Why I'm still selling
This week's blog is a bit different. I feel I need to address the elephant in all our rooms and talk about coronavirus.
We live in weird times. My young kids are at home with me and my working schedule has been seriously interrupted as I try to homeschool. I thought it would be nice to have a break over the weekend, but actually structure is important to all of us so trying to think about ways to entertain the kids over the weekend (2 boys can't just hang around all day especially at 7 & 5) and have a break from work was tougher than I anticipated.
How is your business doing at this time? Are you thriving or surviving? Trying to juggle it all? Or feeling like you don't have a business left to keep going with?
Try not to be limited by your existing business. I have seen loads of great things that people are doing - online pilates, online dog training, vouchers for when restaurants reopen, and paying a deposit to be able to book first when your hairdresser...
Getting the basics sorted out
Last week, I had some interesting questions with two of my clients. One said that they were putting me on hold as they didn't have enough work for me due to coronavirus and another said they were so glad they were working with me as they need to plan for the lost of income due to the events side of their business.
Now is the time to know your numbers. Look at the following:-
- Expenses - annual or monthly ones. Can you stop any of these if needed?
Revenue - talk to your clients about what their expectations are and work with them as much as possible to find a good solution, rather than waiting for them to cancel. - Cash - do you know how long your cash will last for?
- Get a breakeven number (where revenue equals costs) so you know what income you need to run your business.
- Invoice promptly at all times, but especially at the moment, and shorten your payment terms where you can. Chase those debts soon after they are due as the financial position of companies is changing all the time.
- ...
Money mindset
Why do you find difficult to manage your business numbers? Is it because you were told at school you were bad at maths? Is it because you’re just terrible with money? Have you had debt in the past?
These things do not have to be true in the future. However, it is also true that many, many business owners start their business without any real idea about how to manage their numbers. It is one of the most critical part of your business. You need to manage the numbers carefully but often you set up and run your business without any experience with the numbers. Many people never take any courses or undertake training in this as they just sort of expect to be able to manage it.
I feel the same way that a lot of you feel about numbers about marketing and recording videos. It feels me with dread and I put off doing it as much as I possibly can. However, I know my business won’t grow if I don’t do my marketing and to this end I’ve...
