How to Turn Around a Failing Business
I see a phrase pop up a lot among business owners, especially when they’re not having a good month or a good quarter:
“My business is failing.”
I know this phrase only comes out of your mouth if you’ve got a seat on the Strugglebus, so I’m not without empathy. I get it.
But more than anything, I think this phrase (and the mindset that comes with it) totally miss the mark.
Why? Because the things you believe influence the things you achieve. #RhymingOnPurpose
Spoiler alert: Your business is NOT failing.
(But now you have to keep scrolling to figure out what the heck THAT means). 😉
Today, I’m sharing the one mindset shift you NEED to turn things around.
BUT this isn’t some pump-you-up pep talk; in this video, I’m giving you a trick you can use to zero in on the real problem inside your business so you can fix things and move forward.
Let’s do this.
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It stands to reason that if you believe your “business is failing,” you’re probably taking action in much the same way that only someone with a failing business would do.
Which would… you know, cause your business to fail.
If you think something is failing, if you think something is doomed, you make hasty decisions from a place of defense. Which causes a domino effect of hasty, often bad decisions.
So, I think a re-frame is in order.
Your business isn’t failing.
But don’t get me wrong:
Money might not be raining from the sky, but your business isn’t failing.
Clients might not be banging down your door, but your business isn’t failing.
Sales might not me blowing your mind, but your business isn’t failing.
Your SEO might suck, but your business isn’t failing.
Your to do list might be killing you softly, but your business isn’t failing.
See what I’m getting at here?
It’s not that your business is failing…
It’s something else. Something specific that needs a tweak, an adjustment, a pivot, even a big CHANGE.
So instead of your business failing, something else might need your attention. Perhaps it’s your:
Lead generation efforts…
Search engine optimization…
Or something else.
That might sound overwhelming at first pass, but if you think about it, it should be freeing.
If your business isn’t doing what you want your business to do, it’s not some nebulous, ominous, or mysterious problem.
The success or failure of your business always comes down to a couple of factors. Or maybe even just ONE factor.
And the good news is if you can identify that specific thing that might be failing, you’re on to something. It’s about data, not drama.
Data > Drama
What does the data tell you? What metrics speak the truth? Here are some examples:
If you have a sales page, and it gets a lot of traffic but not a lot of sales, you need to fix something on the sales page to increase that conversion rate. It doesn’t mean something is wrong with your product. No one’s buying it. So we don’t have any data to show that your product is the problem. Before we can even get there, we have to fix what’s going on on the sales page.
If your e-mails have a low open rate, you don’t need to address the content of your e-mails (no one is opening your e-mails to read the content anyway). You need to look at your subject lines.
If you have dreams of a million dollar business, but your products are, say, less than $100, you need to either increase the volume of leads or the value of your product suite. It’s not magic; it’s basic math.
If you have a high conversion rate on your sales page and a high open rate for your e-mails, but still not the sales you want, then you need to get more leads. (You don’t need to touch the other stuff. It’s working.)
I could go on and on, but you get the idea.
Your business isn’t failing. But some part of your business might not be measuring up. But if you can look at the numbers, you can figure out what needs your attention.
The truth is in the numbers. The data — not the drama — should be what directs you.
Then, you can focus your time and energy on what really needs your help, and you won’t dilute your efforts trying to do all the things – just the necessary things.
Did you enjoy this bit o’ bite-sized inspo? Then be sure to pin this post using the image above — that way you can come back to it later when you need it!
HI, I’M COURTNEY!
I’m here to help you build, grow, and scale your business.
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