Episode 878 – What to do When You Have Revenue Hit: Episode 878
Mentally Prepare Yourself For When This Happens
Losing money is part of owning a business. If you haven’t yet, you’re just lucky. It’s just part of the game. You have to fail to learn what works; the sooner you can get comfortable with that, the better. If you are terrified to get it wrong, you won’t be willing to step outside and do anything that feels scary. If you go into your business KNOWING that there are going to be hard days, that you are going to make dumb mistakes that cost you a lot of money, you will lean into those times when you lose money so much more. You can almost anticipate and process those emotions ahead of time so that when it happens, you will be able to take it in stride and use it as a learning opportunity. A great question to ask yourself is, what are some things that could go wrong?
Be Able to Clearly State the Problem
Diversify or Cut Costs
If you have gone through steps one and two and haven’t been able to solve your problem, move to step three where you need to either diversify your income streams or cut costs somewhere. Be creative in where you can cut in a tight month. Maybe it’s subscription streams, or maybe it’s how much you eat out. If you can cut and avoid taking on debt to make payroll, it will avoid your getting bogged down and behind on bills just because you had a bad month.
Final Takeaway: Losing money is the scar of war that is going to make you stronger as a business. Take control and make it work to your advantage.
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