For some people, it’s back to business and for others that’s not the case.
Whether your business has or hasn’t been impacted by the pandemic, it’s important to know how to navigate things when the unexpected happens. If you’ve been in business for some period of time, I bet you’ve had to course correct and adjust when the product launch didn’t happen as planned, your Facebook ad didn’t get approved, the internet went down or when the client payment didn’t go through.
It happens. But just like before when the unexpected happened, you made it through it because you have what it takes.
From time to time during my half marathon trainings I’ll encounter a hill and in that moment I have a choice to make – stop or give it my all. I like to give it my all.
Here’s how you can give it your all and survive the unexpected or any business challenge you’re facing.
- Manage your cash flow – Create a budget or financial review process so you can plan and prepare for any adjustments in income and expenses. The more you know about the financial position of your business the better equipped you’ll be to make any necessary decisions and adjustments.
- Keep marketing – You may need to adjust your marketing message but keep showing up. Your target audience can’t buy from you if you’re not showing up.
- Contact your suppliers – Reach out to your suppliers to find out if they have any special programs or offers that you may qualify for. Even if they don’t have any special programs, they may be willing to work with you.
- Don’t be so quick to lower your prices – In the face of a financial challenge, you may think lowering your prices will increase your income. It may increase your revenue but negatively impact your profit. Look for other ways to generate income without lowering the price on your current products and services.
- Talk to your team – Get your team together for a brainstorming session and see what ideas they have or opportunities they see to build a stronger, recession proof business.
- Ask for help – Research organizations like the Small Business Administration and groups in your local area that may have funding opportunities that your business qualifies for. Funding is one thing but don’t lose sight of the power of having a mentor to help guide you. If need help identifying ways to attract clients, navigate this current environment and increase your profits, then book a complimentary session HERE.
- Manage your emotions – It’s okay to feel how you feel. Running a business is a daily journey in personal development. Spend some time meditating daily and know that you’re doing the best you can.
Put these elements to work anytime you find yourself facing the unexpected no matter how big or small. And, know that if you keep taking action, that thing that was a challenge could very well prepare you for more growth and success, if you stay committed and give it your all.