02 May Fear-Based Decisions Are Bad for Business
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 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 and customers who:
· Aren’t willing or able to do the work required and have outlandish expectations
· Spend all their time telling you why your ideas, products, or advice won’t work
· Drain your energy and make you dread every encounter with them
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 programs, products, and services…. 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 an in-person training program? Perfect! 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 new sales copy written or record new videos, or create new marketing campaigns.”
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 program your audience is clamoring for! Create a new version of your best seller. Collaborate with a complimentary brand or service and offer a discount when they buy both. In other words, reset the value of your best value offer.
Shake it up.
Find some new inspiration. Revisit your WHY. Connect with your current clients and customers and ask them how else you could serve them, to ensure they continue to be raving fans of you and your business. Having their insight, then creating a new plan, will create momentum to bust through those fear-based decisions. Instead, you’ll be making smart, progressive decisions leading you further towards your success goals.