People say it all of the time. "My business is a feast-or-famine business. I am either rolling in the money or rolling pennies. What am I doing wrong?" Does that sound all too like you? I bet it does. Most businesses I know go through cycles where the money can't stop rolling in - and then there's the bad times when they're on the brink of shutting their business because nothing is happening in any way.
I've an important belief to share about this business cycle - the difficulty isn't that you are in a feast-or-famine business. The issue is that that you're living a feast-or-famine business habit.
That may be harsh, but I strongly believe that it's important to address the problems behind your company's success or failure. I know this is true because I've seen too many businesses that can thrive habitually in spite of the bad times and business lows.
Your style of working might be the guilty party behind your shortage of success. Perhaps after laboring wildly to build your company, the gates all of a sudden swing wide-open and the cash starts rolling in. What did you do then?
Too many companies then stop and celebrate their "feast" of good fortune. Now there is nothing wrong with a little party, but you may find yourself saying, "Hey, I have worked hard! I want some vacation and I am able to afford it now. My company is up and running." LOOK OUT! You're entering the Danger Zone - the very point where most companies begin their downward spiral to absolute failure.
What you see next is that the capital dries up and you start saying to yourself, "I slowed down too much. I have got to get my nose to the grindstone and put in 16-hour days." LOOK OUT! Now you're swinging in the reverse direction. This also leads to a downward-spiral of failure because you're going to burn out eventually. No one can keep up that pace of work and still have a life. So what should you do to beat from the feast-or-famine way of living?
It boils down to consistency. You must to spread your activities uniformly and develop a steady schedule that you follow in both good months and bad. Here is how you know if you're doing things right.
(1) Consistently and without fail remind your clients that you exist each week. If it is monthly mailers, radio advertising, making phone calls, leaving flyers with local businesses or purchasing ad space, lead generation and nurturing is the life-blood your business. Never, ever, neglect it.
(2) Constantly represent yourself professionally. That means professional business branding on quality materials that differentiate you from your competitors, communicate your business message, and make you memorable in the mind of your audience. Your must have a consistent image from business cards to signage to letterhead.
(3) Habitually run your business on a process. This is a collection of procedures that you have created for every task in your business. It means that when anything occurs, you have a 1-2-3 list of what to do. You are never stuck or overwhelmed because your process is your business.
(4) You consistently take time off. This is scheduled time off. Regular time that you literally shut the mental doors on your business so you can spend some time on your life. If you do not have a life, then use this time to find one. Nobody lives on work alone. Without some rest, relaxation and revelry we are not human. Don't burn out, be human.
With these elements in place you can not help but make a profit. Sure, there will always be days that are more successful than others, but when those ups-and-downs take place, they'll make-or-break your account. You will have the right balance of discipline on your side when you're consistent in your activities.
I've an important belief to share about this business cycle - the difficulty isn't that you are in a feast-or-famine business. The issue is that that you're living a feast-or-famine business habit.
That may be harsh, but I strongly believe that it's important to address the problems behind your company's success or failure. I know this is true because I've seen too many businesses that can thrive habitually in spite of the bad times and business lows.
Your style of working might be the guilty party behind your shortage of success. Perhaps after laboring wildly to build your company, the gates all of a sudden swing wide-open and the cash starts rolling in. What did you do then?
Too many companies then stop and celebrate their "feast" of good fortune. Now there is nothing wrong with a little party, but you may find yourself saying, "Hey, I have worked hard! I want some vacation and I am able to afford it now. My company is up and running." LOOK OUT! You're entering the Danger Zone - the very point where most companies begin their downward spiral to absolute failure.
What you see next is that the capital dries up and you start saying to yourself, "I slowed down too much. I have got to get my nose to the grindstone and put in 16-hour days." LOOK OUT! Now you're swinging in the reverse direction. This also leads to a downward-spiral of failure because you're going to burn out eventually. No one can keep up that pace of work and still have a life. So what should you do to beat from the feast-or-famine way of living?
It boils down to consistency. You must to spread your activities uniformly and develop a steady schedule that you follow in both good months and bad. Here is how you know if you're doing things right.
(1) Consistently and without fail remind your clients that you exist each week. If it is monthly mailers, radio advertising, making phone calls, leaving flyers with local businesses or purchasing ad space, lead generation and nurturing is the life-blood your business. Never, ever, neglect it.
(2) Constantly represent yourself professionally. That means professional business branding on quality materials that differentiate you from your competitors, communicate your business message, and make you memorable in the mind of your audience. Your must have a consistent image from business cards to signage to letterhead.
(3) Habitually run your business on a process. This is a collection of procedures that you have created for every task in your business. It means that when anything occurs, you have a 1-2-3 list of what to do. You are never stuck or overwhelmed because your process is your business.
(4) You consistently take time off. This is scheduled time off. Regular time that you literally shut the mental doors on your business so you can spend some time on your life. If you do not have a life, then use this time to find one. Nobody lives on work alone. Without some rest, relaxation and revelry we are not human. Don't burn out, be human.
With these elements in place you can not help but make a profit. Sure, there will always be days that are more successful than others, but when those ups-and-downs take place, they'll make-or-break your account. You will have the right balance of discipline on your side when you're consistent in your activities.
About the Author:
The founding partner of The Lones Group, Denise Lones brings over twenty years of experience in the real estate industry. With expertise in strategic marketing, business analysis, branding for real estate agents and real estate coaching , Denise is nationally recognized as the go-to for all things "real estate."
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