How To Fortify Your Business Financially

From: How to Sell Online  with Alison J. Prince

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How To Fortify Your Business Financially

Whoa! There is so much going on in the world right now that it leaves my head spinning sometimes.  Before all this craziness broke out, I had the opportunity to go to a mastermind at Brenden Buchard’s house and hang out with some of the smartest business people in the world. Seriously.  One of those awesome people was Mel Abraham.

Before this mastermind, I’d never met Mel, but we immediately clicked. By the end, I felt like we’d been best friends for years. One of the things I learned about Mel is that he’s known for building really successful businesses – when times are good and when times aren’t so good. 

The Knowledge and Experience that Mel Abraham Has is Why I Brought Him on the How to Sell Online Podcast 

As Mel says, right now, there are some businesses turning dollars into pennies and other businesses that are turning pennies into dollars. By the interview, I want you to know that you can be one of the latter businesses.

Mel Abraham on How to Take Back Your Confidence 

First things first. Stop for a minute and take a deep breath.

Mel explains that before this pandemic caught the world off guard, our country (the USA) was doing great. So, this isn’t an economically driven issue, it’s a health-driven issue. And, if we can get things under control, we will certainly rebound back to where we were.

The big question is will it take 1 month or 6 months. And that’s what we need to be prepared for. Preparedness will lower your stress and anxiety in this uncertain time. With so much outside of your control right now, you need to double down on the things that you can control. 

Focus on What You Can Control

Mel made a chilling point that you really don’t hear being discussed right now in the news. And that’s how social isolation will impact people's emotional health. 

How are you spending your time? Mel Abraham pointed out that the information you are taking in will largely determine our emotional state. Are you watching constant negative news about the coronavirus? How about the stock market? 

If you are spending all your time and energy focusing on these things, do you think you’ll have anything left for the things you can control?!

Breaking Through All The Noise

I asked Mel about taking a step back from social media and all the noise that’s going on in the world. His recommendations were great! Mel says that we all need to be vigilant guards of our minds

Meaning we control everything that comes in. This certainly means social media, but it also might mean taking a break from some people close to us. If there are family and friends that are feeding you nothing but negativity, maybe you could use a break from them as well. That won’t be the easiest thing to do, but if you have some of those Negative Nancy’s in your life, then it might be what is needed.

Mel Abraham recommends making sure you are consciously pursuing each of these daily:

  • Check your thoughts and keep out the negativity
  • Control who you surround yourself with (even virtually)
  • Look for new ways to serve your audience

Fortify Your Business Financially 

Do you have a sales problem or a profit problem? That’s what Mel Abraham wants you to ask yourself first during this trying time. Whatever it is, there are some things all businesses need to be doing right now.

One of the most important is reaching out to your core clients. Mel isn’t just talking about sending out a blast to your email list. He’s talking about a one-on-one conversation with your clients. Show them you care! That call could be the thing that gets them to buy again or keep that recurring membership active.

Next, Mel wants you to go pull out your bank statements. Go ahead, get them out now. He wants you to red-line anything that isn’t crucial for your business. This might be software subscriptions that you don’t use or rarely use. Or, maybe it’s just things that you are buying that aren’t necessary to keep the doors open. Mark it, and start cutting your expenses. Ask yourself – is it a need or a want?

Needs = things necessary to generate revenue for the business.

Wants = things that are luxuries or optional for the business to operate.

Mel Abraham's Advice On Moving Forward

Normal isn’t going to be normal anymore. Mel says this is a huge opportunity for you to go serve and connect with your customers in a new way, and just build this into your processes even when this thing is over.

If you were thinking about starting your online shop before this started but have been on the fence up until now, Mel and I both agree that this might be your opportunity to start. You just have to start smart. Not racking up a bunch of credit card debt. Taking advantage of the time you might be quarantined in your house. Study and implement. 

And if your business is already up and running, you should be looking for contingencies. You don’t want a “Plan B” some people say, Mel Abraham says that’s false

As an entrepreneur, your job is to solve problems before they happen. Having ways you can pivot your business will be the difference between hanging on and closing down for some businesses. 

Those who are planning and innovating during this time will make it through the other side wiser and with more loyal customers. 

Make sure that’s you.

If you are in the 0-$100k Facebook Group, make sure you are active over there. It’s times like these when the community becomes even more important. Not just to learn more about your business but to keep your emotional state stable. There are a ton of awesome ladies in there supporting each other daily. 



Also, if you want more information specifically for online shop owners during the coronavirus pandemic, check out this episode as well.

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