Any business owner will find herself in a troubling situation at some stage of life and concerned about her business strategy. Revenue has declined. New customers are rare. Profits are dropping, and it is enough for a glance at the financials to put about a full-fledged attack of anxiety.
Unless you’re Mark Zuckerberg or Bill Gates, chances are that you’ve experienced that sinking sense of a downward trending business, too. But the difference between continued success and business-killing burnout will mean how you manage it.
This is where they get it wrong for a lot of coaches. They start to worry about money, and that concern leads to poor choices that ultimately have a negative effect not only on finances but also on morale, maybe more significantly. You probably know what I’m talking about.
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You Take On The Wrong Client
When business is down, having your perfect customer avatar in mind can be difficult. Instead, you leap at the opportunity to collaborate with whoever comes along. The problem with this situation is that you will find yourself with a roaster full of customer who:
- They are not willing or able to do the necessary work.
- Spend all your time telling you why your suggestions and recommendations whould not work.
- Drain your resources and make your office dread you.
Start Creating a Business Strategy
And who is able to blame you? You have to pull back with the profits down. You can’t afford to waste time and money designing new services, so you’re recycling those that you’ve already created. Now, if you were to repurpose it with good intention, this would be perfect. Turning your ebook into a coaching course for groups? Just fine! But that’s not what you are told by your fearful brain.
“Your fearful self says,” Just release the same item again, so I don’t have to write a new sales copy or film a new video.
And while this could help to get in a little short-term cash, it’s not going to do much for your credibility or self-esteem.
Huh! Yikes! That’s no way to run a business, but that’s exactly what you can do with a fear-based mentality. Better (much better) for the ideal customer to hold out. And take what you’ve learned from your drop in sales while you’ve waited and built the killer software your audience is clamoring for!
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