Small Business Coaches - When Things Slow Down, Make More Money!
- By Wayne Messick
- Published 01/19/2009
- Coaching
- Unrated
Unless you are one of those small business coaches who is so popular and so successful that your business simply relies on people walking in the door, you should never suffer a slow down or decrease in new business. In fact is you are like most professionals, those whose success or failure depends upon them marketing and selling their services - you have a distinct advantage during the down times. This is your opportunity to shine for your clients and have a year that is 20% more profitable than last year.
Heresy you think? Not really. You will have to work harder, you will have to take on projects you considered beneath you during boom times, and you will have to be more industrious and creative that you've been in the past. But you are in control of your results - you don't have to sit around waiting for a new prospective client to call you up.
For example go through your existing accounts and completed assignments. You will find more business there waiting for you than you did last year. Business you told yourself you'd get back to when you get around to it. Maybe it is something that is an issue for your client (or past client) that you know nothing about - but you do know someone who can help them with it. So you take the two of them to lunch and explain what you saw and how the two of them might work together on it.
They will both be grateful for your concern and you are likely to get recommenced to new opportunities by both of them
It's also important to stop feeling sorry for yourself. Just be grateful you are not in a kind of business that relies on foot traffic in order to survive. You can make things happen for yourself, while they can only sit and wait as their customers listen to the doom and gloom media.
You can't do anything about the whining and the "poor us" news broadcasts. The media is not your friend, their job is to run around blowing out all the candles and them complaining about how dark it is. The media specializes in telling what's wrong and blaming someone for it.
Nobody planned for the down turn in business to happen. But it did happen and it has no doubt resulted in you having time on your hands with fewer paying clients. The good news, you can put a plan in place quickly to use the time you have now to effectively get new business, service existing customers and not let the opportunity of the slow down go to waste.
You don't have to get sucked in to the spiraling effects of the "how bad things" are story. If you are sensitive person, concerned about how others are dealing with the situation, when your income doubles and you are making twice as much money as you were when things were good - keep your mouth shut.
If your business or that of your traditional niche is in fact down, don't sit around hoping to get through it, instead take actions today so you'll be even better positioned than your competitors when things begin to turn. By repositioning yourself today you will see new opportunities first and you will shave weeks, even months off the down period.
As you already know, your attitude is critical. Consider "down time" as precious because it allows you the opportunity to sharpen your axe - while all around you are complaining. There is never enough time to do all the things we want, whether it is time with family, business, community, sleep or reading. Treat down time like a gift and spend it doing something positive to grow yourself and your business.
Get started right now. Make a list of things you could do with a few hours, a day, and a week - things that will monetizing marginal clients more effectively, attracting new business in a new niche, or enhancing your ability to connect with a wider circle of potential influence.
Then update the list continually as your needs and priorities change - and as the economy morphs into yet another phase. This excellent exercise will keep you focused on the new opportunities all around you.
Heresy you think? Not really. You will have to work harder, you will have to take on projects you considered beneath you during boom times, and you will have to be more industrious and creative that you've been in the past. But you are in control of your results - you don't have to sit around waiting for a new prospective client to call you up.
For example go through your existing accounts and completed assignments. You will find more business there waiting for you than you did last year. Business you told yourself you'd get back to when you get around to it. Maybe it is something that is an issue for your client (or past client) that you know nothing about - but you do know someone who can help them with it. So you take the two of them to lunch and explain what you saw and how the two of them might work together on it.
They will both be grateful for your concern and you are likely to get recommenced to new opportunities by both of them
It's also important to stop feeling sorry for yourself. Just be grateful you are not in a kind of business that relies on foot traffic in order to survive. You can make things happen for yourself, while they can only sit and wait as their customers listen to the doom and gloom media.
You can't do anything about the whining and the "poor us" news broadcasts. The media is not your friend, their job is to run around blowing out all the candles and them complaining about how dark it is. The media specializes in telling what's wrong and blaming someone for it.
Nobody planned for the down turn in business to happen. But it did happen and it has no doubt resulted in you having time on your hands with fewer paying clients. The good news, you can put a plan in place quickly to use the time you have now to effectively get new business, service existing customers and not let the opportunity of the slow down go to waste.
You don't have to get sucked in to the spiraling effects of the "how bad things" are story. If you are sensitive person, concerned about how others are dealing with the situation, when your income doubles and you are making twice as much money as you were when things were good - keep your mouth shut.
If your business or that of your traditional niche is in fact down, don't sit around hoping to get through it, instead take actions today so you'll be even better positioned than your competitors when things begin to turn. By repositioning yourself today you will see new opportunities first and you will shave weeks, even months off the down period.
As you already know, your attitude is critical. Consider "down time" as precious because it allows you the opportunity to sharpen your axe - while all around you are complaining. There is never enough time to do all the things we want, whether it is time with family, business, community, sleep or reading. Treat down time like a gift and spend it doing something positive to grow yourself and your business.
Get started right now. Make a list of things you could do with a few hours, a day, and a week - things that will monetizing marginal clients more effectively, attracting new business in a new niche, or enhancing your ability to connect with a wider circle of potential influence.
Then update the list continually as your needs and priorities change - and as the economy morphs into yet another phase. This excellent exercise will keep you focused on the new opportunities all around you.
Wayne Messick
Successful business owners understand the importance of developing relationships with competent professional advisers who will work together as a team to insure their long term success. They also realize the valuable impact that business coaches have on them and their business, sorting out what's important and then working seamlessly with their traditional advisors.
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