How To Navigate The Ebbs And Flows Of Business Ownership - thecreativevaacademy.com

How To Navigate The Ebbs And Flows Of Business Ownership

May 23, 2022

Business Tips

How To Navigate The Ebbs And Flows Of Business Ownership

When you work a regular 9-5 job, there is a lot of consistency. As an employee, you often don’t see the ebbs and flows of business, sales, and work, since you are just a piece in the puzzle. But when you start your own business, you really start to feel it.

You see every single dollar that comes and goes in your business. And you keep track of every inquiry. Some months, you are on cloud nine! You have cash in the bank, inquiries in your inbox, and are feeling amazing.

But other months, the ebb kicks in. You might lose a client, or the inquiries might stop coming in.

No matter what size of your business, from solopreneur, to seven-figure agency, every single business feels this.

Here are some tips to help get you through the different seasons of ebb and flow in your business.

Trust That Seasons Come And Go

When you feel a slow period in your business, the first step is to not panic. This happens, and over time you will start to learn the seasons in your business. A quiet time doesn’t mean something is wrong.

Over the years, you will start to get familiar with the times. For example, at my agency, Ava And The Bee, the start of the year is filled with inquiries. Wedding pros are back at it, and ready for the upcoming season. Inquiries slow down end of Spring and are slow all summer. They pick back up in September and then go quiet from November to December.

This is something we see every single year, and know to account for it with our marketing.

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Spend The Quiet Time ON Your Business

Use the much-needed quiet periods to work ON your business (and not neck-deep in client work!). This could be adjusting your marketing, reading that self-development book you’ve wanted to read, or even networking with other business owners. In my business, we take advantage of our slow seasons to continue our education, from taking courses to attending summits.

Don’t Pivot Right Away

One of the most important things is to not burn things down and start over. Often, the flow will start back up again within a few weeks, or a month. So don’t make any rash decisions during this time.

Of course, if this slow season lasts for more than 1 month, then you might want to take a look at your packages and marketing and adjust. But 90% of the time, the slow season is a normal part of the business.

Be Mindful of Cash Flow and Keep a Savings

As you start to make more money, it’s important to keep some additional cash in your bank account, or savings account, for these slow seasons. In my business, we make sure we have enough money to cover running the business and payroll for 3 months. This means we could lose all of our clients tomorrow, and be okay. While this safety net takes a little bit to fill up, even just saving a small amount each month now will be a huge help down the road. Learn more about prepping your finances for your VA business here.

 

While the ebbs and flows of business are natural and bound to happen, they can also be scary if you are not prepared for them! Making sure to be mindful of these tips will help push you through the slow times as well as handle things efficiently when things begin picking up! If you are looking for a community of other VA’s to connect with as we all go through these ebbs and flows of business, come join us inside The Creative VA Lounge on Facebook! See you there!

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