Small biz owner: Looking for that extra bit of luck?
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One of the well-trudged phrases I hear as a business coach and mentor is “if only I had that one piece of luck to make things go right for me”.
I sometimes feel like I am placed in the position as a commercial shrink. New CEOs or seasoned-tested executives turn to me despairingly and say that they deserve that extra something to go right for them. “Why me? Why is it not my turn for something nice to happen in business?
These people are lost for an alternative constructive strategy about what to do next. And the result is commercial immobility, which is frequently the predecessor for starting to go backwards. They become stuck in mud.
When you are the owner of a small or medium sized business, that emptiness can be depressing.
The scenarios are probably similar to some of my readers. It often starts when a series of clients end their contracts, often unexpectedly and at the same period. You then realise that the pipeline of potential revenue has dried up. Concurrently, that one additional unexpected large expense hits you between the eyes. And this is usually the time, when somebody in the family is unwell.
There is a saying that bad luck comes in “threes”. The reality is often much more harsh and rapid. So what can be done?
I do not believe in luck just turning up. I believe that we have to create our own luck. That means we have to be proactive. Here are three brief case studies to indicate what I mean.
- This week, I have been working with a couple of clients, who were concerned that sales have been slowing down. Their plea was that I come up with a plan. During some rather painful sessions, I encouraged them to come with their own ideas – what had been tried successfully in the past and could be repeated, or new approaches that had yet to be tested. And yes, matters have begun to move forward.
- I was asked by somebody to help them sell their property, as they had no real leads from their own efforts. We created a Facebook campaign together, and today there are two serious buyers on the map.
- A CEO was looking for additional financing, pursuing the customary channels via their own bank and private investors. A revamping of the proposition very quickly resulted in an injection of new cash flows.
That all sounds very quaint, but here is the catch. In none of the situations did the success actually emerge from the expected or intended sources. For example, new sales came via word of mouth rather than a calculated strategy. The prospective purchasers of the property had never seen it advertised on Facebook. And the extra cash is to come from the bank and other unexpected sources.
Luck? Definitely not. But in each of the cases, the change in fortunes resulted from the renewed efforts of the CEO. These created an unexpected chain reaction of events, which in themselves have led to the right result.
The lesson? Next time you feel stuck, take yourself off to a different environment. Start rolling out a strategy even if it is not the most coordinated of moves. You are creating “noise”. And it is amazing just how many are out there waiting to hear from you.
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