Have you noticed that no matter what’s happening with the economy, there are always businesses that thrive while others get trapped in a feast or famine cycle?
Inconsistent cash flow can be really stressful. You have a few months of steady, flowing revenue, then BAM: zip. zilch. nada.
Thankfully, creating steady income is something you can take control of in your business.
In today’s video, I’ll show you how to make it rain during a business dry spell and why you should never get too complacent in your business.
I’ll also talk about how, ultimately, YOU have the power to keep the cash faucet running steadily.
HINT: Pay special attention to tip #2 and implement it exactly as shown for best results. (You’ll see what I mean when you watch.)
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Elsa, style me, Elsa. My necklace was choking me before I my my my my my my my.
Q&A Tuesday.
Today's question comes from Pat and Pat writes: I need help with the feast or famine situation in my business. A couple of months ago everything was great and peachy work was coming in steadily as well its payments etc then BAM! Nothing, not a zip. This has happened to my business before. I've had to let go of some contractors and I've resorted to taking on some projects with peeps that are not my ideal client which could only mean disaster. What are your thoughts on what can be done?
Hmm Pat this is a very important question and something that many small business owners struggle with. Here's what usually happens people get busy they often get complacent and they take their foot off the gas and just coast. Right? They just hang back and then a few months later things start to get really scary because there's no new business coming in. Even when the world is unstable and the economy is shaky there were always people that managed to have steadily growing incomes and you can be one of them if you want to be one of them.
Here is your new mantra a BM or if, you want to get sassy a B and B, which stands for always be marketing. The most successful business owners I know hustle even when business is booming. They are always marketing, they're always learning, and they are always hungry for more business to fill the pipeline. So if you want to get out of the feast or famine cycle here are three things you can do right now.
Number one is to make sure your newsletter is going out each and every week this satisfies the, “Hey, I'm here!” factor so people remember who you are and what you do.
Number two, block out at least one hour of what I like to call hustle time each week to connect with dream clients who you really want to work with. You can ask them how things are going and see what projects they have coming up because you never know they may want to schedule work with you months in advance.
Number three you want to shout out about your client success on social media like Facebook and Twitter. So for example, if you helped a client launch new program, let everybody know about it. Congratulate that client publicly, if you have permission of course. Here's the thing, whether or not you believe in the universe or you think all that stuff is a little kooky, it is magic. When you start taking consistent action you will create results now those results may or may not be directly related to the actions you take, but trust me nine times out of 10 stuff just starts to happen seemingly out of the blue when you get your butt in gear consistently.
Pat that is my a to your Q, girlfriend. I hope you enjoyed it and I hope it helps you. Now if you have any extra strategies to share about how to get out of the feast or famine business cycle, add them to the comments below.
Share the wisdom my love if you like this video. Like it, share it with your fans, and put it all over social media. Of course, do anything you want with it. And if you love this so much but you never want to miss an episode of MarieTV, get your butt over to marieforleo.com. Jump on the newsletter list, and I will catch you next time thank you so much for watching.
Of course, these are just three simple ideas to get you started.
There are many more sophisticated tools and strategies to put in place to further support a steady and consistent income depending on your business model.
In the comments below, answer one or both of these questions:
1. What’s the best strategy you’ve used to get out of the feast or famine business cycle in your business? If you’ve got a great strategy, please include a bit about your business too.
I’d love to create a nice list of tactics and ideas for different businesses.
2. What’s the biggest, actionable insight you gained from watching this video? Tell me what you can implement right now in your business.
Of course, if you liked this video, share it with your friends. Thanks, as always, for tuning in to my how to start a business ideas!
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