How to keep going when it all feels too hard
I know I’m not alone when I say the last year in business has been hard.
We survived the uncertainty of the pandemic. Then, just as things felt like they might improve, economic conditions got worse. Cost of living pressures, interest rate rises and talk of a recession have battered all but the most resilient business owner.
If, like me, you’ve come too far to only come this far, here are 9 business tips for tough times.
1. KEEP SHOWING UP
I’m putting this one first because I think it’s the hardest. When things feel tough in business, sales are quiet and bills start piling up, it’s natural to want to hide.
If you want your business to survive, you need to keep showing up online and in person. It often won’t cost you anything, apart from the need to take a shower and put on pants, which I highly recommend.
Look around your local area for free and low-cost events. Meet other business owners, make connections, and tell people what you do.
If you don’t want to put on pants, focus on social media. You don’t need to be everywhere. Pick one channel and just focus on sharing, commenting and connecting.
Writing a blog (for your website or a guest post), sending a newsletter or being a podcast guest are great options for showing up. Things won’t be dire forever. When the economy improves, you want to be the name on people’s lips.
2. GET YOUR WEBSITE IN ORDER
If business is quiet, use the time to work on your website. It’s a 24/7 portal to your business, and should work as hard as you do.
- Are your product or service pages up to date?
- Does your copy reflect who you are and what you do?
- Are you attracting the right customers?
- Have you added testimonials, customer logos, awards, media or podcast appearances?
- Are you ranking for the right keywords?
- Does your contact form work?
If you need some help to review your website, check out my website review offer.
3. KNOW YOUR NUMBERS – AND CUT COSTS
If you’re not bringing in as much revenue as you’d like, you need to focus on your numbers.
- Go through your expenses with a fine-tooth comb.
- Are there subscriptions you could cancel?
- Can you ask for a better deal?
- Could you share apps or memberships with others?
- Does your pricing accurately reflect your costs and what you need to earn?
I highly recommend the Profit First approach, with separate accounts to separate business expenses, tax and profit. You should also pay yourself regularly, even if it’s only a small amount.
4. FOCUS ON YOUR BEST OFFERS OR FIND NEW ONES
After examining your numbers, you’ll know which offers are the most profitable and appealing.
One of the best business tips for tough times I’ve heard is looking at creating new, lower cost versions of your offers.
For example, I know many people can’t afford website copy for their entire website right now. So instead, I’ll put together an offer to update the copy page by page.
If you’re a service provider, perhaps you could create a pared-down version of your offering?
In her latest book, Six Figures While You Sleep, Kate Toon talks about ADPIPs (automated digital passive income product). You could create a DIY option for people to buy from your website.
5. BE FLEXIBLE
This doesn’t mean breaking your boundaries or offering unreasonable discounts. But in tough economic times, we need to do things differently.
This might mean:
- Offering payment plans
- Staging projects and spreading payments over a longer time-frame
- Providing different services
6. FOCUS ON YOUR RELATIONSHIPS AND NETWORKS
I say this a lot, but I mean it. Without my online and local networks, the last 5 years would have been very different. Having a group of like-minded business owners who were experiencing the same things saved me — and my business.
It’s not just about the friendship and support.
During tough economic times, people are nervous about spending money. Getting a personal recommendation from a trusted friend or business contact gives people more comfort when spending hard earned cash.
If things are quiet, find opportunities to collaborate with other business owners, especially if you have similar or complimentary markets.
7. USE THE TIME TO UPSKILL
Even if you’re not busy with client work, get up each work day and work on your business, improve your skills or even volunteer.
Look for free courses or books and make the most of the training offered by the memberships you’re part of.
Just don’t let learning distract you from actually doing the work when it comes.
8. PROVIDE EXCELLENT CUSTOMER SERVICE
Now, more than ever, you need to provide amazing customer service, whether you’re a product or service-based business. Create loyal customers who will not only come back to you, but who will also recommend you.
If things are quiet, connect with past clients and customers and find out how their business is going. Can offer them a new service (or product)? It’s even better if it’s something they can recommend to other business owners.
9. FOCUS ON YOUR HEALTH AND WELLBEING
As small business owners, we should always make time to look after our personal health and wellbeing. But when things are tough in business, it’s even more important. It can be extra hard if the downturn in your business is also affecting your personal finances.
Make sure you’ve got someone to talk to, whether it’s a trusted friend or professional.
Look after your physical health by doing some regular exercise, eating well and getting enough sleep.
Apply the same rigour to your personal finances and insurances as with your business expenses and find expenses you can cut. Do you really need every streaming subscription? Can you get a better deal? Could you sell unwanted items such as clothing?
Get support from trusted advisors, like your accountant or financial advisors.
We need to remain focused on our businesses during tough times, but we also need time out. Find a new hobby, join a team sport or read a book.
THIS TOO SHALL PASS
The last few years have been challenging. But thanks to a supportive family and networks, (and focusing on these business tips), I still enjoy business and I’m excited about the future.
But there’s also nothing wrong with taking a break and finding a job, whether it’s temporary or long-term.
Being your own boss means you can decide what works for you.
Which of these business tips is your favourite? What business tips can you share?
If you like this blog, and would like to read more like it, check out:
Mastermind, mindset, money and menopause – lessons from another year in business.
