How to Turn Setbacks into Opportunities to Achieve More
The last few months have been full of challenges for many people. Even if you and your family are fortunate to not have been majorly impacted by COVID-19, the people in your network may not have fared so well. Between illness, job losses, reduced hours, and shuttered businesses, most people have been impacted in some way by COVID-19 and its health and economic repercussions. Your network marketing business may have been impacted as well. Depending on your industry, you could have seen a business boost or experienced a setback. For network marketers who have experienced a drop in business, it’s likely due to the health and economic factors of the situation – people in your network lost their jobs or have been furloughed and they’ve had to tighten their belts at home to make ends meet. Although things will return to normal eventually, what can you do now to foster opportunities and grow your business?
Turning Setbacks into Opportunities
It’s difficult to see a setback as an opportunity when you’re in the midst of a crisis. When you’re in the moment it’s normal not to think clearly, and when you can’t think clearly, opportunities will remain hidden to you. You’re not ready to see them yet. However, the more you think about things, the more rationally you can see them. And, when you’re ready, take the time to do the following.
“Setbacks are inevitable; misery is a choice.”– Stephen Covey
Assess the setback and its toll on your business/life
When you’re ready, take a critical lens to a setback. Assess what happened and how it impacts your business and your life. For example, let’s say your network was hit hard economically and many lost their jobs, either permanently or temporarily. What impact does that have on your business? Well, initially, these folks are less likely to buy, or buy as much, in the near future. They may be pinching pennies at home to make ends meet and pay their monthly bills, especially if the loss came as a surprise and they didn’t have a nest egg of money to fall back on.
However, that doesn’t mean they won’t buy from you in the future. When they get back on their feet, they’ll likely get back into their old spending habits. Additionally, if they had seemed interested in joining your team in the past, think about chatting with them about it again. They may be more receptive to the opportunity you’re offering at this time, even if it’s to earn some extra money in the short term. Who knows, they may find they have a knack for the business and will turn a short-term solution into a long-term business once they join your team.
How to talk to your network about joining your team
Although it’s always a great time to discuss your business and the opportunities you can offer, now is the time that many people in your network need to hear it. Even if they’re still working, they may be open to other opportunities to make more money or transition to a career that gives them more time with their families. One of the positive outcomes of the last few months is more and more people are re-evaluating what’s important to them – spending long hours at work in a cubicle making money for someone else or spending more time with family and making money on one’s own terms. If you’re not sure how to approach your network, Teamzy can help. Our training, The Art of Creating Conversations that Convert will give you the tips and scripts to get the conversation started and impact the lives of curious people in your network.
Put it into perspective
It’s hard to see the light at the end of the tunnel when it feels like you’re plunged in darkness. However, rest assured that the light is there and with time it’ll grow brighter and stronger. Don’t give up hope!
So, step back and look at your situation. Is business slower than usual? All businesses go through slowdowns at one point or another. Sometimes it’s a particular season. Sometimes the slowdown is due to a recession. Many people were expecting a recession eventually anyway – what goes up must come down, right? However, going into 2020, the vast majority of business owners were confident they would continue to grow their businesses through the next recession, according to a study by Robbins Research International. Now, no one could have predicted what would happen a few months into 2020; however, the point remains the same – there are opportunities to grow your business, you have to look to find them.
Where people lose perspective is over the concept of control. Many network marketers become consumed thinking about the What ifs and playing out potential scenarios in their heads that they become paralyzed and can’t do anything else. They can’t think about the future because they can’t get past the present.
What can you do right now to plant seeds for the future? Sure, you may not be selling like you used to; however, you can continue to connect your network and develop stronger relationships with each and every person within it. Check-in with your people and see how you can help. Each time you connect you’re growing your relationship with your network, and thus growing your business. The other benefit? The more you reach out to other people and chat with them, the better you’ll feel. You’ll be able to find their pain points and figure out how to help them if you can. This will make you feel useful and productive, which gets your mind off of all the things you can’t control.
Find the lesson
Every challenge has a lesson. Although no one expected to be in this situation when we set our goals in December, here we are. The biggest lesson is to have a plan for when there’s a slowdown in business. There are some network marketing businesses that are doing well now because they meet the demand of the market. For example, health and wellness companies may still continue to do well at this time as people focus more on their health and the health of their loved ones. Other network marketing businesses may struggle, at least for now. Having a plan in place of things to do and even mantras to remember when business slows down will give you more control over the situation and help you move forward when your competition is busy worrying.
Another lesson is to recognize the importance of your Power Hour. It’s always a good time to connect with your network. After all, network marketing is all about relationships – making them and building them. That’s the one thing you can control through it all. Regardless of the state of the market or the state of your business, the Power Hour is a must-do every day.
Decide how to move forward
At some point, you’ll have to decide how to move forward with your business. For some network marketers, the situation may be too much and they’ll decide to close up shop. However, for those network marketers who have maintained perspective and seen the opportunity in the current challenges, they’ll continue to grow and succeed.
How will you move forward? Will you continue to do your Power Hour each day and check in with your network? Will you find ways to help them with the challenges they’re facing, even if it’s just to talk? All of these things may seem small and insignificant, but the reality is they are vital to the health of your business, regardless of the state of the market.
Take time for personal development
Your business may be slow; however, use the time to focus on personal development.
Read everything you can get your hands on written by and about business leaders and experts to find lessons to use in your own business. Many libraries allow you to borrow ebooks from their collection if you already have a library card.
Listen to business-focused podcasts. What better time to learn from the experts? They’ll give you tips to help your business succeed in any market. Also, listen to positive podcasts that can lift your spirits and we adjust to a new normal.
Enroll in business training. Teamzy has a ton of videos to watch to help you get the most out of relationship marketing and your Teamzy subscription. Plus, it has advanced trainings to give you the tools you need to thrive as a network marketer. What are you waiting for? Teamzy has all you need to build a strong, lasting business.