What to do When You Have Revenue Hit: Episode 878

Episode 878

What to do When You Have Revenue Hit: Episode 878

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Episode 878 – What to do When You Have Revenue Hit: Episode 878

Today on the podcast, we have the always fantastic Jered Robinson, our in-house marketer, here to talk about something that has never been addressed on the podcast before. That is the idea that part of being a business owner means you will lose money in your marketing ventures as well as failures in general. Sometimes, they will do well for you, and just like all businesses, sometimes they’ll lose money for you. Today’s podcast walks you through what to do when that inevitably happens and how to come out on top.

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

Jered recently worked with someone who had handed over something they had been working on for a long time. They got to the point where they felt like someone could take over and do a better job, and they did the opposite. When she as Jered spoke, she was spiraling and because she was in that head space, she wasn’t able to move forward productively. So she and Jered sat for 10 minutes and went through everything from top to bottom and found that the problem was actually a very solvable one. Once she got that clarity, once she was able to ‘clearly state the problem’, all of a sudden this big looming heaviness didn’t seem so big or looming or vague. She has steps to go forward. As long as you can move forward step by step, it doesn’t matter if problems arise because you will be able to solve them productively.

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.

Love the idea, but find it overwhelming? Want to learn the next steps like, what to actually say on the call? Jump on a call with one of our coaches and learn strategies on how to grow your cleaning company and start loving your job every day! Book here

Episode 878