Small Business Talk
The Podcast to Grow your Business Faster
RU Ok? Will Your Business Survive Into 2021?
2020 has been the strangest year in my 19 years of business. Most people could say the same no matter how many years they have been in business.
The question is, will your business survive through to 2021? Will you survive as a business person?
Factors That Affect Business
For business people, there are 2 main factors that affect the performance of your business.
- The Business
There are many factors, both external and internal, that affect your business with many of these being able to be mitigated by planning.
These include solid cash flow and putting money away to ride out the storm or even capitalise on it. However, without the benefit of wind shaft and forward planning what can you do now?
The first thing you need to do is ask for help. Don’t suffer in silence. Ironically, the day this goes to air is 10th September which is R U OK day here in Australia. R U OK day is a national campaign to bring awareness to suicide and remind all Australian to look after our mates. Something as simple as checking on someone who has gone quiet or asking R U OK might be the difference they need to seek help or realise that they are loved and needed in this crazy world of ours.
Back to business and how to survive this odd year. Seek professional help if your business is struggling to grow. Most governments have small business centres or help agencies that often offer free or low cost advice. Seek out a business coach or a mentor that can help you and assist the issues and work on a plan to fix them. This may include pivoting your business to new offerings or new ways to deliver your offering.
The best thing you can do it be proactive, make a plan and start working on it bit by bit.
Second Factor That Affects Your Business
Are you treating your business well or are you not?
Business owners are often their businesses worst enemy whether you realise it or not. When things are going well, we can get bored and want to change things that are working perfectly well. Sometimes, we like to meddle because it is an ego trip, the business can’t run well without me…. Look see and we make it a self-fulfilling prophesy.
Have you ever done any of these common sabotaging mistakes?
- Wrong customers
- Non-paying customers
- Not invoicing for work done
- Not agreeing to a price before starting the work
- Pricing every job differently
- Not having prices at sales meeting
- Not following up sales calls
- Not having a sales process
- Assuming people can’t pay so discounting your prices
- Discounting just because a client asked
Sometimes, we don’t even realise we are doing these behaviours and there is a whole list more we could go into.
Things like not supporting your staff, micromanaging, putting team members in the wrong positions, not giving team members all the information they need and the list goes on.
Looking After You
As the business owner, you might feel like you have to be strong, take responsibility for everything and everyone. This is not the case.
The airlines really have this sorted look after you first, then help others and it’s the same in business. If you are not looking after you, then how can you help your business, your team and your customers.
Stop taking on everyone elses problems. We have talked about this many times on the Small Business Talk Podcast, limit your news feed and your social media activity so you are not bombarded 24/7 with bad news and crises. Bad things are happening and the pandemic has affected a lot of people’s businesses and lives. Are you actually being affected, continue to be affected or is it your thoughts that are causing your ongoing distress?
Now, I am not trying to minimise the effects that is has caused but get to see the difference between the direct affects and your thoughts continuing or prolonging these affects.
What are you doing to Make Sure Your Business Survives Past 2020?
Listen to Small Business Talk Podcast Episode 84 for the full episode.
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