Even the most successful people, CEOs of top organizations and stock market trade gurus will tell you: it can be an emotional roller coaster. Even when things seem slow, you are not necessarily losing money, you simply need to focus on planting seeds and planning for your next growing season.
So realize you will have a slower period of business and see it as a sign you’re doing everything right! It means you have had success, profitability, and growth. It means you have been up enough to notice when you’re down. It means you are finding the balance in business ownership, especially in entrepreneurship. In my business, coaching, it can be a blessing to have down periods, and I don’t have to suffer in worry over employees I have to pay or overhead I have to cover even when I’m not bringing in new revenue. It’s just me!
So instead of thinking about ways to ramp up sales right now or bust out of a slow period, let it be what it is. Let it simply be slow, and take advantage of it.
Yes, a slow period is a perfect opportunity to reflect on what went right, and what went wrong, in your past year of business growth. What content did you create that did really well? Which sales pitches hit the mark and which fell flat? Where could you have done a bit better on your budget? Which partnerships were rewarding and which ones sucked you dry? How did your networking go, especially in this year of social distancing? Where could you make improvements?
Always always always be networking! Down times are great for this. Remember, your friends are your biggest cheerleaders, so in business ownership and entrepreneurship it is in your best interest to be using your down time to make more friends. Social distancing be damned! I’ve made some of my best friends online through shared groups and communities. Those friends are even more likely to share my page, my content, and my business info because they are online more often. See how that works? Get networking!
Often, we are so busy in our business and personal lives that we don’t have time to plan. We are simply flying by the seat of our experienced pants. That approach can be an effective one, because you’re riding on pure instinct and intuition. That approach can be even more effective if you have planned for it in advance. Many large companies have trainings in place for their employees so they know what to do when they are put on the spot. You, as an entrepreneur, need to have your own training, and I call that training your plan. What goals are you trying to reach, and what steps are you going to take to reach them? Write it all down. Then, when things get busy again (Trust me. They will.), you won’t have to think twice about what to do. You’ve already got a plan in place!
I’m your resource, so reach out to me whenever you need some extra help, extra tips, or extra networking. The best thing you can do for yourself when you’re struggling is ask for help. And that’s what I’m here for. So, during your down time especially – reach out!