Big is not the same as small…

…and longevity does not mean you will continue without adjusting your strategy.

The news is being filled with big businesses that are closing, like Smith and Caughey, and ones that are massively in the red, like The Warehouse.

With more and more news items like these popping up, it can be easy to let stories of struggle and hardship fill our thoughts and put worry in our minds of how our own business will be affected.

Afterall, if the big businesses are going down, what hope is there for small businesses?

Many small businesses are seeing the effects and feeling the pinch. Foot and web traffic has dipped. Sales have dropped. Buying habits have changed.

… and our thoughts grow that it is ‘hard out there’ and there is nothing we can do about it.

Here’s a few things I want to point out to the small business owners…

1. Big business is very different from small business. Small businesses can generally survive a lot easier than big business because they don’t have the massive overheads that a big business has, and small businesses can adapt faster and put things in motion much easier. They can also do more effective marketing for a lot less. Big is not the same as small… and small has some great advantages.
2. There are so many businesses that are growing right now. We don’t generally see the stories of these in the news, but they are happening. All of my client’s businesses have grown in revenue this year. I go to the mall, and it is packed with people holding shopping bags. People are still buying. I also hear about businesses that are smashing their sales targets most days. It is not all doom and gloom.
3. I’m not saying there isn’t hardship or struggle. There absolutely is. I’m not even saying it is easy. But there are actions you can take to improve your business and there is the real possibility to create a thriving business in this economic climate.

How do you move a small business forward right now during tough times?

All businesses are different. It is going to depend on what is happening within the business. That’s why I recommend getting 1:1 help from an experienced business coach so that they can help you see where the missing gaps are in your particular business and the easiest ways to turn it around.

But there are some areas that you could start looking at to get started.

There are 4 areas I believe need to be prioritized:

1. Get your head and energy in the game – the stories you tell yourself matter. Your beliefs and the habits you have matter. You need to be looking after your physical and mental health to help your business. Put your hands back on the steering wheel and improve your Inner Game so you can move the business forward.
2. Financials can show the missing gaps and opportunities – if you are not looking and managing your financials regularly, then get your head out of the sand and look at them! Ignoring them will lead to a business’ demise. It doesn’t matter if the financials are bad, look at them and keep looking at them. I’ve seen businesses pissing thousands down the toilet each month because they weren’t looking at their financials and going backwards when they didn’t even need to. Once you know where you are financially, you can make improvements. Small steps forward over time makes a big difference.
3. Marketing and sales need to be ramped up – essential to any business and often the first thing to drop when things get tough. Marketing and sales lead to clients and customers. Yes, they are often uncomfortable, so we can avoid these activities. But during tougher economic times, it is VITAL that small businesses have an effective marketing and sales strategy to move the business forward. You know the businesses that are thriving right now? They are the ones that are doing effective marketing and sales activities and also prioritising the last area…
4. Value what you have got – your current clients and customers have a choice. They can stay with you or leave. When budgets are tight, people are more likely to stop buying from you if you are not providing enough value. So don’t forget that your current clients and customers are there. Don’t take for granted that they have a choice and can make a change at any time. Value them.

Yes, it is harder right now for businesses big and small in this economic climate. But it doesn’t mean you have to sit there and struggle. If you are offering products and services that your ideal clients genuinely need or would benefit from right now, then you have a business that can thrive.

If you need help knowing what or how to make this happen then contact me and let’s get you moving forward.