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How to Head Off Small Business Fear in This Economy

How to Head Off Small Business Fear in This Economy

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    This is a scary time. Everyone you know knows at least one person who has gotten downsized and new jobs are scarce.  People are scared to start businesses and they’re scared to invest in their existing businesses right now. Part of it is that in an economy like this, mistakes are even more costly than before. And part of it is that people are just plain scared to lose anything right now. What you need to know is that the surest way to lose and make mistakes now is to NOT invest in your business. The only way to win right now is to face your fear and keep moving forward in the right way. Today, I’ll give you a few suggestions for how you can move ahead and steer clear of costly mistakes.

    As with everything else, realize that the current economic conditions are temporary.

    I’ve said it before, but it bears repeating. The first thing to do is remember that economic conditions like we’re currently experiencing are temporary. Virtually every financial expert and publication has said that the recession won’t last forever. So when you start to experience fear about the economy and what it means for you, first and foremost, realign your thinking so you’re thinking about it as a temporary condition that will eventually resolve itself.

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    Keep investing in yourself and your business.

    In this economy, a lot of business owners are cutting corners. I can’t tell you how many people I’ve talked to who are cutting out key professionals, reducing their marketing budgets, and eliminating continuing education. What these business owners fail to realize is that it’s absolutely crucial that you continue to invest in yourself and your business to keep things moving in an upward trajectory. But be smart and invest in the right things. This leads me to my next point.

    Cut costs, but cut the right costs.

    When you cut costs, know which costs to cut. Analyze your business expenses and make sure you’re tracking everything. Look for ways to save. For example, if you’re low on printed material like your marketing flyers or business cards, you may be able to find a printer that charges less, but offers the same quality as your old printer. This extends beyond products you use for your business. Examine your business relationships. Are there some service providers you aren’t happy with? Now’s the time to make a switch to someone who will provide you with better service at a better rate. In this economy, you can get great service at a much more affordable rate than ever before. ..and you should.

    That said, don’t cut the essentials! You need to continue learning and improving your skills, so cutting back on continuing ed is a mistake. You don’t need to go to every workshop and seminar, but you shouldn’t eliminate these opportunities to learn, network, and increase your visibility altogether. And don’t start doing your own graphic design or having your son’s best friend design your web site. Cuts like this can result in catastrophe — web sites that don’t function properly, brochures that look unprofessional, and the appearance that your business is small-time, unsuccessful, or fly-by-night. And none of these are words you want applied to your business.

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    Learn from Pareto.

    Another place you can save in your business is by applying Pareto’s 80/20 principle to your client list. The 80/20 rule says (in a nutshell) that the bulk of your business comes from about twenty percent of your client roster. That means you may be expending a great deal of effort and expense marketing to and serving the eighty percent of your clients who aren’t producing very much of your income. So why not go through your client list and do some weeding? You’ll save money in marketing costs and you’ll have more time to cater to your most-productive and profitable clients.

    Another way to implement Pareto’s 80/20 rule is to look at your current products and services. Which twenty percent of your products and services generate eighty percent of your profit? Concentrate on improving those and developing more products and services like them. You may even eliminate the products and services that aren’t generating enough interest.

    Marketing, marketing, marketing.

    One way you can guarantee that your business will fail is if no one knows you exist. So don’t stop marketing your business to save money. That’s the wrong cost to cut. Instead, keep up your marketing efforts, but like your client list, examine which efforts are providing the biggest pay-off. Cut back on the ones that aren’t bringing in clients and beef up the ones that are drawing attention. And, consider implementing more PR methods into your business so you can garner some good press for free.

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    If you’ve been using direct mail as a marketing tool, check the quality of your list. How long have you been mailing marketing materials to people who haven’t responded? Pick a cut-off date and eliminate anyone who hasn’t responded since that date, and you’ll dramatically reduce your printing and postage bills without losing the people who actually respond to your marketing efforts.

    Once you’ve got ’em, wow ’em.

    It won’t do you much good to acquire clients if you can’t serve them and serve them well. So once you’ve drawn them in with your PR and marketing, you’d better make sure you wow them. It’s about more than doing a good job. It’s about doing a great job. Deliver at least on time, if not early. Delight, surprise, and overdeliver. Make sure your clients and customers know you appreciate their business. Always thank them.

    Also, survey the clients who’ve stayed with you for a long time. Find out what you’re doing right and amp up those efforts. And find out what you could do better, and improve on that, and you’ll see your client retention rates improve even more.

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    Save money by hiring experts.

    Hiring the right experts can actually save you money in your business. Imagine all the mistakes you’ve made in your business history. Recall all the professionals you hired who didn’t work out – the web developer who charged a ridiculously high fee for every single update, the assistant who didn’t do her job, the graphic designer who charged you a fortune for a logo you now hate. Remember how much each of those mistakes cost you? Hiring a business consultant who has a Rolodex of professionals who can do that work at the highest quality, but at reasonable rates, can save you a lot of money in the long run, and in the end, the savings more than offset the price of the consultant. Plus, that same consultant can help you avoid other, costly errors, and make suggestions for other ways to optimize and save.

    But beware: “consultants” are a dime a dozen out there. So find someone you can trust and someone who can really deliver, otherwise you’ll spend much more than you’ll save.

    In this economy, it’s only natural that there’s a lot of fear. But knowing it’s temporary, conducting your marketing in the smartest way, continuing to invest in your business in the right way, and building a team of experts who you can trust to deliver can keep your business growing and minimize your fear. Stay strong – this won’t last forever!

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    Last Updated on September 17, 2018

    How to Stop Multitasking and Become Way More Productive

    How to Stop Multitasking and Become Way More Productive

    Today we are expected to work in highly disruptive environments. We sit down at our desks, turn on our computer and immediately we are hit with hundreds of emails all vying for our attention.

    Our phones are beeping and pinging with new alerts to messages, likes and comments and our colleagues are complaining about the latest company initiative is designed to get us to do more work and spend less time at home.

    All these distractions result in us multitasking where our attention is switching between one crisis and the next.

    Multitasking is a problem. But how to stop multitasking?

    How bad really is multitasking?

    It dilutes your focus and attention so even the easiest of tasks become much harder and take longer to complete.

    Studies have shown that while you think you are multitasking, you are in fact task switching, which means your attention is switching between two or more pieces of work and that depletes the energy resources you have to do your work.

    This is why, even though you may have done little to no physical activity, you arrive home at the end of the day feeling exhausted and not in the mood to do anything.

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    We know it is not a good way to get quality work done, but the demands for out attention persist and rather than reduce, are likely to increase as the years go by.

    So what to do about it?

    Ways to stop multitasking and increase productivity

    Now, forget about how to multitask!

    Here are a few strategies on how to stop multitasking so you can get better quality and more work done in the time you have each working day:

    1. Get enough rest

    When you are tired, your brain has less strength to resist even the tiniest attention seeker. This is why when you find your mind wandering, it is a sign your brain is tired and time to take a break.

    This does not just mean taking breaks throughout the day, it also means making sure you get enough sleep every day.

    When you are well rested and take short regular breaks throughout the day your brain is fully refuelled and ready to focus in on the work that is important.

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    2. Plan your day

    When you don’t have a plan for the day, the day will create a plan for you. When you allow outside influences to take control of your day, it is very hard not to be dragged off in all directions.

    When you have a plan for the day, when you arrive at work your brain knows exactly what it is you want to accomplish and will subconsciously have prepared itself for a sustained period of focused work.

    Your resistance to distractions and other work will be high and you will focus much better on the work that needs doing.

    3. Remove everything from your desk and screen except for the work you are doing

    I learned this one a long time ago. In my previous work, I worked in a law office and I had case files to deal with. If I had more than one case file on my desk at any one time, I would find my eyes wandering over the other case files on my desk when I had something difficult to do.

    I was looking for something easier. This meant often I was working on three or four cases at one time and that always led to mistakes and slower completion.

    Now when I am working on something, I am in full-screen mode where all I can see is the work I am working on right now.

    4. When at your desk, do work

    We are creatures of habit. If we do our online shopping and news reading at our desks as well as our work, we will always have the temptation to be doing stuff that we should not be doing at that moment.

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    Do your online shopping from another place—your home or from your phone when you are having a break—and only do your work when at your desk. This conditions your brain to focus in on your work and not other distractions.

    5. Learn to say no

    Whenever you hear the phrase “learn to say no,” it does not mean going about being rude to everyone. What it does mean is delay saying yes.

    Most problems occur when we say “yes” immediately. We then have to spend an inordinate amount of energy thinking of ways to get ourselves out of the commitment we made.

    By saying “let me think about it” or “can I let you know later” gives you time to evaluate the offer and allows you to get back to what you were doing quicker.

    6. Turn off notifications on your computer

    For most of us, we still use computers to do our work. When you have email alert pop-ups and other notifications turned on, they will distract you no matter how strong you feel.

    Turn them off and schedule email reviewing for times between doing your focused work. Doing this will give you a lot of time back because you will be able to remain focused on the work in front of you.

    7. Find a quiet place to do your most important work

    Most workplaces have meeting rooms that are vacant. If you do have important work to get done, ask if you can use one of those rooms and do your work there.

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    You can close the door, put on your headphones and just focus on what is important. This is a great way to remove all the other, non-important, tasks demanding your attention and just focus on one piece of work.

    The bottom line

    Focusing on one piece of work at a time can be hard but the benefits to the amount of work you get done are worth it. You will make fewer mistakes, you will get more done and will feel a lot less tired at the end of the day.

    Make a list of the four or five things you want to get done the next day before you finish your work for the day and when you start the day, begin at the top of the list with the first item.

    Don’t start anything else until you have finished the first one and then move on to the second one. This one trick will help you to become way more productive.

    Featured photo credit: Unsplash via unsplash.com

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