When do you stop backing a decision in your small business?
I used to think that question should have been phrased in another way.
When do you stop backing a bad decision?
It’s not always cut and dry. I find that almost all ‘bad’ decisions didn’t seem bad in the beginning. In fact, they almost always seemed like a good idea. Don’t they?
You know that I believe in testing and measuring. I believe in tweaking and testing pieces of your business until you get that secret sauce right. Business isn’t about perfection – I’m not sure you ever get to that point – but it is about getting to good enough.
You need dedication, focus and determination to get to the level of success that is right for you. Sometimes that takes a while.
When do you stop?
Last week, I made a decision to stop an effort in my business.
When I began Your Biz Rules, I was ‘coming off’ of a very intense face-to-face client business. I wanted to help my new clients, but I also wanted some space. I wanted freedom and to not be sitting in traffic for hours. I wanted to do great work, but at a distance.
I focused on building my business online. The first year of my business was about being completely online. It seemed like a great idea – everyone is doing it! And, the experts and gurus out there are making it look so simple.
I joined a mastermind – a 5 figure investment by the way. I don’t mind paying to shortcut my success journey. I bought in for the business model and to learn from those who were succeeding. I applied the formulas and set out to implement quickly.
After my first launch project, I learned something interesting. There was a bit of an undercurrent of doubt. I started to dig.
The online models that were being sold were starting to fail. Not because the gurus were wrong – because the market was shifting. Only no one was talking about it.
I made the shift two years ago to go back to building business the way I knew how – offline. However, I wasn’t willing to give up on the online models. I kept working the puzzle.
Over the last 2 years, I’ve launched and produced a podcast, given webinars, offered programs, found partnerships – worked on content, reworked content, etc.
I worked the problem.
That’s a good thing by the way.
About a year ago, though a whisper crept into my mind. What if the people I love to work with – just aren’t online searching, just weren’t into using the online programs?
I didn’t want to give up. I worried about stopping inches away from the prize. So, I doubled down.
See logically, not all decisions seem bad, even if they aren’t working. And, I tackled the problem with the questions, “What am I doing wrong?” “What am I missing?”
I just kept coming back to the same place.
Last week, I got on the line with Intuitive Business Coach Rebecca Liston. Why? Because I’m great at the thinking, the logical – but what I was feeling was illogical. We checked in on a couple of things, and pretty much came to the same conclusion.
The result was the decision to stop. To stop putting so much money and effort into marketing online, into growing a list and trying to monetize those efforts.
That is a pretty big decision. One that was initially full of fear, one that made me want to cry.
I knew then and know now that it was the right decision, because deep down – there was a part of me that was elated and filled with joy to stop.
Here is what I am stopping:
- Hosting any webinars (after this week’s 3 Steps webinar)
- Producing content like a mad person
- Producing or interviewing for my podcast
- Creating any new programs
- Using Infusionsoft, Lead Pages and Webinar Jam
Here’s what I am continuing:
- Private 1-1 business coaching
- Paid speaking & webinar for other organizations
- Free speaking in Texas
- Writing to the blog once a week and leveraging for the newsletter
- Social media (because it is easy and still supports SEO efforts)
- Networking (although I am shifting where I am networking)
- Strategic Partnerships where it makes sense
- Live workshops
The impact to my business? Reducing my monthly overhead by almost 1/2 and creating time for me to focus on what works for my business.
Was it a bad decision to try to build an online business? No.
It wasn’t bad because in doing so, I became crystal clear on who my ideal client is, what motivated them, what their hearts desire is and how to reach and serve them better. That’s priceless information.
Do you have a decision that you need to stop backing? Hopefully, I’ve inspired you to move forward in a positive way today. If so, let me know.