Iolanthe on Keeping On in 2025
2024 was a year. There was, of course, Trump. And Bridgerton Season Three. And Taylor Swift album releases and delicious bowls of ramen aside, it has been a bit of a tough one for many of us. Australian SMEs have been challenged by economic circumstances they’ve never experienced in their time as business owners. We’ve been surprised by the response of some to economic pressure, with occasional client bad behaviour popping up to be managed with grace. And equally we’ve been delighted by flexibility and good-will under strain, too. This year has been about holding onto your undies as I call it; about hunkering down and doing the work, and not letting fear of the unknown to seep too deeply into your consciousness. The choppy seas of 2024 are the third round of economic rough weather I’ve rode since I began Ruby Assembly back in 2009. I thought my ‘Guide To’ for Ruby Assembly’s ’24 annual would be a useful one for business owners; thus, please enjoy my Guide to Keeping On In Business.
1. Keep Prospecting
As a business owner, your key function is to bring new business into your practice. Many business owners who are technically excellent can find this a tough pill to swallow; shouldn’t their expertise be enough to bring in new clients? The answer to this is a resounding no; there are many excellent lawyers, therapists, builders, dentists and accountants that no-one knows anything about because they fail to prospect.
When times are tough, you may be more hours of the working week for business development. What you must not do is stop advertising or stop doing outreach because you intuit the market is hard. Now is the winter season when doing the hard yards of potential customer outreach will make all the difference. Do not be conned into the idea that the first place you should cut budget is marketing. It’s an easy argument to make – particularly if you’re someone focused on ROI – but the reality is that marketing (in all its forms) is the lifeblood of your business.
Try something you’ve not done before. Social media content. Podcasting. Newsletters. In-person networking. Hold a workshop. Apply as a speaker at upcoming events. Explore LinkedIn Sales Navigator (yes, it’s ugly but untold riches like there!) Don’t. Stop. Prospecting.
2. Do Something Positive Without ROI’ing It
Next year I have devised an awards program which I’ve just launched called ‘Serious Women in Business Awards’. I am a keynote speaker at an upcoming Smokeball event in Sydney. And I’m on the Board of a book festival. While it’s true that I probably bite off a bit more than most, I don’t intend on stasis during a period of economic difficulty. When the economy is less certain, it doesn’t take long for creative, competent people to think that it is entirely their fault that their business income has changed, or that they are not thriving as they might have a few years earlier. Stay connected to your competence and leadership by doing things that don’t have a specific ‘ROI-able’ outcome. It will bring you joy and bring you business.
3. Read a Book
It could be a business one (I love Alchemy by Rory Sutherland), it could be faery smut (hello ACOTAR fans), it could be 100 Days of Brave on Audible. Keep learning and steal some moments of unfettered concentration for yourself. (I know this is hard, as I have two children under four.)
4. Play
This looks different to everyone. For me, it is playing board games or card games with friends or my daughters. It’s playing Baldur’s Gate 3 with my husband. It is hosting a movie night at the Henkel Street Cinema or having a picnic and setting up the full gazebo and BBQ disaster. It’s going to see live music or theatre (if I’m lucky enough to have tickets). Play is important in helping us connect with joy that’s not purely about our economic value.
5. Lean On Your Accountant
Lean in, babies. Your accountant will help you guide you through your obligations and potential repayments to the ATO. And yes, many of us are on payment plans at the moment. You’re not a failure. Keep going. Let your accountant signpost important decisions you may need to make around finance and expenditure in your practice.
6. Hold Onto Your Undies
Part of business is relentlessness. Challenges confront us no matter our years of tenure in the game, and while uncomfortable in the moment, they’re generally opportunities to sharpen up. Seasons change, and much of ‘winning’ the economic cycle lies in keeping on ‘til the clock strikes midnight next time around. Some of it is you, some of it are wider factors and some of it is luck. You just need to keep going, however that looks to you.