As business owner’s our life blood is in making the sales, but the test in is receiving the payment. We need those payments, they are a measure of success for our business and for ourselves. But what happens when we don’t receive those payments? Here’s what I’ve learned about money from my business.
Always have a plan B
That old adage about counting your chickens before they hatch is completely true in business. Until you have the check in hand, the sale actually didn’t happen. It’s a tough way to look at things, but it creates a realistic view of your business, your success and where you should go from here.
Diversify
You can’t have one customer who gives you 90% of your business, because if that customer suddenly pulls out you are left with nothing. So while big sales are great and they can open a lot of doors for you, remember that those little sales and things that aren’t normally what you do can create an opportunity for you to make money long after that big sale is over. Eventually the small sales can outweigh the big sales and even whales swim away.
Remember it’s a bad day, not a bad strategy
There are going to be days that no matter what will be terrible sales days. The key to remember is that is just a day, tomorrow you have another chance to solve the problem. Go home, sleep on it and remember that this one day does not define your business. There will be another opportunity to succeed, another deal to make and a new path to take. Don’t let you fear paralyze you.
Being a business owner is equal parts fear and stubbornness and I’ve learned that sometimes it pays to be willfully positive. Things don’t come to fruition, partnerships dissolve and confidence is shaken. But when you’ve put in the work and run all the bases, the signal to run to home plate is the sweetest thing there is.
I love what you said about not letting fear paralyze you. It’s true that success does not happen overtime. A good sale won’t happen every single time. You just have to deal with it and learn from it.
Thanks Megan! I love that you took the message to keep going from the article, every now and then we need someone to say ‘it’s just a bad day, not a bad business’.