Navigating a downturn in business is one of the most daunting experiences a business owner can go through.
Lately I’ve seen a few of you are struggling with a downturn right now and I know from experience that when that happens there’s always the fear at the back of your mind that this is it, it’s as good as it’s gonna get and things might not get better again.
So when we experience a downturn in business, what do we do?
First of all, if you are experiencing a downturn right now, you need to try not to panic or let the situation get the better of you in terms of your confidence or your emotions.It can feel incredibly discouraging at times when sales drop or results from whatever marketing efforts you’re doing just aren’t what you expected.
I see time and time again, business owners who are operating from a position of fear or panic, end up making knee-jerk decisions about their marketing activities. They start to go down the discount route, sending promo after incentive after sale to their email list and on socials, without much other content going out.
So what actions should they take?
- – Don’t panic.
- – Look for the wins before the areas that need improving.
- -Avoid audience burnout by bombarding with sales & discounts.
- -Evaluate whether the cause of your downturn is within your control or not.
- -Approach your business like most elite sports people do – as a process of continuous improvement on your journey to achieving your goals.
Watch today’s episodes to learn in detail more practical actions you can take right now to help you through any sales slump & to get back to growth when your revenue is stagnating.
Next, be sure to head to our Rockstar Productpreneur community to ask your #askcatherine questions! I can’t wait to hear them.
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If you’d like help to achieve your goals in 2023 I invite you to have a chat to find out how we can make that happen together.