Fear-Based Decisions Are Bad for Business
At one point, every business owner will find herself in a troubling situation. Revenue is down. New clients are scarce. Profits are falling, and a peek at the financials is enough to bring on a full-fledged anxiety attack.
Unless youāre Mark Zuckerberg or Bill Gates, chances are youāve experienced that sinking feeling of a business thatās trending downward, too. But how you handle it can mean the difference between continued success and business-killing burnout.
Hereās where a lot of coaches get it wrong. They start to worry about money, and that worry leads to poor decisions that ultimately have a negative impact not just on finances, butāmaybe more importantlyāon morale, too. Maybe you know what Iām talking about.
You Take On The Wrong Client
When business is down, it can be tough to keep your ideal client avatar in mind. Instead, you jump at the chance to work with anyone who comes along. The trouble with this scenario is you can find yourself with a roster full of clients who:
- Arenāt willing or able to do the work required
- Spend all their time telling you why your ideas and advice wonāt work
- Drain your energy and make you dread your office
You Stop Creating
And who can blame you? With profits down, you have to pull back. You canāt afford to spend time and money creating new programs, so you recycle the ones youāve already produced.
Now, this would be ideal if you were repurposing with a positive intent. Turning your ebook into a group coaching course? Perfect! But thatās not what your fearful brain is telling you.
Your fearful self is saying, āJust re-release this same product again, so I donāt have to have new sales copy written or record new videos.ā
And while this might help bring in a bit of cash short-term, it wonāt do anything for your reputation or your self-esteem.
Yikes! Thatās no way to operate a business, but thatās just what a fear-based mindset can do to you. Better (much better) to hold out for that perfect client. And while youāre waiting, take what youāve learned from your drop in sales and create the killer program your audience is clamoring for!