Joan Sotkin: Dealing Gracefully with Income Ups and Downs TPS85

joan Sotkin prosperity show -3Today I talk about a problem faced by many entrepreneurs – income that goes up and down – Income ups and downs, dealing with them gracefully. Because entrepreneurs are an optimistic bunch, they often think, during the up times, that there won’t be another down and they don’t plan on the income cycles.

Highlights

  • Look at stock market charts and you’ll see that ups and downs are common.
  • If you’re doing the necessary inner and outer work, the highs will get higher and so will the lows
  • Each person has a different cadence of ups and downs. Mine seem to match the seasons.
  • By looking at your numbers over a period of time, you’ll probably see a pattern of your ups and downs.
  • During the downs, people on the self-growth path often think that they did something wrong without taking into account the fact that the marketplace may be changing.
  • When business starts going down, it’s not always something inside of you. Look at the marketplace first.
  • During flow times, am I putting away enough for the low times?
  • It’s hard to create a financial cushion if you aren’t managing your cash flow.
  • If you take things personally, such as when you lose clients, you will get stuck.
  • Keep in mind that when something happens, you aren’t the only one creating the story.
  • There’s a difference between taking responsibility and blaming.
  • Your emotions inform your behavior and the choices your make.
  • If you stop saying, “What did I do wrong” and you analyse the situation from a detached point of view and you don’t take things personally, you can examine how and why you made the choice.
  • By taking the “wrong” out of the equation, you can find a more logical solution.
  • You aren’t doing anything wrong, you’re just doing what you’re doing.
  • It’s your choices that determine the outcome of your life stories.

Links

TPS19 Build a Better Business. The episode about the Hartman Value Profile that measures your ability to make effective decisions when faced with problems, challenges, and opportunities.