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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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    Susan Baroncini-Moe

    Susan Baroncini-Moe is an executive coach and business leader with over sixteen years’ experience.

    How to Find Your Entrepreneurial Passion and Purpose How to Hire A Web Design Firm Are You Having A Scarcity Conversation? 5 Topics To Address When Talking With Your Partner About Starting A Business How to Stay Motivated and On-Track When You’re Struggling

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    Last Updated on September 24, 2020

    17 Ways Learn New Skills Faster and Enjoy the Process

    17 Ways Learn New Skills Faster and Enjoy the Process

    In the movie The Matrix, everyone was intrigued with the ability that Neo and his friends possessed to learn new skills in a matter of seconds. With the incredible rise in technology today, the rapid learning in the movie is becoming much more of a reality than you realize.

    The current generation has access to more knowledge and information than any before it. Through the internet, we are able to access all sorts of knowledge to answer almost every conceivable question. To become smarter, it’s more about the ability to learn faster, rather than being a natural born genius.

    Here are 17 ways to kickstart your Matrix-style learning experience in a short amount of time.

    1. Deconstruct and Reverse Engineer

    Break down the skill that you want to learn into little pieces and learn techniques to master an isolated portion. The small pieces will come together to make up the whole skill.

    For example, when you’re learning to play the guitar, learn how to press down a chord pattern with your fingers first without even trying to strum the chord. Once you are able to change between a couple of chord patterns, then add the strumming.

    2. Use the Pareto Principle

    Use the Pareto Principle, which is also known as the 80 20 rule. Identify the 20% of the work that will give you 80% of the results. Find out more about the 80 20 rule here: What Is the 80 20 Rule (And How to Use It to Boost Productivity)

    Take learning a new language for example. It does not take long to realize that some words pop up over and over again as you’re learning. You can do a quick search for “most commonly used French words,” for example, and begin to learn them first before adding on the rest.

    3. Make Stakes

    Establish some sort of punishment for not learning the skill that you are seeking. There are sites available that allow you to make a donation toward a charity you absolutely hate if you do not meet your goals. Or you can place a bet with a friend to light that fire under you.

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    However, keep in mind that several studies have shown that rewards tend to be more motivating than punishment[1].

    4. Record Yourself

    Seeing yourself on video is a great way to learn from your mistakes and identify areas that you need to improve. This is very effective for any musicians, actors, speakers, performers, and dancers.

    5. Join a Group

    There are huge benefits to learning in a group. Not only are you able to learn from others but you’ll be encouraged to make progress together. Whether it’s a chess club, a mastermind group, or an online meet-up group, get connected with other like-minded individuals.

    6. Time Travel

    Visit the library. Although everything is moving more and more online, there are still such things called libraries.

    Whether it’s a municipal library or your university library, you will be amazed at some of the books available there that are not accessible online. Specifically, look for the hidden treasures and wisdom contained in the really old books.

    7. Be a Chameleon

    When you want to learn new skills, imitate your biggest idol. Watch a video and learn from seeing someone else do it. Participate in mimicry and copy what you see.

    Studies have shown that, apart from learning,[2]

    “Mimicry is an effective tool not only to create ties and social relationships, but also for maintaining them.”

    Visual learning is a great way to speed up the learning process. YouTube has thousands of videos on almost every topic available.

    8. Focus

    Follow one course until success! It’s easy to get distracted, to throw in the towel, or to become interested in the next great thing and ditch what you initially set out to do.

    Ditch the whole idea of multitasking, as it has been shown to be detrimental and unproductive Simply focus on the one new skill at hand until you get it done.

    9. Visualize

    The mind has great difficulty distinguishing between what is real and what is imagined. That is why athletes practice mentally seeing their success before attempting the real thing[3].

    Visualize yourself achieving your new skill and each step that you need to make to see results. This is an important skill to help when you’re learning the basics or breaking a bad habit.

    Take a look at this article to learn how to do so: How to Become a Person Who Can Visualize Results

    10. Find a Mentor

    Success leaves clues. The best short cut to become an expert is to find an expert and not have to make the mistakes that they have made.

    Finding out what NOT to do from the expert will fast-track your learning when you want to learn new skills. It is a huge win to have them personally walk you through what needs to be done. Reach out and send an email to them.

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    If you need help learning how to find a mentor, check out this article.

    11. Sleep on It

    Practice your new skill within four hours of going to sleep.

    Josh Kaufman, author of The Personal MBA, is a noted rapid learning expert. He says that any practice done within this time frame causes your brain to embed the learning more rapidly into its neural pathways. Your memory and motor-mechanics are ingrained at a quicker level.

    12. Use the 20-Hour Rule

    Along with that tip, Kaufman also suggests 20 as the magic number of hours to dedicate to learning the new skill.

    His reasoning is that everyone will hit a wall early on in the rapid learning stage and that “pre-committing” to 20 hours is a sure-fire way to push through that wall and acquire your new skill.[4]

    Check out his video to find out more:

    13. Learn by Doing

    It’s easy to get caught up in reading and gathering information on how to learn new skills and never actually get around to doing those skills. The best way to learn is to do.

    Regardless of how unprepared you feel, make sure you are physically engaged continuously. Keep alternating between research and practice.

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    14. Complete Short Sprints

    Rather than to force yourself into enduring hours upon hours of dedication, work in short sprints of about 20-30 minutes, then get up and stretch or take a short walk. Your brain’s attention span works best with short breaks, so be sure to give it the little rest it needs.

    One study found that, between two groups of students, the students who took two short breaks when studying actually performed better than those who didn’t take breaks[5].

    15. Ditch the Distractions

    Make sure the environment you are in is perfect for your rapid-learning progress. That means ditching any social media, and the temptation to check any email. As the saying goes, “Out of sight, out of mind.”

    Before you sit down to learn new skills, make sure that potential distractions are far from sight.

    16. Use Nootropics

    Otherwise known as brain enhancers, these cognitive boosters are available in natural herbal forms and in supplements.

    Many students will swear by the increased focus that nootropics will provide[6], particularly as they get set for some serious cramming. Natural herbal nootropics have been used for thousands of years in Ayurvedic traditions to improve the mind and learning.

    Find out more about brain supplements in this article.

    17. Celebrate

    For every single small win that you experience during the learning process, be sure to celebrate. Your brain will release endorphins and serotonin as you raise your hands in victory and pump your fits. Have a piece of chocolate and give yourself a pat on the back. This positive reinforcement will help you keep pushing forward as you learn new skills.

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    The Bottom Line

    Learning a new skill should be exciting and fun. Whether you use online courses, real world experience, YouTube videos, or free online resources, take time to learn in the long term. Keep picturing the joy of reaching the end goal and being a better version of yourself as continual motivation.

    More Tips on How to Learn New Skills

    Featured photo credit: Elijah M. Henderson via unsplash.com

    Reference

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