Is your business in a slump?
Oct 28, 2019
Concerned about paying the bills?
As a small business owner, we’ve all been in a slump at some point in our journey due to worries, fears, and probably over-extending ourselves. It’s a part of entrepreneurship.
Some things are simply out of our control when slumps hit us from behind. However, here are five simple steps you can take to get control and come out of your slump with a stronger, more thriving business.
1. Create a Gratitude Habit
Everyone around you will pick up on your attitude, so even during those lousy slump times, do your best to stay positive. Try something as simple as starting each day, reciting three things you are thankful for before your feet hit the floor. Write them down if you must, so you can refer to them should something frustrate you later in the day.
Your gratitudes will likely make you smile, which is a great way to start and get you through your day. Your smile carries through to the person on the other end of the line or counter from you, and it resonates deep within YOU. When you are grateful, your perspective changes, and that makes a world of difference.
As our businesses grow, so do many of our products, services, and customers. If you are in a slump, it may be because you’ve outgrown your business model or practices. Now might be the time to stop and refocus to see if there are things you need to adjust in your business.
Are there ways in which you can make your systems better, more accessible, more competitive? Finding improvements may be just the renewed energy you need to push you out of your slump and back into motion.
3. Learn Something
As a business owner, you tend to face the fire daily and probably don’t stop to remember why you got into this gig in the first place. Slow down and remember that things evolve and change, and you need to stay ahead of them through continuing education. Jump on a webinar. Listen to some podcasts on your way to work or at the gym. Read a book or take a class on something that keeps you ahead of your competition. We all reach that level in which we must educate ourselves to move on and provide better results for our customers. When you’re in a slump, this may be just the kick needed to reenergize your business.
4. Manage Your Time
Schedule your work and life balance. Block time on your calendar for EVERYTHING. Not just your meetings, but your lunch, workouts, free time. Be deliberate about every minute of your day. Otherwise, if you’re anything like me, you’ll work right through everything. I'm willing to bet you could work a 15-hour day and not feel bad about it. However, that quickly leads to burnout and significant slumps. Not to mention, it’s not fair to your family, friends, or yourself.
So, take some time and define what YOU want to do each day for yourself. Do not negotiate. Do you need to hit the gym every day? Need a nap every afternoon to get through your evening routine? Want a weekly date with your spouse? Schedule it on the calendar, just like you would your next business meeting. Don’t feel guilty about it. Do what you need to do to keep your life and work in balance. It makes for a much healthier and happier you. A healthier and happier you are required to move your business forward.
5. Check Sales & Marketing
Many times, we get in slumps because of a decrease in revenue. These decreases might be because our pipelines are not full. Look back over the past few months to see where the focus has been with sales and marketing. You might find that things have slipped, and in turn, your pipeline has dried up. A simple slip can drastically change our output if we're not keeping our sales pipeline full of prospects and projects.
Get back to keeping up to date details on your prospects and projects and getting them back into your pipeline. Stay on top of things so that disorganization doesn't make your pipeline ineffective and force lost sales. Get back on track in filling up that pipeline, so in a month or two, you'll see an increase in revenue.
You’re going to face tough times as a business owner. Don’t let those times define you and hold you back. Reach deep into that place you once knew when starting your business endeavor and find the motivation and inspiration you need to challenge yourself to take your business to the next level.
Until next time….