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If you’ve been out and about, you may have heard talk about a downturn, recessions, or business getting tougher. Personally, I haven’t seen it. Most people I’m talking to are growing and feel excited about the economy at the moment, but that’s not what the media is portraying. So, today’s episode is about real strategies to use in these challenging times for your coaching business.
The first thing is to be a category of one. If you’re the only choice, the standout choice, and you know exactly who your ideal client is, then you’ll be the first person they think of. Just like when you think of phones, you’re either an Apple person or a Samsung person, but you don’t go looking for others. If you can be that category of one for your clients by speaking their language and addressing their pain points, you’ll help insulate yourself from the ups and downs of the economy. If they have a problem and want to fix it, they’ll seek you out.
Manage Your Cash Flow
I once had a client who was a beautician, and she said that downturns were always great for her because her high-end clients no longer went on holidays. Instead, they wanted to be pampered at home and still feel good. She always did well in a downturn, and you can too. Sometimes, especially in the media, the talk of economic downturns is just hype. Yes, some people are doing it tough, and for some, it is a problem, particularly if you’re not keeping your cash flow liquid. Now is probably not the time to be spending on shiny new objects. Consider what you can do around your cash flow. Are you invoicing promptly? Are you getting people to pay upfront so you don’t have to chase invoices? These kinds of measures can save you money. Also, review all those subscriptions you have. Are you still using them all? Could you switch some to annual payments instead of monthly to save money? Often, paying annually can be cheaper.
Cash flow is something you need to manage carefully, whether there’s a downturn or not. It’s simply good business practice.
Create Multiple Streams of Income
What do you already have that you could use? Do you have a nearly finished book? Even if it’s just an e-book, the costs are minimal compared to printing. Maybe it’s a mini-course you could sell, or a free challenge that could be upscaled into something paid. What assets do you already have that you can repurpose? Could you do a joint venture with someone to reach a larger audience? Consider how you can create additional revenue streams.
What about leveraging technology? Are you taking too long to complete tasks that could be automated? If you’re struggling with a blank page, tools like chatbots can help you get started with ideas, reducing that initial writer’s block. This can make your content creation much quicker. Leverage technology where you can, but remember, it should be a tool to assist you, not replace your authentic voice.
If you listened to last week’s episode, I discussed how AI is a tool and should be used as such. It’s not there to do the work for you, as it’s not quite up to that level yet. At the end of the day, your content needs to be authentic and in your own words. However, you can leverage AI for things like spell-checking or generating ideas to overcome that blank page syndrome.
Implement Consistent Communication
Are you regularly communicating with your clients? Are you attracting new clients through the content you’re putting out? Or are you just being hit-or-miss, throwing things out here and there? When creating content, consider batching similar tasks so you can create larger pieces that can be chopped up and repurposed across different platforms. For example, a blog post could also be used for social media posts. Efficient use of your time in communication is key.
Make sure you’re staying in touch with current and past clients. If you’ve helped them solve a problem before, they might have a new problem now, and they’ll come back to you because they already know your style. Consistent communication ensures you stay top of mind when their needs change.
Be Resilient
Cash flow, leveraging technology, and communication are crucial. But what about your own resilience? Are you looking after yourself? Are you avoiding the doom and gloom on the news and social media? It’s important to protect your mindset. If the news is overwhelming, stop listening. You’ll still be informed of anything crucial happening in your area. Personally, I haven’t watched a news broadcast in ages. I occasionally catch headlines on the radio, but even that’s rare. Curate what you listen to so you’re not constantly bombarded with negativity.
Gratitude and journaling are great ways to maintain a positive mindset. Even on bad days, you can usually find a couple of things that went well. Focusing on the positives can stop one bad thing from ruining your entire day. Resilience is about looking after yourself and not letting negativity take hold.
Consider Client Retention
Are your clients coming up for renewal? Have you followed up with clients who have dropped off? Current clients can be a great source of new business, whether it’s a new package or something else you’re offering. Make sure they know about any new services you have. Small gestures like unexpected gifts can make a big impact, especially outside of holidays or birthdays.
Explore Joint Ventures and Partnerships
Who serves the same clients as you without competing directly? Can you collaborate with them? Partnering up can be a great way to reach new clients. I once heard about a high-end car dealership that partnered with a luxury spa to create a special offer for their clients. It was so successful that they had to stop the promotion due to overwhelming demand.
Think about how you can use partnerships to weather these challenging times. Make sure it’s a win for you, your partner, and the client.
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Resilient Coaching Strategies for Challenging Times
So, those are my tips for resilience during challenging times. Don’t buy into media hype. Look after yourself, your business finances, and your clients, and you’ll likely find you’re not as affected by the doom and gloom as the media would have you believe.
Listen to the full episode of Small Business Talk episode 256.
You can also find the video versions of the Small Business Talk Episodes on YouTube.
