At one point, every business owner will find themselves in a troubling situation. Revenue is down. New clients are scarce. Profits are falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
Unless you’re Mark Zuckerberg or Bill Gates, chances are you’ve experienced that sinking feeling of a business that’s trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Here’s where a lot of small business owners get it wrong. They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, but—maybe more importantly—on morale, too. Maybe you know what I’m talking about.
You Take On The Wrong Clients/Customers
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with or sell to anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
You Stop Growing
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new services and/or products, so you recycle the ones you’ve already produced or stall.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a group coaching course? Perfect! Adding more advanced options to your product? Ideal! Creating new dishes at your restaurant? Just the ticket. But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same product again, so I don’t have to have to reinvent the wheel.” And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your self-esteem.
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, take what you’ve learned from your drop in sales and create the killer experience your true fans are clamoring for! The best way to do that? Outsource all tasks in your business that aren't critical to you doing them. Bookkeeping and accounting is a great example. No small business owner looking to grow should be handling the finances on their own. Ready to skyrocket your growth next year? Call The Bean Counters Bookkeeping team at 912-376-9918 and breathe a sigh of relief.