GNT #42: Escape the exhausting feast-or-famine cycle

read time: 2.5 minutes
 

One month, your business is thriving - the next, you're barely hanging on.

Welcome to the "feast-or-famine" cycle, a precarious reality for entrepreneurs that's as dangerous as it is exhausting.

Unchecked, this cycle causes more than financial strain, it's a creativity killer, anxiety trigger, and creates huge business risk.

Today, we're exploring practical strategies to break this cycle, ensure steady growth, and give you peace of mind.

Ready to take control?

Let's dive in.

Why is predictability better for business?

• Financial stability, strategic agility: Less scrambling, more planning, and a shift from survival to strategic growth.
• Resilience in uncertain times: Buffers against market shifts and allows you to navigate change with flexibility.
• Magnet for opportunity: Makes you an appealing prospect for top talent, partners, and investors.

Now let's review the strategies to stabilize your revenue.

1. Build a recurring revenue model

Subscription, retainer, monthly membership. These are king. Making this shift to an ongoing customer relationship means more reliable monthly revenue.

What could this look like for you?

Product refills, memberships, managed services, software,premium monthly content, unlimited access?

It's predictable, easier for you, and customers also love convenience.

For some businesses, however, this just doesn't work.

Let's look at...

2. Exploit seasonal trends

Every business has its seasons. Identify yours and leverage the heck out of it.

Use slower periods for strategic planning, R&D, and building up inventory ahead of peak times.

Align your marketing efforts and promotions with these cycles.

It's also a great time to...

3. Invest in skill development

The world evolves rapidly, and so should you and your team.

Invest in continuous learning—attend workshops, take courses, or engage in relevant reading.

Enhancing your skills can lead to improved services, operational efficiency, and, ultimately, higher revenue.

4. Strengthen client relationships

Your current clients are goldmines. And should be valued, protected, and explored.

Focus on deepening those existing relationships. Ask questions. Understand their business, challenges, and goals.

By doing so you may uncover upsell or resell opportunities. Or perhaps a loyalty program would make sense.

As we know, satisfied customers often lead to valuable referrals.

AND, acquiring a new customer can cost five times more than retaining an existing one!

5. Maintain a financial buffer

Predictability requires preparedness for the unknown.

Build a financial safety net for your business to weather lean periods or unexpected expenses.

This buffer is your emergency fund and could mean all the difference during challenging times.

6. Commit to a healthy marketing strategy

Don't let slow times prevent you from focusing on your marketing strategy or (gasp!) halt your activity.

It's time to keep investing in engaging your audience, being visible, and present in your market.

Healthy marketing is about building trust and staying top of mind. Your steady effort today can turn into sales tomorrow.
 

TL;DR 

Escape "feast-or-famine" in your business.

1. Implement a recurring revenue model to enjoy more predictability and less stress.
2. Exploit seasonal trends by using slow periods for strategic moves and aligning marketing with business cycles.
3. Invest in skill development to keep you and your team adaptable and forward-thinking.
4. Strengthen client relationships to uncover new opportunities and foster loyalty.
5. Maintain a financial buffer to safeguard your business against the unexpected.
6. Commit to a healthy marketing strategy to build trust and stay top of mind, ensuring your business thrives, not just survives.

Now, go make that first move.

You got this.

Whenever you're ready, there are 3 ways I can help you:


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Other things I'm diggin' this week:

Role playing game our family is starting

With the cold weather in MN setting in, my hubs, two kiddos (6 and 9), and I will be starting a family-friendly light RPG. What's RPG? Think "D&D" where people play characters in an imaginary setting. ;)  We chose Index Card RPG for it's simplicity and fast framework for adventures with the kiddos.

What I'm listening to while working

For deep focus work sessions I'm loving Brown Noise. It drowns out any kid noises in the background and really helps me stay in the focus zone. Search YouTube for 'Brown Noise' or try this one.

The book I'm pondering

It's always been difficult for me to slow down or stop. That's why I'm reading Celeste Headlee's book, "Do Nothing: How to Break Away from Overworking, Overdoing, and Underliving." We're more efficient than ever, but is it a good thing? Have we forgotten how to value leisure time?

Peace to you and yours!

-Colleen