Fear-Based Decisions Are Bad for Business
At one point, every business owner will find herself 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 coaches 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 dread your office
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, 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 group coaching course? 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.”
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.
What to Do Instead
I truly hate the word I am about to use, but there’s just no way around it. It’s time to HUSTLE. That’s right boss. It’s time to think out of the box, revisit old strategies that worked well and get moving.
Networking – this by far is my favorite way of hustling. Reach out to friends, family, networking groups, social media and other colleagues for collaboration. Get those balls rolling and start building some momentum.
Evaluate your Systems – if you don’t have a solid system in place for capturing your leads, for example, that would be the place to start. List Building is my #1 strategy every entrepreneur should keep on the forefront of their marketing plan.
Ask for Help – this one was and sometimes still is a tough one for me. Sometimes you have to swallow your pride and admit you need help. There is no shame in that. Honestly, this is where the greatest learning comes from and catapults you to a new level you never thought possible.
Making decisions based on fear is no way to operate a business, but that’s just what a fear-based mindset can do to you. Keep your mindset strong. Review what is and isn’t working. Phone-a-colleague for a lifeline. 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!