Last month's theme here at the Indie Business Network was How to Thrive in Any Economy. I selected it because one of the things I hear most often today from clients, Indie Business Network members and other small business owners is that sales are down “due to the economy.” While it may be true that sales are inconsistent (or even “down”) and it may also be true that the economy is shifting, neither of those things means that your business cannot thrive anyway.
What those things do mean, however, is that you must remain steadfast and immovable.
Here's why this mindset is critical to embrace.
Sales will not be consistent all the time.
Sales will increase sometimes. Sales will decrease sometimes. This is the reality of business.
Every business has seasons of plenty and seasons of want. You can some of those seasons while others will come out of the blue. But the one thing you should never be surprised about is that there will be shifts. Sales will never be “always awful,” nor will they ever be “always “abundant.” You must get used to both, and you need a strategy that is unique to your business in order to do that.
The economy will always be shifting.
One thing I know for sure after weathering multiple recessions, a pandemic and a few market crashes is that the economy is a moving target. Sometimes it will be great, and sometimes it will be dismal.
Everyone will always have an opinion about the economy.
But the only opinion that truly matters is yours.
What you think about the economy matters even more than the reality of the economy because what you ultimately think about how the economy affects you is going to determine what actions you take to drive your business forward. And the only thing that ultimately matters is what you do — not what you think.
You can't do anything about the economy. You have no control over it.
But you have complete control over what YOU do. And because you own your own business, you have an economy of your own, and you can take action to control it in more ways than you may think. Here are a few things you can do to take control of YOUR economy.
- You can change how you work so to boost productivity in ways that affect your bottom line.
- You can learn new skills so you can add more value to your customers, and raise your prices.
- You can survey your customers to find out what they want more of, and then give it to them in ways that boost sales opportunities.
- You can analyze your costs to see where you can decrease them so your margins increase.
- You can lower your costs by discontinuing products that aren't selling well.
- You can check your vendor and consultant pricing to see if there are ways to lower any of those costs.
Here at the Indie Business Network, we are about being personally empowered to create our own success. While we are aware of the economy, we are not controlled by it.
We are not beholden to the whims of the economy, nor are we victims of it.
Ready for 7 Steps to Make Your Business Thrive in Any Economy?
Last month our Entrepreneur Members focused on the topic of how to thrive in any economy for an entire month, so if you're an Entrepreneur Member, make sure you get into our Facebook Group for the dialogs, training, Q+A and video replay.
If you're not an Entrepreneur Member of the Indie Business Network, I prepared a one-pager overview for you. It's not as in-depth as what our Entrepreneur Members have access to, but it's a great quick start. You can download it by entering your name and email address below. When you do, you'll be added to our Protégé Membership level — a complimentary level that gets you a tiny taste of what it's like to be a full Entrepreneur Member of the Indie Business Network! Get it NOW!
August 2024 Theme: Rest + Rejuvenation
At the Indie Business Network, Entrepreneur Members invest their lives making and selling products designed to help others take care of themselves. For the month of August, we are taking action to develop strategies to take care of ourselves and exploring the best ways to ensure that we don't fall through our own cracks. Our theme is Rest and Rejuvenation and we will focus on how to avoid burnout and cultivate a personal culture of well-being that will help us be joyful and successful in our businesses in the midst of never-ending family demands — especially as we approach the busy holiday season. It would be a pleasure and a privilege to save a spot for you!
Each month at the Indie Business Network, we tackle a new theme of specific importance to small business owners. We dive deeply into the nuances of that theme in our private Facebook Group. We mine it for every diamond we can in order to facilitate personal and professional growth that empowers us to plan, launch, grow, and expand our businesses on terms that serve both ourselves and our customers. We host challenges, discussions, events, and games designed to make it fun and interesting, and we sometimes welcome a special expert to help us put everything into a perspective we can fully embrace and integrate into our everyday lives.
If that sounds good to you, I am happy to extend you a special invitation to join us as an Entrepreneur Member where you'll get all of this and more — including access to our custom affordable general and product liability insurance program. Among other offerings, we coverage for:
- Handmade and Artisan Made Products
- soaps
- cosmetics
- candles and wax melts
- jewelry
- cakes and cookies
- jams and jellies
- pet products
- beverages
- pottery
- Boutique Services
- fitness coaches
- yoga practitioners and instructors
- massage therapists
- aromatherapists
- estheticians
- life coaches
- business coaches
Join the Indie Business Network Today!
I'm saving a spot for you! Here is the link to take advantage of all we have to offer starting right NOW!!!
