Running a small business is tough. It comes with many hurdles, not to mention that persistent day to day grind. So when you have a good month, it’s easy to believe that this is a permanent trend. It feels like your hard work is finally paying off. And you want to believe that this trend is here to stay.
As they say on Wall Street, "Past performance is not an indicator of future results."
Just because you had a good month doesn’t mean you can stop charging forward. You need to harness the wave when business is good and milk it for everything it’s got. Never rest on your laurels, the momentum won’t continue on its own.
When you have a good month, you need to review it. Ask yourself: what has made this month different from others? What am I doing well? Discover what has made a significant impact this month and apply it to every month ahead.
After you take the time to examine your success, consider making some financial adjustments to improve your small business even further. What have I always wanted to try but was scared to test out? Invest by hiring a small part time support staff or an intern. Try setting a budget ahead of time to take the emotion out of investments like marketing or website improvement. If you have earmarked dollars or have made a "rule" for when you would invest in certain things, you'll be less likely to make excuses.
And just like you have good months, you’ll have bad months too. They’re unavoidable. But when things are tough, you know that you need to work double time to turn everything around. Make sure you do the same when things are going well. It will feel that much better and help you achieve higher highs and lower lows.
Don’t let today's successes segue to tomorrow’s struggles.