Doing You Justice?
While you have that creative hat on look at your site. What can you do that might help it get a facelift? Even though your skill set might not be in website development what can you do to create traffic to your site? Can you blog, add video or podcasts? How about changing out images that look a little dated? You get where I’m coming from.
If you can’t be objective, ask someone who can be (no not your Mom she loves everything you do!) but make sure they have the right background to offer credible feedback. Don’t have someone like that? Reach out to me. For a very reasonable investment I’ve helped people just like you.
Network till the Cows Come Home
When you are feeling overwhelmed, negative and fearful it’s time to get out of the office and meet with people you know. Think about the business people in your lives that you’ve networked with that are great strategic partners and can refer your business. Call them up and get together. One-on-ones have created many opportunities for me that added to my profits and created even more opportunities.
In my town, I could network almost everyday of the week and night because there are so many meetups, networking mixers and luncheons going on. Obviously, you must choose carefully and educate yourself on good networking practices. Your time has value so make the best of it. Select options that provide the best return.
I hope that you found some of these ideas useful. Remember creating a positive mindset even during the rough patches is important in any business.
Here’s to your business success!
