Navigating the Highs and Lows as a Small Business Owner
Franka Baly
August 8, 2024

Running a business today is a whole new ballgame compared to when I started my first venture back in 2000. Back then, there was no YouTube or TikTok. The digital space was less noisy then, and promotion was controlled by a few major players. You had to grow your business enough to afford advertising and high-end marketing. Fast forward to today, and the barriers to entry have dramatically lowered. Anyone with a smartphone and a great idea can market their ideas to the masses. Going viral is a daily occurrence, and we are inundated with content from companies competing for our attention and money. It has become much harder to distinguish a solid business owner from a scammer. If you’re feeling overwhelmed, you’re not alone. We’re all doing more, faster. Technology has not only added to this frenzy but has also contributed to the current state of being overworked, over-consumed, and more confused than ever about what works and what doesn’t.

However, some strategies remain timeless. These foundational principles are based on human interaction and behavior and have remained constant throughout my 30 years as a UX designer and researcher. Here are my top five methods for navigating the highs and lows of running your business.

  1. Master Your Skill or Service: You’ve probably heard the phrase “Cream rises to the top.” This means that if you’re good at what you do, your work will stand out. There will always be a market for people who excel in their field. Even if you’re not the best, demonstrating mastery in a particular area will attract people to you. In the short term, AI has disrupted those without deep knowledge in certain areas. Keep learning, investing in your growth, and continuously improving your skills. It is a worthwhile investment.
  2. Create a Referral Marketing Program: People trust referrals from those they know, like, and trust. Think about how you get doctor or restaurant referrals, and you’ll understand why referral marketing is one of the best methods available today. While many focus on the long game of social media, you can keep your pipeline full by asking those who already love your work for new customers. After completing a project, say something like, “Hey, I loved working with your company and helping you with [specific task]. Can you think of anyone else in your network who could benefit from working with me?”
  3. Connect with Ideal Clients In Real Life (IRL): In the past, I attended many conferences. These days, the high cost of everything has made this less feasible, but that doesn’t mean you can’t meet your clients IRL. There’s nothing like a handshake or hug to foster a relationship, followed by coffee or lunch. While building relationships on social media is easy, research shows that in-person meeting time is crucial for relationship building. Make it part of your strategy to get out of the office and connect with your clients. Have at least one to two in-person meetups a month with your ideal clients. Schedule these dates on your calendar now before you can talk yourself out of it.
  4. Timeblock Your Online Consumption: We are not meant to consume large amounts of content from others. No matter how often you say, “Comparison is the thief of joy,” looking at what others are doing for hours on end will affect you. While seeing others’ achievements can be motivating, it will impact you cognitively. Even watching long-form content on YouTube can influence your approach to life. A study from the National Institute of Health found that time spent watching videos increased the likelihood of behavior change. Limit your social media time to around 30 minutes. Use scheduling tools like Planoly, Buffer, or Hootsuite if you need to publish content.
  5. Prioritize Rest and Play: We are not designed to work all the time. If you’re reading this as an American, you know we live in a country that overvalues productivity and hard work. I was raised to be one of those people too. Accomplishments mattered so much to my parents and within my culture that it was all I knew. I’ve spent the past few years unlearning some of that, as I’ve burned out from overwork more than a few times. It’s not sustainable and will cause you to hate your business. Schedule time for rest and vacations at least two to three times a year, even if it’s a staycation.

These are my top five methods for growing my business. I want longevity and consistent revenue as I navigate the ups and downs of an uncertain political and financial market. Whether things are up or down, leaning into who you are, how you show up for your clients, and what you do best will help you, regardless of where the wind blows this November as we elect a new President or what new technology shows up on the scene.

We’re here for you. If you need some support for your business, don’t hesitate to reach out.

 

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I’m Franka Baly, CXO

Franka Baly

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