Riding The Ups & Downs of Trade Business Successfully

Andy
Whether it’s losing a key staff member or an important contact resigns and you lose the portfolio of hundreds of properties. 

Ange
Or maybe a job turns sour. These challenges can feel overwhelming, but it’s not what happens to us that defines us or our business but how we react to those situations. 

Andy
And the key to managing these ups and downs lies in how we handle our emotional responses. And before you get all funny, because I said the E word emotional, we actually have real practical steps for you today that will help you move through whatever problems you’re facing in business right now. 

Ange
Yeah, that’s right. We’re going to unpack this topic and share with you a really simple three step process that will help you navigate these challenges effectively.

Andy
Okay, let’s get into the show. You’re listening to The Tradie Show. This is the podcast for trade business and contracting bosses like you who want to lead with confidence, make more profit and create a better lifestyle. 

Ange
We’re your hosts, Andy and Angela Smith. Husband & wife team and co-founders of Lifestyle Tradie. Are you ready to have some fun? 

Andy
Hell yeah! 

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So let’s kick things off by talking about the business roller coaster. No matter how long you’ve been in business, whether it’s one year or 10 years, you’ve likely experienced the highs and lows of business and it’s just part of the journey.

Ange
Yeah, exactly, Andy. So one moment, everything seems to be going perfectly. Your team is performing well. You’re landing new customers and the revenue is flowing in. And then out of nowhere, something happens that throws everything off balance.  

Andy
It’s like a brick between the eyes, isn’t it? 

Ange
Yeah. 

Andy
We’ve seen it. The important thing is, it’s not what happens to you, but how you react to it that matters. 

Ange
Yes. It’s a reminder that while we can’t control everything that happens, we can control our response. 

Andy
Yeah. I remember a time when one of our leading managers decided to move on. And you know what? He was a cracking guy. He was highly schooled and he was a great fit for our team culture. It felt like a real kick in the guts that we just weren’t ready.  

Ange
And then there are economic shifts, right? That can impact your business overnight. Think about what happened with COVID-19, this massive pandemic. It affected businesses worldwide, causing a huge amount of uncertainty and massive stress. And many of us had to rethink our strategies. We had to adapt to new regulations and find ways to keep the business afloat during a lockdown. 

Andy
But you know, it’s not just about these big global events more often than not. It’s the smaller things, unexpected things that can really throw you in a loop. 

Ange
Yeah. Like when a major project suddenly gets canceled or when your equipment breaks down at the worst possible time. 

Andy
Yeah, a mate of mine just recently talked about how he had three building projects on the go, and he was going to be lined up for work for the next two years. And before he knew it, all three of the projects got postponed for various reasons. And now he had a gap. That he just had no work. 

Ange
But being able to take those hits and keep moving forward, plus plan for the future, is what’s going to help you win in the long run. 

Andy
And that’s where our three step process comes into play. It’s designed to help you navigate these ups and downs with a clear, focused approach.

Ange
Yes, but before we dive into that process, I do want you to know, if you are personally experiencing challenges in business, you are truthfully not alone. And I definitely don’t want anyone watching your say, your competitors or even your friends on social media and saying to yourself, why does everyone else seem to have it all together or why aren’t they facing the same issues I am?

Andy
The problem with social media is that it tends to show a very skewed version of reality. And sometimes we get caught up in this. 

Ange
Yeah. Absolutely. Social media is literally the highlight reel of people’s lives and businesses. You see these big wins, the new customer deals, the happy team gatherings, but what you don’t see are the struggles, the setbacks, and the daily grind that everyone goes through.

Andy
It’s like watching a movie trailer and thinking you’ve seen the whole movie, but in reality those highlights don’t tell the full story. And this can make us feel inadequate or like we’re the only ones facing tough times.

Ange
Yeah, the truth is behind every successful post, there are many untold stories of hard work and late nights and yeah, even failures.

Andy
And I remember when we were running Dr. Drip Plumbing, we had our fair share of challenges, but you know what? I would have never ever, ever shared them on social media. 

Ange
So just remember, no matter how perfect their life or business looks online, social media is just a snapshot. It’s not the whole picture. Use it for inspiration and connection, but don’t let it define your self worth or the success of your business. 

Andy
So let’s talk about how we can manage our reactions to these ups and downs. It’s all about maintaining a positive mindset and using it to your advantage. When something goes wrong, it’s natural to feel an immediate rush of emotions like panic, frustration, stress, and that is okay.

Ange
Yeah. It’s human to have those reactions, but what’s important is how we manage those emotions and not let them control our actions. 

Andy
That’s right. And I remember losing a major client and it happened suddenly. And my first reaction was pure panic. I thought to myself, how the hell am I going to get working for the team? What is this going to do for a cash flow? How am I going to pay wages? It felt like an absolute disaster at that moment. 

Ange
And you know what? It’s a common reaction. But the key is to allow yourself that initial emotional response, but you’ve got to really quickly move past it. It’s about finding a way to calm down and think clearly. Everyone has their own methods, maybe for this. Some people may go for a walk. Others might need to literally punch a punching bag. Or maybe just take a few deep breaths. 

Andy
Yeah. For me personally, when we lost that client, I did, I left the office. I was pissed off. I was angry. I went to a local park, went for a walk around, cleared my head, and had a bit of a breather. I stopped the panic attack and I thought, well, how the f*ck am I going to fix it? And once I switch from that and I calm down, you actually start thinking rationally about the next steps. 

Ange
I can’t emphasize how important this is. Your initial reaction doesn’t have to define your approach to the problem. It’s literally just the starting point. So once you’ve allowed yourself to feel those immediate Emotions, it’s time to move into a more productive mindset. This is where the concept of neutralizing your emotional state comes in.

Andy
Yeah, that’s right. And neutralizing your emotional state means bringing yourself to a point where you’re not overly positive or negative. It’s about being in a balanced place where you can assess the situation objectively.

Ange
Well, one technique we often recommend is a simple breathing exercise that you can literally do anywhere or anytime. It’s called box breathing. Actually, it’s really straightforward. You breathe in for three counts through your nose. You hold for three seconds and then breathe out for three counts via your mouth and hold there for three before you repeat the whole thing. You’re literally tracing the outline of a box with your mind. How about we do it together? Are you ready? 

Andy
Oh, well, we’re turning the podcast into a meditation session today, are we?

Ange
Well, look, I’m no meditation teacher, but when you know that the likes of the Navy SEALs, first responders and elite athletes are taught this to gain focus and manage stress.  Well, you got to take note, right? So seriously, let’s do it. Are you ready?

Andy
Okay. I think so. 

Ange
Now imagine a box, four sides. We’re going to trace it while we breathe. All right. Get ready. Breathe in through your nose for three counts. One, two, three. Hold it up here for three. One, two, three. Breathe out by your mouth. One, two, three.  Three. Now hold down here for three. One, two, three. Okay. Just stop for a second. Did you imagine tracing the outline of a box? Make it simple, hey, to concentrate. 

Andy
Yeah. I had a vision of a box.  

Ange
Okay. Ready? Let’s do it one more time. 

Andy
One more time.

Ange
Breathe in through your nose. One, two, three. Hold for three. One, two, three. Breathe out by your mouth. One, two, three. Three. Then hold here. One, two, three. How are you feeling?  

Andy
Oh, I’ve just got this vision of this box and I totally feel Zen now.  How amazing. 

Ange
Awesome. You know what? Super simple exercise that helps get you focused and brings your mind back to a neutral state. You can do it anywhere. That’s what’s important. And once you’re there, you can start thinking about the situation you’re faced with, with a clear head instead of absolutely losing it.

Andy
Yeah, I know I make a bit of fun of it, but I’ll do whatever helps me make better decisions for business. And better decisions have a huge effect on how much money and time and lifestyle you have. 

Ange
Okay. Now that we’ve covered how to handle your initial emotional reaction and how to gain immediate control of your mind, let’s talk about the importance of maintaining a positive mindset.

Andy
This whole positive mindset thing isn’t about ignoring the challenges or pretending everything is perfect. It’s about finding real ways to deal with those challenges and looking for opportunities when sh*t gets really hard. 

Ange
And positivity doesn’t mean you have to be overly optimistic all the time either. It’s actually about being realistic but hopeful. So for example, when we were dealing with financial challenges in Dr. Drip, it was actually tempting to focus on the negative. But instead, we chose to see it as an opportunity to reinvent ourselves and the business. 

Andy
Absolutely. And remember, positivity can be contagious as well. And as a business owner, your attitude sets the tone for your entire team. 

Ange
Yes. 

Andy
And if you approach challenges with a can-do attitude, Your team is more likely to follow suit and stay motivated. It’s all about creating an environment where problems are seen as opportunities to learn and to grow. 

Ange
Couldn’t agree more. So one of the biggest lessons we’ve learned is to always look for the silver lining. Every setback has a lesson or an opportunity hidden within it, right? So for instance, losing a big customer can be devastating, but it might also push you to diversify your customer base, making your business more resilient in the long run.

Andy
That is a cracking point, Ange. And finding the positives in these negative situations isn’t always easy, but it’s a skill that can be developed. It starts with catching yourself when you begin to spiral down that negative thinking and you remind yourself of past challenges you’ve overcome and the strengths you’ve gained along the way.

Ange
Yes. This is where having a support system comes in handy. Talking to your mentors, your peers, or even friends and family can help you gain perspective. They can remind you of your strengths and help you see the situation from a completely different angle. Sometimes just verbalizing your worries can reduce their power over you.

Andy
And this is one of the reasons we started Lifestyle Tradie. And one part of the membership is that trade business owners come together three times per year to our live events. And it gives everyone a chance to ask questions and problem solve. And we have different activities over the days. But you’ll also see groups meeting in between our sessions. We do mastermind sessions. And by doing that, that community feel grows and you realize everyone has either been in your position or they’re going through it right now. 

Ange
Yeah, I love that about our live events. So many of our members mentioned that this is one of the most valuable parts of the community that we’ve built because being a trade business owner can be really lonely.

Andy

And let’s face it, sometimes us tradies out there in the real world are so secretive about what’s working for them. Whereas in our community, everyone’s there to lift everyone up and make everyone better. 

Ange
And you know what? It’s really important to make sure you celebrate these small wins. Taking note of these little victories along the way can boost your morale and keep you moving forward.

Andy
Whether it’s resolving a minor issue, getting positive feedback from a customer, or simply making it through a challenging day, these small wins all add up. And this is another thing that we make our members do each week. And I want to share a few of you if that’s okay. 

Ange
Absolutely. Let’s hear them. 

Andy
Okay. So one of our members, Gary from South Australia says, I just sat down with our accountant to finalise our tax for our last financial year, to discover that we exceeded our stretch income goal. How amazing is that?

Ange
Yeah. Wow. Love that.

Andy
The next one is Ashley in Perth that says, finally, I’ve got my boss office built for less day to day distraction. And the biggest win with it is getting the dashboards permanently up on the wall. 

Ange
Yeah. Wow. I loved the photo he shared with that one too. That was epic. 

Andy
Then we’ve got Tim from Sydney that said he just hired a second year, mature age apprentice that seems to be an absolute gun. 

Ange
Well, I’ve got one from Jared from Brisbane and he wrote the biggest trading week we’ve ever had. And no one had to work Saturday. So the team’s motivation and kicking goals.

Andy
And as a business owner, no one really pats us on the back to say, Hey, great job mate, or gives us helpful advice like, Hey, we did it this way. Maybe next time you should do that. So, having that support is quite the game changer for many of our guys. And guess what? We all know it. You ladies are much better at supporting each other traditionally, but us blokes, we still have a long way to go.

Ange
So now that we’ve established the importance of a positive mindset, let’s move on to the heart of today’s discussion. This three step process for handling challenges. The three steps are detective mode, solution mode, and action mode. And each step is crucial, but together they form a powerful framework to keep your business resilient and moving forward.

Andy
Let’s start with detective mode, and this is where you assess the situation objectively, and when a challenge comes up, you want to gather all of the facts and understand the full scope of the issue. Imagine a bomb has just gone off in your business. Your first instinct might be to react and fly off the handle and carry on like a pork chop.

Ange
You’d never do that though, would you Andy? 

Andy
Ah, never, not me. Maybe a couple of times over the years, but what I do recommend is to stop, breathe and start investigating what went wrong. 

Ange
Yes. And you need to do this with a very calm demeanor. No need to stress out the team for no reason. Remember, they vibe off your energy. So don’t give them a reason to react negatively. 

Andy
Yes. Agreed. And the first step in detective mode, you’re not making any decisions as yet. You’re simply collecting all of the data.

Ange
Yeah. You’re asking yourself things like what happened or why did it happen or how is it affecting different parts of your business? What are the immediate and long term implications? You literally need to be the detective gathering pieces of the puzzle. 

Andy
And remember, you can’t ignore the problem and hope it goes away because often challenges have a ripple effect. So what seems like a small issue can grow and affect other areas of your business if it’s not addressed properly in the first place?

Ange
Yeah, this is actually a really important point. Just like when you drop a rock into a pond and the ripples spread out far beyond that initial splash in business, a single issue can have the same ripple effect with far reaching consequences. You actually need to think about how it impacts your platform, money, marketing, and people, basically the whole foundations of your business.

Andy
For example, as we mentioned earlier, if you’d lost a big customer, the immediate effect is that you’re going to have lost revenue, right? But the ripple effects might include needing to reassign your team to other jobs, adjusting your cash flow projections, or ramping up your marketing efforts to attract new customers.

Ange
Yeah. So once you’ve gathered all the facts and you’ve understood the potential ripple effects. It’s time to move into solution mode and this is where you start designing a plan to address the issue. It’s actually about being proactive and thinking strategically about how to turn the situation around.

Andy
And I love solution mode and I know the majority of males out there find a problem. I’ve got a solution for that. And then you need to design a clear and actionable plan. Start by asking yourself, what are the possible solutions to this problem? What’s the best case scenario? What’s the worst case scenario and what’s the most likely outcome? Now you’re prepared for all possible outcomes so you’re not caught off guard by anything else. 

Ange
Yes, it’s also important to involve the right people in this process. So if you have a team, bring them into this brainstorm and discuss potential solutions together. Because everyone has a different perspective and definitely different insights to the situation. And therefore involving your team can lead to far more innovative and effective solutions. 

Andy
Absolutely. And once you have designed your plan, you need to break it down into actionable steps. Who needs to do what and by when? 

Ange
Clear communication is key here. Everyone involved should understand their roles and responsibilities and what’s expected of them. And you know what? Remember that this plan isn’t set in stone. Be prepared to adapt and adjust as you move forward. 

Andy
I mean, these are lessons, aren’t they, for life, really. Your environment is constantly changing. Be prepared to be flexible. A good plan also includes contingencies. Think about what you do if things don’t go as expected and what is the backup plan?

Ange
Yeah, all good thoughts. So to sum it up, solution mode is about being proactive, strategic, and flexible. It’s about designing a plan that addresses the problem and prepares you for the future. 

Andy
And once you have your plan in place, it’s time to move into the final step. Action mode!  

Ange
So in action mode, clear communication and accountability are key. Make sure each team member understands their role and the timeline for completing their tasks. 

Andy
And this is where leadership really comes into play. As a business owner, your team looks to you for direction and motivation. It’s your job to lead by example, stay calm and keep everyone focused on the goal.

Ange
Agreed.  Your attitude will set the tone for the entire team.

Andy
One of the most important aspects of action mode is ensuring that everyone brings their A-game. This means not just in terms of skill, but also in attitude and dedication to the task at hand. You need your team to be fully committed to executing the plan and that requires clear expectations and regular check-ins.

Ange
So a suggestion is to do this by setting up regular meetings to review progress, address any issues and make necessary adjustments because this keeps everyone on track and ensures that any problems are dealt with promptly. It is also a great way to keep the team motivated and aligned with the overall goal.

Andy
Finally, once the immediate challenge has been addressed, take some time to reflect on the process. Ask yourself three quick and easy questions. What worked well? What didn’t? How can you improve for the next time? 

Ange
It’s all about learning and growing. Every challenge is an opportunity to improve your processes and strengthen your team. Use these experiences to build a more resilient and adaptable business.  

Andy
It’s Tradie Dilemma time and this is our Q&A segment where you let us know what you’re having trouble with in your business and we give you our best advice. 

Ange
Okay, so today we have a question from Leanne in Victoria and she writes, I’m absolutely drowning in admin in our landscaping business and I’m looking to hire someone in the new year. How much do I pay for a virtual assistant? Is it hourly or is it based on tasks? And what tasks should I outsource first? Because I’m not even sure where to start. So, Leanne, in response to what you pay for a virtual assistant, it really depends on how much work you’re trying to get them to do. So, You may decide that the workload, uh, caters for two days a week, or you might decide it’s full time. And therefore, we may need to understand your personal situation a little bit better to be able to give you a proper answer. 

Andy
And in regards to what I should outsource first, it’s really hard to even know where to start there. But I will say this, if you were going to use overseas, I’ve never been a fan of doing bookkeeping and finance overseas. I know some people do. I’m just not a fan, but where I would start with is outsourcing your bookkeeping here in Australia, New Zealand, that would be the first option. And then after that, you’ve got to really go through your day to day things you’re doing your business and find out where you really need a hand and then go from there. An Absolutely great question. I hope I’ve answered it for you. 

Ange
Thanks for writing in and sharing your dilemma Leanne. Remember, if you have a question or dilemma in your business, then reach out to us and let us know what we can do to help.  

Andy
Subscribe to The Tradie Show, wherever you get your favorite podcasts. Rate and write us a review or for more information about Lifestyle Tradie, head to lifestyletradie.com.au.