Written by: Vickie Sullivan | March 16, 2017
These 2 Changes Will Get You Out Of a Slump
iStock.com
Between the uneven recovery and crazy markets right now, many folks have learned the dark side of being an entrepreneur. The marketplace is crazy crowded right now, so I’m getting inquiries from people who had a steady stream of revenue. And then lost it.
Here are two things you can do if your revenues have become stagnate or sliding downhill.
- Don’t panic. For many small business owners, shaky revenues hit the home front hard. It’s tempting to stretch out cash on personal expenses and pull back on business expenses. That mistake can be fatal. Starving your business will not replace lost revenue. It just delays the inevitable.
Listen: How to decide what you need most
- Hedge your execution bets. Now is not the time to think, “Hey, I have all this time on my hands. I’m gonna write a book!” When you’re in a slump, focus on turning what you already have into gold. Example: If you have media, focus on turning that publicity into inquiries. Finishing up a project? Create a plan to upsell or get referrals.
The biggest game-changer facing us is mental. How we approach our business when revenues look shaky is very telling on how we approach risk in general. By focusing on what’s important now, any slump can be temporary.
Other Resources You May Like: