4 Proven Ways Business Owners Can Bounce Back From Financial Setbacks
Financial setbacks are a fact of life. In the past three weeks, I’ve had two setbacks hit my bank account. The first, was Hurricane Irma in which I had to pull from my emergency fund because I lost two weeks of work. The second was I accidentally fried my MacBook and had to replace it.
Truth be told, it had been a while since I’d been hit with back-to-back financial setbacks. The last time I was thrown for a loop was a few years ago when I needed unexpected oral surgery.
The good news is, unlike when I needed surgery, I have emergency savings and a viable business model. I also have deals on the table as we speak. That being said, here is how I’ve learned to bounce back from financial setbacks.
Bring down personal expenses immediately.
The first thing I’m doing to overcome these financial setbacks is bringing down my personal expenses. My personal credit card is the lowest it’s been in years. In fact, the only thing that’s on there is groceries and my monthly payment for my health sharing ministry.
This alone eases some pressure because I’m not wasting money on senseless things. In fact, it’s been a good lesson in helping me realize I wasn’t paying much attention to my personal finances.
If it’s feasible, see if you can bring down business expenses too. The problem here is if you cut your business budget then you may also be cutting chances to make money. In my case, I spend a lot of money on marketing, but if I don’t market, I don’t get paid.
Start pitching clients like crazy.
The other thing I’m doing is getting my head back in the game with pitches and sales. I’m also wrangling up any projects that went into their summer lull and finishing them up so I can get paid.
Because I’m a fan of the Pareto Principle, this means I’m only going to focus on what I know works. For example, I know I can get pitches accepted and make money writing when I’m in a pinch. I also know my Persuade to Profit program is a good sell based on its five-figure launch, so I’m taking consultations for that program.
Get the money that’s owed to you.
Well, guess who is getting her $2,000 this month? This woman is! I’ve already tracked down some missing payments and am getting the situation resolved.
Get those follow-ups going.
The final thing I’m doing is following up on contracts that got left hanging due to the hurricane. I have a few coaching contracts on the table with potential clients who were all in Florida. Now that people are starting to get their head back in the game, it’s time to follow up and close some deals.
While financial setbacks are annoying, they don’t have to ruin you. By following these strategies, you’ll be able to bounce back quickly and easily.