There's no doubt about it; Australian businesses are finding things tough. A wicked gumbo of inflation and interest rate rises have many of us worrying the night away over cash flow in our businesses, from sole traders through to substantial organisations. Having been in business for 15 years (!), I have seen enough ebbs and flows to know that when times get tough, you just have to hold onto your undies and keep going. There's no 'out' of this particular cycle of the economy; there's only flexing with the market where you can and focusing on business development to keep the wheels turning. What you must not do above all is panic.
I know that's easier said than done; peers and clients have all let me know that times are tough and debts to the ATO are growing. So here's my list of actionable things you can build into each day to keep going. Most business success is to do with relentlessness, not excellence (although excellence should of course be the aim). Please keep showing up, please keep doing the work and please know that it's not just you.
Keep Prospecting
Many business owners get so lost in the sauce of their business they forget to prospect altogether. Prospecting is at the heart of any successful business, as without new clients coming into a business it will eventually falter. At the moment, converting new clients is challenging as customers in both the b2b and b2c space are finding cashflow tough. That doesn't mean you can't convert clients in this market. All it means is that you need to work doubly or triply hard at prospecting to do so; you need more volume to make up for the slow conversion.
How you prospect is a mixture of personal preference and creativity. My tip is to spend longer on developing each point of connection so you're memorable. Follow up with thank you cards or video messages to show your attention to detail. Make referrals where you can. Be curious and reach out to people who are just beyond the reach of your influence. Whatever you do, keep on prospecting as the new connections you make today will typically pay off in something 'good' happening in 3 months. Science, innit?
For more on prospecting, you'll enjoy part three of my book 100 Days of Brave which has a useful roadmap to doing this effectively.
Keep Marketing
I know that when times get tough and purse strings need to be pulled, marketing seems a convenient place to cut back. While this feels efficient, ceasing communications with strategy chews into your momentum and your prospecting funnel considerably. A contracting market is actually a huge opportunity for those businesses who commit to continuing to market. You have fewer active competitors. There is more bandwidth for your impact. And when more lucre does start flowing again, your brand will have done the work to be referred to and taken up by customers. If you allow your marketing to fail during this season, you'll be hungry come spring and summer.
Necessity is of course the mother of invention, so why not use this period of time to experiment? Perhaps you could try;
A limited series podcast to entertain your current clients and attract new ones. Or put yourself out there and suggest yourself as a guest on other podcasts or at events
Strategic design of eBooks that truly answer questions from prospects and allows you to build your database
A commitment to newslettering (the most powerful microphone your brand has) and closely observing which of your subscribers are opening it multiple times. Are they due for a call?
Consider sponsoring a local organisation, or putting in man hours in your branded duds. Don't forget to ask them if you'll be able to access their database (ethically).
Think about unusual places to promote your brand. Try Spotify ads, sponsoring a podcast or a paste-up campaign.
Engage an Accountant
An accountant who understands your business and your financial position is always going to have a better time dealing with the ATO than an individual. Dealing with the ATO is scary enough at the best of times, let alone when you feel under threat from tardy BAS payments. Your outcomes (and stress levels) will be much better with an accountant by your side. In Australia, we regularly refer to SEIVA.
Feel less alone by subscribing to Ruby Assembly’s podcast, ‘Sell Less, Mean More’. Featuring a humorous and clever host and a selection of knowledgeable, real politik guests, it’s just the thing to listen to while you’re forging on.
