Financial Drought: What to do when the money dries up
What steps do you take when your bank balance is shockingly low? Here’s how to survive a financial drought whereby not only do you come out of it in one piece, but you come out of it on top.
The first action step, I recommend, is allow yourself to panic for a moment for this is a normal and natural reaction to a stressful situation.
The second action step is once you’ve had the initial panic, step back for a moment and ask yourself an all-important question, “what is the true cause of this financial drought?” You need this information immediately if you are to determine efficiently and effectively the strategies you need to shift out of this challenging situation NOW. You have no time, energy or resources to waste.
The third action step is to be willing to be open minded as to what the core cause may be. For example, it may be subconscious. No matter what level of success you achieve, the solo-entrepreneurial spirit within constantly rears its head to ‘nudge’ you to take the next step in your success. So no matter how comfortable you’ve become the essence of your entrepreneurial self is keen to get moving again. Often this ‘nudge’ arrives in a way that gets your attention and there is nothing like business shifting into an unexpected financial drought to wake you up!
"Allow yourself to panic for a moment for this is a normal and natural reaction to a stressful situation."
Alternatively, you may unearth a pratical problem. Maybe your pricing strategy needs a shake up. Are your terms too generous? Do you need to start taking a deposit up front?
The final action is to ask yourself: “Now I know what the core cause of the financial drought is, what strategies do I need to put in place in order to achieve this next level of success now”? The strategies will begin to arrive into your awareness daily as you are nudged forward by that motivated solo-entrepreneur spirit of yours.
As a result your small business, and therefore you bank account, will begin to flow and ‘fill up’ again beyond your original balance. You survived the financial drought and you’re on top as a result. Well done. You made it.