How Can You Stay in Abundance When Business is Down?

Staying confident, and in abundance, when business is down is tricky. Abundance is an absolute belief or mentality that there will always be enough for you. It trusts that no matter what the circumstances, you will feel happy and successful. Abundance knows that you can adapt, work harder, or grow more to counteract any changes that may occur. It is also detached from outcomes. If the results of business are down, it doesn’t stress or worry. This mindset allows you to focus on gratitude, not fear.

When things are rolling and deals are closing it is easy to feel your life is abundant. However, if your prospects are down or not converting, it is just as easy to drop into scarcity. Scarcity is a mindset that most people have been programmed to have by society. It believes there is not enough, and if someone wins, someone loses. Scarcity envies others or makes excuses for why your business is off. It will complain, blame, and eventually drop you into self-pity; a state from which it is hard to recover.

So how can you stay in abundance when business is off? Use these tips and start cultivating more success now.

  1. Adopt an abundant mindset. Add I AM statements to review daily. Some examples are: I AM prospering, I AM confident, and I AM focused on opportunity. Write down what you feel abundance would say versus what scarcity would say in different circumstances. In this way when triggers or situations come at you, you’ll be ready to choose the right thought. Example: You lose a deal to a discount broker 90 days after working with a client. Abundance says: “Let them go. They weren’t my client. There will be bigger opportunities for me because I am disciplined and purpose driven.” Scarcity says: “I cannot believe I just lost that. They are terrible people and I hate discount brokers. How am I going to get clients when none of them are loyal?” We attract more of what we focus on, so I’ll let you choose which thought pattern is best here!
  2. Create a plan that increases the quantity of opportunities you generate. Because commissions per deal are high most salespeople do only the minimum they need so if anything falls out it is painful. This approach will often keep you close to scarcity. If you do two deals regularly and one falls out, your income drops by 50%. If you do ten deals and one falls, it is only a 10% drop. I am actually a fan of commissions being reduced, if only for this reason. If we made less per deal we would focus on more deals, and likely not hold on as tight which causes stress and anxiety. In my business I wanted 100 pre-approvals a month, knowing my lowest conversion rate was 25%. So at a minimum, I could close 25 purchases and never be affected if even five canceled or rolled.
  3. Assess how sustainable your success really is. Lots of people, when the market is hot, rates are low, or the economy is strong, can be financially successful. If you haven’t systematized or created your success by using a documented plan, deep down you probably realize it may not last. One market shift and it can disappear. Take a deep dive into your model for building referrals and opportunities, and if you can’t see predictable or scalable results, you must create a model that will produce them. You will sleep better at night knowing exactly how you generate business! You can continue to build in robust markets, but you recognize this is a compliment to your business. You don’t create a lifestyle or build your confidence around it.

There are many other things that will help you stay in abundance, but getting the right mindset, increasing opportunity in your business, and ensuring your model is predictable are the foundations to set you up for life!

How Can You Build An Extraordinary Brand?

I could write an entire book around branding but for ease let’s just think of it as your promise to your customers that you will deliver something different and highly desirable if they work with you. These are the things that you do better than your competition or things you do that your competition does not. This is also referred to as your Unique Value Proposition. To be of value, you must deliver on your promises consistently at every point of contact with the customer, time after time. While you will of course help all the opportunities that come your way, it is best to build your business and brand around your ideal clients. In fact, your marketing plan should be designed to target as many of them as possible. Every day you are speaking with clients and helping them, you are building your brand.

What Is A Brand?

Your brand is not just your logo or your look. It is the way customers or referral sources view you. Online testimonials are one of the best indicators of who you are and what you provide that is outstanding. When a prospective client researches you they want to find “social” validation that you are who you say you are. You must focus on building the right perception of your brand in the marketplace. If your service is a secret between you and your clients, then you aren’t building your brand and you are missing opportunities. That’s why you need to include asking for testimonials as a part of your Database System to ensure you are positively building your brand every day.

It doesn’t take a huge investment in marketing, but it does take some introspection and making a non-negotiable decision about how you want to be perceived. More clients are using the internet to find out about you before they choose to do business with you. Every post you make or testimonial you receive is accessible, so be mindful of what you post. It’s also true that every conversation you have is building your brand so keep anything negative or judgmental to yourself. I get a kick out of loan officers and Realtors® that fire clients on social media or brag about it. This behavior will diminish your brand and cause others to see you poorly.

Your brand is based on the perception of others not how you see yourself. You should constantly ask for feedback on what you can do better or improve. In addition to talking with your clients, conduct a semi-annual review with your referral partners and solicit their feedback. Sometimes your clients will tell them, rather than you, where you could have done better. Commit to making quick changes to correct any deficiencies.

Help For Building Your Brand

If your current system can’t automate brand building, choose a company like Reach 150 or Social Survey that can help build your brand for you. They will send out the testimonial requests on your behalf and then use those to remarket your services to other prospects. They can also share the testimonials on social media which enables your database and natural sphere of influence to also see the brand you are creating.

Even if you think you have a negative brand now because you had a few bad transactions or lost a few referral partners, you can change it. Perfection is unattainable 100% of the time but we can become committed to getting better and better. Make a decision today that you will remain committed to building a better brand for yourself.

How Can You Create More Success And Be More Accountable To Your Own Goals?

As I’ve mentioned before, it’s not enough to have a business plan. You must create a non-negotiable activity plan that will have you taking the actions you need to take to make the business plan a reality. You must be 100% committed to accomplishing the activities – that is why they are non-negotiable. In addition to scheduling time daily to do these things you should also be tracking your results and conversion rates. As markets change, these numbers can change. Asking your manager or a coach to hold you accountable will help ensure you do the things you should be doing even when you don’t feel like doing them—discipline not motivation.

Weekly Status Reporting

I recommend using a weekly report so you can make adjustments quickly if you aren’t getting the results you need. If you fall short one week just add those activities to the following week. Always do a mid-week check on Wednesday at noon to see where you are. You may need to kick up your activity levels if you have fallen behind. (A sample weekly report is available on this website.)

You also need to make quick adjustments if clients or referral partners cancel. You will want to replace those meetings as soon as possible rather than just telling yourself it is not your fault.

The only person who suffers when you don’t do these things is you. The reason the activities are non-negotiable is that everyone is good at making excuses and then complaining that we don’t have enough business. You are the one that made your goals and plan so having the discipline to follow through is key. Some of the items you will want to do daily are to return all calls and emails timely. Even if you don’t have the time to spend with the person at that moment, calling and setting up another time to talk will help you. Clients and referral sources will move on quickly if you aren’t responsive. Also ensure that your voicemail is never full. A full voicemail can make individuals feel you are too busy for their business. Remember, everyone wants to believe they will be getting your undivided attention.

As you get busy, you may want to adopt a more professional approach. Offering appointment times rather than trying to offer a solution from your car as you’re driving down the highway will guarantee you don’t miss anything. I recommend booking appointments 90 minutes apart so you always have time for fires and call backs in between.

Assessing Your Daily State

If you aren’t executing daily it is likely YOU are the reason you aren’t and you will need to work more on your mindset. Your week should allow time to be creative about your business. This will give you energy and ignite more passion for what you are doing. Leave some time to research new ideas or to meet new people so you can learn how they created success.

By now you should have identified how you sabotage your own success. If you haven’t, go back and read January’s blog regarding sabotage management. Whether you are triggered or encounter other challenges, you have to remain focused on the end result you want to achieve. Assessing your state daily will help you make adjustments quickly. This is a burn out business where we can rapidly get into a funk. Remaining aware of how your state affects your ability to execute will guide you to seek help faster. We all have people in our life that can inspire us or get us out of a funk. Don’t delay in seeking out help. You want to have more good days than bad days.

And don’t beat yourself up if you do have a bad day. Don’t focus on it… just move on. Make a commitment to getting back to your plan the next day and give yourself a break. Use the sabotage management plan to ensure that if you do get in a funk you know how to get yourself out. If you get triggered use the four step process and get back to business as soon as you can.

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