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Staying in business: are you IN or OUT?
I’m trying not to say the E word too much, but let’s get it out of the way right now – this economy is uncertain. In good times, the dropout rate for new companies is highest in the first, third and fifth year of business. No one knows what to expect in the coming years, but for most of us, it might be hard to hang in there.
There, I said the E word, so I’ll move on to being Coach Pollyanna – optimistic and positive.
Working from home as many of us do, can make it easy to feel isolated. It doesn’t have to be that way! Today, I will talk about what we do in our areas of work, and it won’t be dull, that’s for sure. We’ll talk about what works for us, and if it works for you … great.
Here are some helpful tips to help you STAY in business:
#1: Look carefully at what works and what doesn’t work in your business
STOP doing something if it’s not working. If it doesn’t feel right, then toss it out like the trash, because that’s all it is … thoughts and processes that should be filed under G for garbage. Now is the time to work harder, work smarter and become more effective.
#2: Think about a business plan and/or a marketing plan
So, what are these anyway? The business plans details how you want to run your business, what to spend and how much you want to make, and growth or exit strategies. Your marketing plan is how you want to present your business to the world.
Yes, I’m a business coach, so I’m supposed to tell you to have one or both of these. In my experience, having one doesn’t always mean you’ll be successful. If you don’t have a business plan or a marketing plan, take some time to decide if you need one or both. Keep in mind that both of these will change over time. However, if you’re looking to get capital to get your business started, then you should have both of these documents ready for investors.
If you want to talk more, call me for a free business assessment (303-948-0945), and let’s work out what you’ll need to stay in business. Tune in to the Coached by Susan Radio Show on January 7 and we will focus on this topic of business plans and marketing plans in more depth.
#3: Networking – get out there and meet people … period
You need to be out there meeting people who are potential clients. You have to spend or invest the time in networking. For you, try to find one person to approach and build from there.
#4: Make a consistent effort in what you do
Going to a networking event once isn’t going to work. You can find a networking buddy to help and good nametag so people know who you are.
#5: Know what you’re doing and what you sell
Be absolutely clear on what it is that you’re selling. We could always walk around with signs that say what we do, but that’s like wearing a scarlet letter E (for entrepreneur, NOT the other E word) on your forehead. And that E is not a Dewayne-worthy accessory. Unprepared people stumble during the commercial or elevator pitch, so I’ll say it again … be absolutely clear on what you’re selling.
#6: Be prepared to do business
Bring your business cards, day planner and cell phone. If you don’t, why even bother to go? Practice your pitch before you get there – get used to saying what you need to say. Everyone you meet needs to know what you do and that you’re for hire. Have a system that’s ready to go in a minute. Every week, pack up all the materials you’ll need and have ‘em handy.
#7: Under promise and over deliver
If you are not clear about expectations, you will get your butt kicked. And trust me, that’s no fun. Remember, unfulfilled expectations turn into resentments. You can write an agreement on a piece of paper while meeting with the client, and get their signature right then and there. But set up a checkpoint with each client, when you go back to the client and re-state expectations.
#8: Ask for business
We talked about this in a previous show, and asking for business is a skill that you can learn. Some people have a hard time with it, because they don’t know what they’re selling. If you’re having trouble, please call or email me.
#9: Use social media
I’m on twitter, meetup, ning and various other groups, and I’m a firm believer in social media. Blogging is part of my strategy. I love it and have a plan for each thing I do. What you do with your web presence is up to you, but do something.
#10: Make the right choices
What’s the definition of insanity – if you’re doing the same thing over and over and it doesn’t work, STOP DOING IT. I know that’s harsh and I’m raising my voice with all caps, but if you want to stay in business, STOP doing what doesn’t work.
#11: Get serious about your rates
Lower rates don’t always translate into more business – it never works that way. In fact, it devalues you, your time and your worth. Larry’s daughter raised her rates, and she’s busier today than she was last year.
For me, I didn’t quit my business after the first year when I only made $100 and knew even less. People remembered me stumbling with my words and being scared to give my pitch. I didn’t quit in the third or fifth years either. All the things I talk about, I still do at times … I get lazy, I self sabotage. The difference is that today, when I’m doing something that’s not working, I change it – quickly. And here I am, six years later … I passed one, three and five, and I’m still IN. And that’s where I want you to be too.
Take what works for you. And my promise to you is that whenever I find something that works, I’ll share it with you. All of these thoughts are real-life things that will help get you more money and help you sell more products.
Remember to join us next week for “Celebrations in Your Business” on the Coached by Susan Radio Show on Wednesday, December 24th. Take time to stop and look at the good things you’ve done in the last year. If you think you haven’t done anything, call us and we’ll figure out what you’ve done great.
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