Be patient with yourself – As a business owner, you may feel pressure to quickly return to the ‘normal’ you experienced pre-lockdown. However, if you’ve lost customers and revenue over the last year, it’s going to take a little time to build everything up again. And everyone is in the same boat, so may be a little hesitant to be investing in products/services at this time. Set yourself some realistic goals and work towards them – just make sure that they are SMART (that is specific, measurable, attainable, realistic, and timely) so that you don’t lose motivation working towards an unrealistic or non-specific goal.
Be patient with others – As I mentioned above, many of us are being cautious with our income at present, so don’t get too frustrated if customers are a little hesitant. Give them time to make an informed decision.
Review your income streams – The last year has shown that diversification in business can be valuable! Do you rely heavily on one product or service? If so, could you add another to your arsenal that complements your existing knowledge and skillset? Perhaps you could invest in some training now in an area that you know is increasing in terms of popularity to ensure that your business remains both valuable and relevant, whatever life throws in your direction. Adding a passive income stream (i.e. from an online membership community, a training programme or course, an affiliate shop, etc.) could also be useful to ensure that you’ve got funds coming in from multiple sources to future-proof your business.
Is your pricing up to date? It’s worth reviewing your income and expenditure annually, at the very least, to ensure that your income covers your outgoings and allows you to make a reasonable sum. If your day-to-day business costs have increased over the past year (for example, if your insurance has increased in price, or if you now require additional software to effectively run your business), then consider whether a price increase is required. If you do increase your rates, make sure that you give your customers plenty of notice to prepare them for the change.
Seek business advice and support if you need it. After such a long time in isolation (or semi-isolation), the importance of community and companionship (and speaking to real people) has become clear. It’s all too easy to suffer in silence, but the reality is that sharing your business burdens with an impartial and objective third party can help you to address potential problems and develop a strategy to work more efficiently and effectively. This is something that we are more than happy to do at CC Professional Business Support; we offer a free 30-minute no-obligation discovery call - just give us a call on: 01822 368010 to book!