Business High's and Low's
In this day and age business is an uncertain thing. If there is one thing that the Caronavirus or COVID-19 has taught us, it’s that we have to lead a business that’s ready to adapt and change to the world around it or it will not survive.
We all have highs and lows in business. Especially when it comes to sales month over month and how well our company performs as a whole.
If you’re tired of having highs in your business then followed up with really low lows this is the post for you. We often make mistakes in business that we think is benefitting us long term but in reality, are really causing future pain. Many times in our business we will have one to three months in a row killing it, followed by silence, customer drop off, declined estimates, and low closure rates. BUT WHY?
Often times this happens because we make changes mid-way to cut cost, or “feel” like something isn’t working so you turn it off because it’s costing you money. At that moment those decisions might “feel” right because your busy, the phone is ringing. Or Because you have been so busy, you stopped asking for referrals from customers. You might not be sending out those follow emails asking about reviews anymore because your feeling confident by how well the business is performing. This is a simple mistake that we all make. You are not alone!
We as business owners can easily get distracted. It’s our job to be visionary and grow and keep the business moving forward. We spend time developing processes that lead us to success and then when we get busy and start gaining that success, we stop doing the things that led us there to begin with. But wait, what does that have to do with great months and then followed by bad months? The plans and systems you design need to be able to adapt and grow as your business does. If not, you’ll end up in an endless circle over and over again.
Keep track of what you do every month. Sales techniques, marketing materials, advertising, follow up with customers, email marketing, and referrals to name a few.
The changes you make in your business will show results on an average 1-3 months from the day you put them into action.
Growth and Decline have to be tracked. It’s up to you to track where your customers are coming from. How are they are finding out about you and your services? Are you getting referrals? Word of Mouth? Adwords? Facebook? Online sources? If you properly track your business day-to-day and the process you have for each customer, you will have data you can use in the future to see what is working and what is not.
When we rely on a clear and developed system for each of our customers to go through we accomplish many things. Our customers all have the same experience every single time, that’s consistency. Every company has a system for every customer. It might not be pretty, but you already have one. The right system has to be able to keep structure but pivot as your business grows.
When things are going great in business and we are booked up 2-3 months in advance, it’s NOT the time to let up or take a back seat. It’s at this time that your focus needs to be even more clear on what you want to accomplish. Because at that moment you’re on a mountaintop, but life is full of valleys and mountain tops (High's and Low's). Always know that a valley could be right ahead for your business. It’s not a negative mentality, it’s a realist mentality on life. A business will have it’s ups and downs just like we do in our personal lives.
So what do we do to stay on top of this?
Pay attention to your business day-to-day and what you’re doing. If things start to slow down for you, don’t freak out. Track the data, follow the system, and if things start to take a dip, step back and take a good look around.
When things start to change in our business it’s up to us as the leaders to adapt. Do an internal check, and see what changes have happened. In life, in business, in the economy, in season, etc. Your the only one who knows the heartbeat of your company and what it takes to make it successful. Chances are you built this to help someone and make an impact in the world around you. If this is your focus then DON’T FORGET IT. Do what you do best!
In the end, our business is going to always endure high’s and low’s. But that doesn’t mean we can’t help the highs stay longer and the lows last shorter. Focus on what you do best, take care of your customers, and track what your doing. When changes happen look back over the past month or two and see what you were doing then that you aren’t doing now. What can you start doing again today that’s going to increase tomorrow?
Running a business isn’t easy. You don’t have to do it alone. Finding the right help, the right mentors, and the right systems are what can take your company from it’s current place to the place of your dreams.
Hopefully, this post finds you well and helps you know that you’re not alone. You have brought your business this far, and hopefully this is just the beginning of the greatest journey in your life.