This week’s question from our portal “Ask Us Anything” comes from someone who wishes to remain anonymous.
In 2022, I had my best year ever in business, financially. But then I lost a big client and since then, I haven’t been able to gain traction to get back to where I was before, let alone surpassing it. My income has been “okay” in 2023, but not as high as it was the previous year. Why did this happen, and how can I change it?
Thanks so much for your question. I hear this one a lot!
Whenever this happens, the first thing I ask a person is, “Where did you stop?”
Money is always an effect, not a cause. In business, money comes from making sales. So, where did you stop in your sales?
Did you do everything you could possibly to replace that big client?
Many business owners don’t have an “income problem.” They have a problem with stopping themselves. They experience a setback and let it deter them, rather than using it as a growth opportunity to learn something and move forward.
When you lost the big client, did you immediately take actions to replace that client? Did you focus COMPLETELY on finding a new client?
…Or did you go into fear around the loss, focus on the loss, experience disappointment, and settle for the lower income?
Part of this is learning how to keep your focus on the outcome you want
Keep your focus on sales-generating activities.
The other piece is, you have to raise your standards. Make a decision that you won’t go below a certain income level each month. Raise your “bottom line” income—and don’t accept anything less than that.
You’re at your current income level, because you’re tolerating it.
Once you’ve increased your bottom line, determine what needs to be done to reach that number. And put all of your focus into reaching it.
In business, clients come and go all the time. It’s a natural part of the rhythm of doing business. You can’t rely on just one client to make or break your financial goals. You should always be looking at adding more clients, so you’re not in that position again.
Remember, your income has nothing to do with losing a client.
It has everything to do with the daily actions you take, the sales you make, and the decision you make around what your bottom line is.
Are you really giving it your all?
The next time you find yourself stopping… remind yourself of your goal and keep going. Don’t settle for anything less. You have the power to make your income be whatever you want it to be, by using the Law of Cause and Effect on a daily basis.
