Are you guilty of prematurely celebrating?

The other day I was just thinking back to some of my first experiences marketing my business, I’d sometimes have weeks where I had quite a few enquiries from potential clients only to not land any of them for one reason or the other.

What made not getting these clients worse was that I’d already convinced myself that my business was a success and I was well on my way to achieving my dream, I’m sure I had also popped open a bear to wash down the taste of victory.

These days I’m a little more cautious, a sales not a sale until the clients have paid and confirmed they are happy with the work this can sometimes take over a year from when I first met them which is very different to the attitude I adopted at the beginning.

So when you’re playing the mind game of being a small business owner how do you keep yourself motivated and recognise success in your achievements, it’s clear that there is a very fine line between being thankful for opportunities and being overconfident to the point you are unprepared when closing a deal.

If you look at an interaction with a customer there are many instances a small business owners could stop and reflect on:

  • The Initial enquiry

  • Them accepting a quote

  • Signing of a contract

  • Receiving payment

  • Them thanking you for your efforts

  • Being recommended to a friend

I believe that a potential answer to this question might be to celebrate at every point just in a proportional amount, perhaps the initial enquiry might warrant taking a quick break to grab a can of coke, while the last one on the list could involve treating yourself to a weekend away depending on how big the client is.

A lot of this is based on perspective and understanding what the competition offer is an important factor in measuring your own successes, it’s the only way to tell if your work is normal or above and beyond for a particular industry.

It can also be in the phrasing, for example “a slight issue” could translate as “a massive #@*# up”, every business will have the odd hiccup but understanding how to manage your own as well as your customers’ expectations can be incredibly important

After all if people threw in the towel every time something went wrong then there wouldn’t be many businesses left standing and this nation’s economy would have collapsed so it’s clear that most small business owners do have a mechanism for coping with the bad times as well as the good.

I’ve noticed over the years that the key to success isn’t always about physical resources but about an entrepreneur’s psychological condition and maintaining that positive mental attitude is easily the most important priority for anyone hoping to build a lasting business.

I’ll admit this is quite an odd blog topic for an accountant but I wanted to make a point that the finances in a business aren’t always the be all and end all and one of my greatest challenges as a professional advisor is getting work done while respecting the other issues my clients are sometime going through.

If you’re based near Northampton and you want to work with an accountant that understands what it’s like to run a small business then please get in touch.

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