If you’re worried about the cost-of-living crisis and the impact it might have on your business, then this episode is for you. I’m going through everything you need to do to get yourself out of the doom and gloom mindset before it has a negative impact on your business.
I know many businesses are feeling the pressure right now. Everyone is susceptible to mindset pickles, regardless of where you are in your business journey. And what you need to do to override the economic crisis.
Listen using the player above or read the blog below
Doom – Gloom Business Mindset
At the moment, there is so much going on in the world reported in the media and then creating fear in us. It’s not an irrational fear as some of what is happening may impact certain areas of our business. However, I believe that you can create your own economic weather inside your own business. People can forget this at times.
We need to remember that we can take control of our own finances. We have the ability to override some of the economic crises. In fact, we are in the best position. Yet, as all the responsibility for a business sits with us, we can get into panic mode about it.
More importantly, the economic crisis has yet to hit us and we are already in a doom and gloom mindset. Is this the right way to go into this? Instead, this is the best time to plan and put things in place so you can thrive. Let’s get solution-focused so we can create ourselves a financial bubble.
You can make money out of your expertise
You need to be truthful with yourself here. If you are not making money out of your expertise now – are you passing the blame onto the economic crisis? If you’re unsure of the root cause, listen to episode 137.
Whenever there is turbulence in the marketplace, I see people say it’s because of the turbulence that they can’t carry on. If you don’t want to run your business anymore, then pack up and move on. Yet, if you do want to make a business out of your expertise, support yourself and impact your clients but not make money right now – are you putting the blame on the wrong thing?
Is it instead, a problem with your messaging? What is the real reason you are not making money? You need to understand the real reason so you can make changes. If you’re losing some clients and its starting to freak you out, I’m going to give you some practical steps to help fix this.
Having a doom-gloom mindset may be causing things like procrastination and inaction. Instead, you need to move into a solution-focused mindset. Think: “what do I need to do now to move forward?”. Then from this, you need to set some goals at a granular level. This will help you build momentum rather than getting stuck in your head.
When you build momentum, you change the mood of your business and you gamify what you’re doing, too. You start setting targets such as being visible X times a week. Gamify it and give yourself a prize at the end. Incentivise and make it a bit more fun. It doesn’t need to be crazy – a pudding or champagne – and make it more fun.
You know the old saying that if you’re not growing then you’re dying. It might be making a target for how many business development calls you need to make this week or how many LinkedIn requests you need to make. Set the targets and keep going because the world is not going to stop. Not every industry will be impacted.
We can get ourselves into an assumption mode that because one client said this, that’s what they all must be thinking. It’s making a massive assumption and puts us in a fearful place that isn’t true. Be careful not to fall into this way of thinking.
Go back to your why
It can really help to go back to why you’re building your business in the first place. The reason why you started your business beyond yourself. What really drives us is the decision as to why we’ve gone into our particular line of work. It may not always seem like it but we are very giving souls. We want to help others.
Who are you doing this for? What would it mean if you stopped your business? While you are in the space of panic and fear and not growing or leading? If you are in the space of fear, you are not the leader you want to be. You are not stepping into the quality and attributes of a leader who helps others.
This might be a harsh reality but who are you letting down?
Think about your clients
Has their problem that you solve gone away? If it has gone then you will have to shift. If not, then think about why it’s not gone. And has the problem gotten worse over the past few months? If so, then you need to start talking about the new problems so you can help. What extra things can you do to support people over this time?
Sometimes, we start on a path and that’s a path we continue on. But we have been thrown some obstacles that we need to deal with head-on. And how can you help remind them that their problem hasn’t gone away?
Your ideal clients are human and they too are stuck in this fear. They can start to cut down without realising the consequences of doing this. You need to help them realise why they need your services more than ever (if this is true), and how you will adapt to help them.
There are a few ways to do this:
- Look at new problems
- Have a payment plan if there is a genuine financial problem and only if you can
- Offer a high-ticket product
If you do not have a high-ticket income stream yet, consider building one. Dust off and rekindle any you have that isn’t selling. This will give your business a cash injection that allows you to create payment plans on the lower ticket products.
If people are tightening their belts, you need to be realistic about it. The lower ticket items tend to be the first things to go. Clients don’t see the value in them. If your low ticket item doesn’t provide enough support or engagement for them, it will be the first to go.
A high-ticket offer will give you a buffer to protect against this. Secondly, revamp your lower ticket items. Add a new element and increase support to prevent people from leaving. Assess your business and where is best to place your focus. If you are looking to figure this out with extra support to thrive during this time, book a Clarity Call.
Book a Call with Jen – bit.ly/claritycallpodcast
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