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 Oprah Winfrey 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 entrepreneurs 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 Client
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 anyone who comes along. 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 hate your business
You Stop Creating
And who can blame you? With profits down, you have to pull back. You can’t afford to spend time and money creating new offers and service packages, so you recycle the ones you’ve already produced.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a cash flow course? Perfect! But that’s not what your fearful brain is telling you.
Your fearful self is saying, “Just re-release this same offer or service again, so I don’t have to have new sales copy written or create new emails.”
And while this might help bring in a bit of cash short-term, it won’t do anything for your reputation or your long term game.
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 services or packages your audience is clamoring for!