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The Future is BRIGHT for Small Business Owners

Can you see the light?  It’s there, I promise you!  Right now, small business owners are still feeling the impact of the COVID-19 pandemic, but I’m here to tell you, as a small business coach, that there’s a very bright future for small businesses! 

Businesses ALWAYS experience HUGE growth after major events.  Some of this is managed by the business owner (with the help of their small business coach!) and some of this is based on the natural ebb and flow of the economy.  One of the things I love most about being a small business coach is seeing business owners adapt to the changes that are thrown their way.  Right now, we’re experiencing low, but I can tell you that the next 18 months are going to be HUGE for smart business owners to see and seize the opportunities that showing up everywhere. 

Have you ever looked back in hindsight and thought “I wish I had known that was going to happen.”? Well, guess what?  It’s about to happen again unless you take action now. 

People are feeling more optimistic.  (Please stay away from the negativity in the news media – they have always thrived on bad news.)  As consumer confidence increases again, there is going to be an increase in spending in all markets.  People who have been holding onto their money due to the uncertainty of the pandemic are ready to SPEND. But here’s the thing – you have to get out in front of this and be prepared or you’ll get left behind. 

How Do I Stay Out in Front as a Small Business Owner?

The first step in staying in front of a surge in growth is planning.  I like to start my clients off by setting goals for growth.  It makes a difference in ways that may surprise you. 

Will you need another employee to manage a surge?  It may take you longer to find them in today’s employee landscape.

Do you have enough inventory ready?  Both manufacturing and shipping pipelines are struggling.  More important than ever to get out in front of your needs on this front. 

Do you need more customers?  Does your website need upgrades to handle more traffic?  Your marketing machine needs to have its engines fueled up and ready to reach your consumer. 

Do you have a separate business checking account to handle the inflow of more cash?  Do you have other ways for your customers to pay you that are easy and convenient for them?  Does your website have a payment processing system that is functional and easy to use?  if you don’t, you really should do this TODAY!

These are just a few of the goals to think about when planning for growth.  Get your infrastructure in place today to make room for growth tomorrow.  I promise you, it is going to be worth it!

You Have to Hustle

“Everything comes to those who wait; everything left by those who hustle.”

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Just because there is a growth opportunity on the horizon doesn’t mean it will fall into your lap.  We can predict that consumers will be spending more once they feel safe again, but you have to stand out from your competition.  This means you have to HUSTLE NOW. 

Many small business owners understandably tightened their belts and stopped all of their marketing efforts when the pandemic hit out of fear.  This was a smart move which I fully understand, but you can’t let fear keep you stuck.  Now is the time for you to make sure your customers and potential customers think of you first when they are ready to spend again.  That means getting active again on Facebook, sending out more frequent emails, promoting sales and special offers, placing ads in magazines, sending out postcards, bumping your SEO, or using any and every avenue you can think of for making noise.  The time to start making noise is now so that you’ll be first in line when spending starts back up in full force.

Include New Revenue Sources

As a small business coach, I always talk to my clients about planning new sources of revenue.  We’re all taught to be good employees and many of us only think in terms of the employee revenue model, but there are other avenues to generate money and this is a PERFECT TIME to explore those options.  What are you waiting for?

While things are quiet you can prepare to launch a spiral or funnel revenue strategy (you can learn all about different revenue strategies in my blog here).  You can also think of new products or services to offer.  Remember, people shop based on what they desire, needs they feel and the benefits your product or service offers, so take some time to do consumer research (Facebook is great for this) and plan out a new source of revenue for your business and put it in place.  if you don’t know how to do this, I do – it is my area of genius! Time is running out.    CONTACT ME!

Ready, Set, Go!

By being the one that people call when they are ready to spend their money and being ready to support having more customers, you’ll be one of those smart business owners that can ride the wave of growth that’s coming.  If you are unsure of how to implement a better infrastructure, or if you have questions about growing your business, I can help.  I love being a small business coach and have helped many businesses triple (or better) their income.  Contact me today to get started! 

Lorna Whiteaker

Lorna Whiteaker is a San Luis Obispo business consultant and coach dedicated to helping business owners get the results they want. Lorna has over 30 years of experience working with small businesses, working as an administrator in the legal industry and as an independent business consultant helping hundreds of entrepreneurs. With clear and realistic expectations of just what a business owner must deal with in running their business, big or small, she has worked with firms making 7 figures and start-ups with little more than elbow grease and a dream.