What Would You Do? How to Prepare Your Business for Economic Downturn
What would you do if the industry you were well-established in suddenly dried up, you saw your business beginning to tank and the news on the horizon was predicting gloomy business weather?
Would you crawl under the covers, hide and wait out the storm? Surely, many entrepreneurs would be tempted to do just that. But taking the "hunker down and wait it out"approach not only practically guarantees business failure, it also fails to honor the strength, wisdom and courage women entrepreneurs have in abundance, just waiting to be called into action.
This is exactly what happened to my Platinum client, Terri Taylor. Terri had a wildly successful interior design business. Then, between the mortgage meltdown and the fact that nearly all new home construction had come to a screeching halt, her business dried up practically overnight. Finding herself at a frightening crossroads, Terri knew she had to bravely do something...and do it fast.
The decisions and actions she took not only saved her business, but brought it back to its former income in just one short year. A truly amazing accomplishment considering that her business has rebounded leaps ahead of the real estate and design market. She did all this while simultaneously launching a new "information marketing" stream of income.
What may surprise you is that Terri did more than just take practical action. She also integrated marketing with soul principles that added both income and energy to her business. Here are four simple steps Terri took that anyone can model to increase their business no matter what the economy is telling you!
#1 Clean Out The Dead Wood
With the sudden loss of income Terri knew she would have to trim her staff. Instead of looking at this as a failure, I coached her into viewing it as an opportunity to let go of people who were grumblers, complainers, didn't pull together and were bringing everyone else down with them. The new, leaner team consisted of people who were ready to do whatever it would take to turn this setback into a win.
Who are you putting up with that's pulling you down? Best to gently but firmly remove them from your inner circle so their energy doesn't keep you from succeeding.
#2 Look For The Opportunities
Prior to the real estate crash Terri relied heavily on designing model homes but that market had literally dried up overnight. When the initial shock had worn off, she considered her choices. Up popped two possibilities: why not focus on remodels of high-end homes plus strengthen the commercial design opportunities within her community? Terri and I created advertising and marketing strategies that started to pay off within just a few months. Now, little more than a year later, her revenue from these new income streams is equaling the "old days." Even better, it's even more secure since she's no longer dependent on just one source of income.
Who else needs your services right now? Now is the perfect time to micro-niche. Specializing can give your business maximum value in the eyes of your clients.
#3 Unify The Heart, Mind And Soul Of Your Team
Rather than let her team stay stuck in fear or worry, Terri implemented some surprising strategies to pull them out of the dumps and into feeling prosperity. Each Monday, every team member pulls a card from a Law of Attraction card deck. That card becomes their focus point for the week. She even managed to get her accounting guy on board with this! The feeling of unity and positivity from this simple action rippled throughout her studio, creating an upsurge in attraction thinking.
Do you have a daily spiritual practice that measurably uplifts your soul?
#4 Count And Celebrate Every Penny
Rather than look at how much less she was making, Terri instead chose to follow my motto that, "it ALL counts!"She celebrated every new design job that came in, adding up the numbers (big and small) and celebrating each month's increase. Never mind how they compared to the past. By rallying her energy, and energizing the spirit of her team, she created an atmosphere of winning. The result? The past few months have rivaled her old numbers, putting this year on track to surpass all expectations.
Where are you discounting success instead of celebrating achievement? By focusing on my "it ALL counts" mindset you can transform your income faster than you ever have before.
You Have More Courage Than You Realize
Courage isn't what you have when you're not afraid; it's what you tap into even though you're afraid. When you have the right support, ideas and inspiration, you can see your way through any situation, with grace, ease and abundance.
Have a question for Kendall? Ask or leave a comment below!