Troubleshooting Your Business
WHAT DO YOU DO WHEN YOUR BUSINESS ISN’T ‘WORKING’?
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AS Creatives, we’re well-known for soldier-ing on when things get tough – but having a business shouldn’t mean you’re constantly in the trenches!
So, what do you do when your business isn’t working?
In Courageous Creatives Podcast, Season 2 Episode 4, we discussed how you can hit the ‘reset button’ if things have felt a bit out of control, or you’re not seeing the results you’d hoped.
*NB: tips and advice on Courageous Creatives Podcast and in this post are not prescriptive, and each circumstance will vary.
‘MY BUSINESS ISN’T WORKING!’ – DOES THIS SOUND LIKE YOU?
‘My business isn’t working’ is a bit of a blanket statement. Because more often than not, it isn’t the ‘business’ that isn’t working – there could be a cog out of place, or a crucial disruptor. So if you’re sitting here, having this thought, living this stress – the most important thing you can do for starters is identify what parts aren’t working. If you’ve got your notebook ready, let’s put pen to paper.
I call these ‘The Cogs’; the moving parts of your business that are most often affected when it feels like things aren’t working.
> MONEY
> DEMAND
> LIFESTYLE
Let’s break them down.
COG #1: IS YOUR STRESS RELATED TO MONEY? (OR LACK THEREOF)
Is your stress due to financial pressure?
We’re living through a recession at the moment, and for many of us, this is an unprecedented experience as business owners – just as the global pandemic was, and this is really the financial whiplash of that.
If this current climate has impacted your business’ ability to bring in money; or increased living expenses have put pressure on you financially – you might find that it’s not necessarily a case of your business not ‘working’ per se, but the current state of everything right now might mean that the way your business used to operate, is no longer serving that increased financial demand.
In Deloitte’s article, ‘COVID-Driven Recession Impact on Retail Industry’ – it made the point that if “we have learned anything from previous recessions, it’s that they expose existing weaknesses, accelerate emerging trends, and force organisations to make structural changes faster than they had planned” (Deloitte 2022).
Consider this: in the GFC, people went devastatingly broke and lost businesses and jobs, but at the same time, it catapulted others into wealth. It’s easy to be consumed by the fear of what’s happening, but it’s really important to keep your finger on the pulse, and recognise that these times also create an opportunity for your business to evolve with the new demands that are emerging.
HOW TO TROUBLESHOOT ‘MONEY’ PROBLEMS IN YOUR SMALL BUSINESS:
INCREASE YOUR PRICES: Are you charging enough? If living expenses are increasing, your prices need to rise as well. You should be at least reviewing your prices each quarter now, based on relative increases in the world around you. If you’re sitting here, and you have not increased your prices within the last year, this is no. 1 on your list. This also goes for accommodation providers; have you increased your prices in line with what’s happening in your industry? Everything is relative – so consider that it’s now costing you more to operate as a business, so your prices need to be reflective of that, and accommodate that, so it’s still viable for you to stay in business.
WHERE CAN YOU STOP THE BLEEDING? Look at your expenditures, and work out where you can stop the financial bleeding. Whether this is in subscriptions or services you don’t use enough to justify keeping them, or even more flamboyant expenditures in your day-to-day life. Post 21-22 EOFY you should have a pretty good idea of where your business is standing in terms of its Profit and Loss (If you haven’t listened to our last episode with HenneyCFO founder, Sarah Henney – jump on and listen or read the show notes. ) It’s really important to seek financial advice from your accountant, or someone like Sarah, who can help you understand how your business is operating financially, so you know what you can actually afford.
INTRODUCE A RELIABLE INCOME STREAM: This is probably a slightly unpopular suggestion, but I endorse this 100%. I please know that while I champion people leaving the 9-5 on Courageous Creatives (if you’re in a position to do so), I also believe it’s equally important for you to work in a way that supports your livelihood. If your business isn’t able to fully support you, to cover basic living expenses, or even the operation of the business itself – then I really recommend and support you finding supplementary income, for as long as you need it. This might be contracting your skills to a business, working casually or part-time in a similar industry.
As Creatives, so much of everything we do is dependent on our energy, our drive, our mindset – and if we’re in a constant state of stress and anxiety, you will start to resent your work; and even if you’re not aware, it might start translating in the way that you’re communicating to your audience.
COG #2: IS THERE DEMAND FOR YOUR BUSINESS OR SERVICES?
Is it time to reassess whether your business is meeting a demand in your industry, or for your ideal customer?
Because everything with small business and social media is so fluid, things often become a bit stagnant, or our product and service might have been serving something that’s no longer relevant.
If you are a SERVICE PROVIDER: Keep your finger on the pulse; watch what is happening in your industry, listen to what people are saying and asking for. People communicate what they want all the time, whether it’s on social media, or conversation, or through other platforms. This is where you need to put on your detective hat, and investigate what is being called for in your industry. Where can you meet a need, in this ‘new’ world?
If you are in RETAIL: Have you identified your ideal customer, and are you speaking to them in your marketing, website, socials? Are you providing products that meet their needs and desires? Trends we know are prevalent in retail after the pandemic: people are prefencing Australian made where they can afford to; people are prefencing sustainably sourced and produced products; and people also have a greater appreciation for their homes, and creating beautiful spaces, after spending so much time in them over the last couple of years.
If you’re an AIRBNB or TOURISM provider: Rural and regional tourism did really well on the back of the fact that people couldn’t go anywhere else over the last couple of years. For those who love overseas travel, that’s where they’re going to invest their money now – so they’re not your ideal customer anymore. (You’re not going to be able to convince people to explore their backyard, if all they want to do is see the world beyond it.) Redefine who your ideal customer is. You want to be speaking to the people who are looking for a country escape; you want to be speaking to the tourist coming to Australia who is looking for that unique experience.
COG #3: DOES YOUR SMALL BUSINESS SUIT YOUR LIFESTYLE?
Is your business fulfilling your needs emotionally, spiritually, professionally … are you still doing or creating work that actually makes you happy?
Very often if we become disillusioned with our work, or uninspired and unmotivated – it’s usually a matter of taking a step back, assessing what you’re doing objectively – getting feedback from spouses or partners, family, friends, a coach – and then making changes to our practices or creative output.
Keep in mind, that you’re not the same person you were 6 months ago. A year ago. Four years ago. However long you have been in business, it’s important to remember that as creatives our inspiration and our desire to create is constantly in flux.
If you have been reproducing the same creative formula for a long time, and you’re feeling stagnant or frustrated – it’s no wonder. Your inner creative is probably crying out for change – and your audience might be too.
GET BACK IN TOUCH WITH YOUR CREATIVITY:
If you’re an artist, clear a day where go and gather inspiration; go galleries, out in nature, in landscapes and places that excite you; then spend a day in your studio, throwing colour on canvas and creating whatever pours out of you.
If you’re a photographer, organise a shoot with someone, where there’s no financial commitment attached, and let your instinct with your work take over.
If you are a writer or other service provider, do something for your heart; volunteer some time creating for a not-for-profit, go along to a writing group, submit to a journal – do something without any professional expectation.
Much like a muscle, our creativity needs to be exercised – that’s why we have chosen this path. And we sometimes we get lured into trying to make it conventional; to make ourselves work standard office hours, or yield to the conventions of a corporate role without realising it. So important to take this time to humanise your work again, and get back in touch with your why.
AVOID BURNOUT:
If you’re feeling tired, burnt out, or overworked – remember, having a creative career is a choice that you make, to live the life you want to be living. To do the work you love, to be in an industry that excites you. Those things are important, but so is balance. If your work is making you unhappy, if you don’t have time for the other important things that bring you joy – then it’s really important to redefine your why; to work out, if your business is still serving you; or to even start considering and exploring other creative avenues.
Change is a good as a holiday (and also, if you’re due for one, book that holiday by the way – even if it’s a weekend somewhere). Remember that in every turn, you are in complete control of your business, of your creativity, of your career – make it work for you.
About the show:
Courageous Creatives Podcast was launched as a place for creatives to feel inspired, supported and empowered. I truly hope, whichever phase you are at in your creative career, that you find something here. This beautiful community is growing day-by-day, and I’m so excited about the emerging opportunities to network with other creative trailblazers and grow as small business owners. I am the biggest believer that when we help each other along the way, the whole creative community succeeds. Let’s kick the ‘starving artist’ stigma back into the 20th century where it belongs, and build some amazing modern careers – on your terms!
