Shift Your Mindset from Scarcity to Growth
There’s been a lot of talk about slow sales and declining profits and with the economy being what it is, it’s not surprising. But here’s the thing, you can’t control inflation or rising interest rates. And when it comes down to it, leaning on those circumstances gets you nowhere, fast.
The truth? How you think about your business can make a huge difference – especially in slower months.
Businesses who are thriving (and there are many!) all have one thing in common: a positive mindset.
Sure, slow sales can bruise you, or you can choose a different path. One leading to growth and abundance. Your perspective will lead the way.
See Slow Sales as a Chance to Shine
Instead of stressing out about sluggish sales, think of it as a chance to step back and see what’s truly going on. While people are still spending money, they are selective about where it goes.
Your job is to find out where you fit in their priorities. For example, libraries aren’t only about books. They’re about community, free education, and a safe haven for many. Similarly, your business has a core value going beyond the obvious – once you find it, you can highlight it.
That right there is your value. And when someone truly values what you offer, the price becomes secondary.
Numbers Don’t Lie
When things aren’t going as planned, let your numbers do the talking. They’re your best friends in times of trouble. Dig into your figures and see what’s actually going on.
As jarring as it is to see a decline in sales, you need to understand what’s driving it so you can shift gears and grow.
Some common hurdles I’m seeing right now are:
- Cost of Goods Sold (COGS): These are the costs of manufacturing, packaging and shipping your products. Since skyrocketing expenses in this arena aren’t unique, it’s worth looking into again in this climate.
- Return on Investment (ROI): Your investment is what it costs you to do business, your return is what you get back. Sift through your finances and find the pieces which aren’t performing: advertising, products, services, etc.
Plan with Purpose
Making plans without knowing your true value and financial situation is useless. Instead, equip yourself with data and key insights for effective planning.
Let’s say you’re selling kids’ decor. Your true value might be in boosting children’s creativity. When reviewing analytics, you notice signature cushions and beanbags aren’t selling, despite the cost of production. Now they aren’t selling, it’s almost crippling you.
Interestingly, your DIY kits are flying out the door. So here you have a choice. You can keep the status quo and push harder to sell, even though your customers don’t value them as before.
Or you can think differently. Why not create a bundle harnessing creativity for kids? For example, a ‘Decorate My Room DIY Kit’ combining the best of both worlds. This way, you’re not just guessing – your heart and the numbers are both saying yes!
Keep That Growth Mindset Rolling
A growth mindset isn’t something you can set and forget. It’s a commitment to continuous improvement. To keep momentum going, you might need a bit of help. Maybe you need a sidekick (someone to outsource tasks to), a cheerleader (a coach), or a teacher (a course).
If the investment is going to help you stay positive and aligned with your values, it’s worth it!
Shifting your mindset from scarcity to growth can totally transform your business.
Instead of seeing slow sales as a problem, see them as a chance to improve. Let your numbers guide you, plan with purpose, and focus on the value you provide. Stay committed to your growth mindset, and don’t be afraid to reach out for advice and support.
Embrace this mindset shift, and watch your business thrive!
So, let’s make a pact. Next time you hit a slow patch, don’t panic. Instead, take a deep breath, look at your numbers, and remember the value you bring to your customers. You’ve got this!
