What do you do when your business isn't making money? (Part 1)Jan 18, 2021
This question has been coming in from a lot of entrepreneurs in the CanaGlobal community. It's a big topic so I'm going to divide the answer into two parts over this week and next:
- Full Stack Entrepreneur (Part 1 - this week))
- Powered by God (Part 2 - next week)
Here we go ...
So what do you do when your business isn't making money?
When sales are low, coming in really slow, or worse when there is NO revenue, what do you do? Been there. Done that. Uggghhh!
Is it time to quit? Yes, but not your business, quit doing what isn't working in your business.
But before we tackle the problem, take a moment to lean in on these comforting promises from God.
Deuteronomy 31:6 (AMP) - Be strong and courageous, do not be afraid or tremble in dread before them, for it is the Lord your God who goes with you. He will not fail you or abandon you.”
Proverbs 16:3 (AMP) - Commit your works to the Lord [submit and trust them to Him], And your plans will succeed [if you respond to His will and guidance].
If you are a continuous learner and open to God's help, you can turnaround your business by becoming a Full Stack Entrepreneur who is also Powered by God. I'll walk you through this in parts 1 and 2 over this week and next.
If you will commit to urgent action, be willing to learn new things, be diligent, you will turnaround your business avoiding the top three traps that doom 90% of small businesses right into failure.
The top 3 reasons for small business failure:
- Run out of cash.
- Bad product/market fit.
- A weak customer acquisition system. (not full-stack)
Change Your TDR
All three of these reasons are interconnected to your present TDR (Think. Do. Results.). We all have a way of thinking, good or bad. Your thinking produces a way of doing, good or bad. Your doing produces your present results.
So moving forward, let's commit to changing your TDR by learning new strategies, methods, tools, and tactics.
Be super humble, admitting that for whatever reason, you don't "know-how" to produce abundant revenue. Yet, as long as you are willing to learn how, you'll learn the know-how to do it. Learn it to earn it, right! Never allow pride and ego to get in the way.
Become a Full Stack Entrepreneur
When the revenue isn't coming in, one or more of these four pillars is broken. A full-stack entrepreneur has mastered these four key pillars.
- 5 Year Work/Life Destination - Have a written plan for what you want out of your work and life. List all the details pertaining to your business revenue, personal finances, health, relationships, purpose, and faith. Know the total revenue and personal income required to achieve all of your dreams and goals.
- Have a Strong Process For Vetting Your Business Model and Brand - Most entrepreneurs have a plan. Some even in writing, but most plans wouldn't pass the vetting/scrutiny of an entrepreneurial accelerator, a venture capitalist, or a shark-tank challenge. Business ideas rarely gain traction when you execute your business idea without a strong method for vetting it. Most innovative models and brands are birthed through this process.
- Develop a Robust Digital Ecosystem - To build awareness, influence thinking, and to educate future customers about your product or service, you'll have to design a digital ecosystem (website + content strategy) around your future customer's buyer journey. You have to figure out where your future customers spend their time online (Facebook, Linkedin, News Sites etc...) and be present through your digital content (owned, earned, shared, and paid) strategy. Why? Because 80% of a buyer's decision-making process happens online. Here are the 7 stages of the buyer journey:
- Awareness - I've heard of you.
- Understanding - I know what you do.
- Interest - The results you promise will help me.
- Respect - You are credible.
- Trust - You have my best interest at heart.
- Budget - I have the resources to buy.
- Timing - I'm ready to buy.
- Assembling a Customer Acquisition System - This is a systematic marketing and sales apparatus designed to attract and land new customers. It requires a set of strategies, methods, tools, and tactics, all working in concert. And depending on your business model, it will reach the exact type of segments (customers), exactly where they're already spending time online, nurturing them through your digital ecosystem, eventually identifying who they are (lead conversion), until they reach the buyer journey stage 7 and become a customer. You will be able to measure your effectiveness by tracking key KPI conversion ratios.
How will you know if your revenue pillars are broken? The same way a golfer knows that their swing is broken ... the ball doesn't go where they want it to go. If your revenue isn't coming in, it's broken.
So what do you do when your business isn't making money? Quit doing what isn't working. These four pillars are where the problem(s) reside. Take a deep dive into vetting each pillar.
Every day I am in zoom calls with business owners tackling this problem, in about 60-120 min we expose the problems. For me, the problems are obvious, like a proctologist, I know right where to look. (humor) Of course, to educate and eradicate takes longer, success is achieved through a precise path and method. It's what we do in CanaGlobal's online accelerator, we are developing business owners into full-stack entrepreneurs.
If you are struggling with revenue, then I believe you are reading this for a reason. It's not by accident. God brought you here to learn and to be equipped to win.
Next week, we'll tackle Part 2, how to be Powered by God. If you are a faith-driven entrepreneur, this is the key, understanding how to accept God's help during this process.
If you are not a member of God’s family but you want to be, this would be a great time to join it. Just click here to learn how...