Tips & Talk 69 – Are You in Control of Your Business?
Are you in control of your business? The answer to this, as the owner of your business, is always yes. You are the one at the top, making decisions that affect your outcomes. You are also the one in control if you decide to relinquish control. And this is something I really want you to get.
Yes, you’re going to do things that don’t work out. Being in control doesn’t mean you’re always right. But it does mean you take responsibility for all of it. The good, the bad and what action you take moving forward. You are always the one in control of your business. We’ll get into details of what maybe should change for you and I’ll give you examples in the show today too. Acknowledging this can be a game-changer!
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Transcript
Hi there.
Speaker:It's Sue.
Speaker:And thanks for joining me for tips and talk day.
Speaker:These are bite-sized topics that I pull from community questions and
Speaker:things that I'm observing in the world of handmade small business.
Speaker:If you'd like to submit a topic,
Speaker:DME over on Instagram at gift biz unwrapped,
Speaker:before we get into the show today,
Speaker:I want to make sure that you know about the newest
Speaker:thing happening over here.
Speaker:It's called the gift biz bash a zoom party that turns
Speaker:into a podcast episode.
Speaker:Several weeks later,
Speaker:the party consists of a short training with Q and a
Speaker:from yours truly.
Speaker:And then an opportunity for you to give a shout out
Speaker:about your business.
Speaker:You can tell us about a promotion you currently have going
Speaker:on or share a collaboration that you're considering so that you
Speaker:can find a perfect partner for the event.
Speaker:A little bit of learning and visibility for your business.
Speaker:What could be better?
Speaker:There is a catch though spots are limited to keep the
Speaker:party to about 45 minutes or so.
Speaker:That means you should grab your spot right away.
Speaker:It's totally free to make sure you're included.
Speaker:Why not do that right now?
Speaker:Pause this episode,
Speaker:go to gift biz,
Speaker:unwrapped.com forward slash bash to sign up and then come back
Speaker:and listen to the show.
Speaker:I'll see you at the bash.
Speaker:Are you in control of your business?
Speaker:We're going to get into this so you understand what I'm
Speaker:talking about in a minute,
Speaker:but I want to start the topic in a very special
Speaker:way. Did you listen to my tips and talk episode number
Speaker:64. It's where I talk about craft show tips.
Speaker:You've never heard before.
Speaker:One of my comments is about your response.
Speaker:When people say your prices are too high and the response
Speaker:is I understand my products.
Speaker:Aren't for everyone.
Speaker:This statement about your higher pricing is a common irritant.
Speaker:I know it hits you like a stab in the side
Speaker:and feels very personal.
Speaker:Now, some customers will say this regardless of your price,
Speaker:just to see if they can bargain you down.
Speaker:When you recognize these folks,
Speaker:you can play the game with them.
Speaker:It's all in fun,
Speaker:but don't concede to lowering your prices through pressure.
Speaker:It's the constant complainer's or those whose tone is really insulting.
Speaker:Where this response I stated,
Speaker:make sense.
Speaker:You want to shut the conversation down and move on to
Speaker:those where your time is productive.
Speaker:After the episode aired,
Speaker:I got an email from Robert Sheckler who makes handmade brooms.
Speaker:You can check out his Instagram account at Redmon Filbert.
Speaker:He offered very productive ad on this situation.
Speaker:Perfect. For the times when you get this comment about high
Speaker:prices, but see some potential with the person voicing the concern.
Speaker:Let me read to you his words specifically.
Speaker:Robert says,
Speaker:I think the first part of the advice highlighting the value
Speaker:inherent in handmade products is great.
Speaker:And I might further underscore that by talking about the time
Speaker:it takes to make the products,
Speaker:which is something many customers don't understand.
Speaker:And then he goes on to say,
Speaker:most importantly,
Speaker:I would want to end with an open-ended question to keep
Speaker:the conversation going.
Speaker:I might ask where the customer has seen lower prices,
Speaker:potentially allowing me to make a direct comparison between my handmade
Speaker:products and what's available at target.
Speaker:Or I might ask how the customer planned to use my
Speaker:product, potentially allowing me to talk more about its benefit or
Speaker:to do some storytelling,
Speaker:or I might just give them a card and suggest they
Speaker:contact me.
Speaker:If they can't stop thinking about the product that they keep
Speaker:coming back to.
Speaker:I love this last one.
Speaker:It adds humor and lightness,
Speaker:which keeps the conversation friendly and will probably ease your frustration
Speaker:that you need to have this discussion at all.
Speaker:Remember your behavior.
Speaker:And the tone you bring is very important in regard to
Speaker:working through the topic of price,
Speaker:showing confidence,
Speaker:responding in an open and friendly way and letting the final
Speaker:result be what it will be,
Speaker:will benefit both you and your customer.
Speaker:Thank you,
Speaker:Robert, for this input,
Speaker:I'm anticipating with the economy as it is right now.
Speaker:We'll see this question come up more and more having ready-made
Speaker:responses in your pocket allows you to choose which one fits
Speaker:the situation best.
Speaker:And you're not left scrambling for a response.
Speaker:All this leads into the topic of control.
Speaker:And my question,
Speaker:are you in control of your business?
Speaker:The answer to this as the owner of your business is
Speaker:always, yes,
Speaker:you are the one at the top making decisions that affect
Speaker:your outcomes.
Speaker:You're also the one in control.
Speaker:If you decide to relinquish control,
Speaker:let me say that again.
Speaker:You are also the one in control.
Speaker:If you decide to relinquish control,
Speaker:and this is something I really want you to get when
Speaker:inflation is high and people are tighter with their money,
Speaker:you may have the tendency to use that as an excuse
Speaker:for low sales.
Speaker:When you do,
Speaker:you've passed your power off with an excuse that you have
Speaker:no control over.
Speaker:How about looking at the situation to see what you can
Speaker:adjust in your business to fit the current economic situation that
Speaker:could be adjusting product sizes,
Speaker:to make the retail price more palatable or investigating sourcing options,
Speaker:to get your cost of goods down so you can adjust
Speaker:your price accordingly and still make money.
Speaker:What it is not is dropping your price to try and
Speaker:get the sale at any cost.
Speaker:Then you're dipping into your margins and weakening your business.
Speaker:Overall, I'm picturing right now,
Speaker:an old log cabin where all the wood has rotted out.
Speaker:It's still standing,
Speaker:but it could fall at any minute.
Speaker:Another example where you could possibly hand over control is if
Speaker:you say Facebook ads just don't work.
Speaker:Hmm. Is it that they really don't work?
Speaker:Or is it that yours?
Speaker:Aren't working,
Speaker:keeping ownership of the decision to run ads and test options
Speaker:that lead to positive results is an example of staying in
Speaker:control. So is deciding that you don't want to mess around
Speaker:with them and focusing on other sales generating activities instead,
Speaker:but complaining about Facebook ads and doing nothing,
Speaker:relinquishes your control.
Speaker:One more example,
Speaker:nobody is buying your newest line of jewelry.
Speaker:You say to yourself,
Speaker:they just don't get how cool this is that I use
Speaker:material that is so unique.
Speaker:And it's the up and coming trend.
Speaker:Are you blaming your customer for your results?
Speaker:Ooh, potential truth bomb here.
Speaker:Perhaps you could have prepped them better to understand what new
Speaker:fashions are coming down the pike,
Speaker:showing celebrities sporting the new style or referencing an article in
Speaker:a fashion guide,
Speaker:talking about the trend or consider if it's even a fit
Speaker:for the customers that you attract.
Speaker:If your current styles are classic and traditional,
Speaker:does this even fit for your brand and will it be
Speaker:received well with your existing customer base?
Speaker:Did you ask them to confirm their interest?
Speaker:It's not their fault.
Speaker:If they're not interested.
Speaker:Yes. You're going to do things that don't work.
Speaker:I do it all the time.
Speaker:Testing new ideas,
Speaker:making a move that doesn't result in the response that I
Speaker:knew for sure it would being in control.
Speaker:Doesn't mean you're always right,
Speaker:but it means you take responsibility for all of it.
Speaker:The good,
Speaker:the bad,
Speaker:and what action you take.
Speaker:Moving forward.
Speaker:You are always the one in control of your business.
Speaker:Even if you relinquish it,
Speaker:acknowledging this can be a game changer.
Speaker:That's a wrap.
Speaker:I'm a get to the point kind of girl.
Speaker:And this is what you can expect from these quick midweek
Speaker:sessions. Now it's your turn.
Speaker:Go out and fulfill that dream of yours.
Speaker:Share your handmade products with us.