Over the years, we’ve experienced tough times in business and we’ve certainly helped a lot of businesses to get through tough times as well. From these experiences, there are 5 non-negotiable things that have continuously proven to be the most helpful to get through these tough times.
The sooner you implement them, the better.
The climate of the business world is a bit like a rollercoaster, right? Ups and downs, exciting times and scary ones — but it’s why we love being entrepreneurs isn’t it?
In case you’re going through some tough times right now, this post is for you (and probably someone you know!)
Get Through Tough Times in Business
Before we dive into the 5 non-negotiable ways to prepare for tough times, know that this is something that should be continuously worked on. We never know when we’re blindsided by a downfall or things that happen out of our control (2020 proved that 100X over didn’t it?).
So, knowing this — make sure you are working to always prepare your business.
Connect with a Mentor
If you have someone who you respect, trust and who you know has been through a similar challenge, why not reach out and ask for help. Be upfront with them, clear about the problem, exactly how bad it is and what help you need. You can’t expect them to take on your problem, but having them to talk to, and to offer advice on how they got through their own challenges could be exactly what you need.
Additionally sometimes, it’s even just helpful having someone to bounce ideas off of or debrief with is helpful.
Invest in Yourself
Just as we believe that it is an important time to invest in your business it is also an important time to invest in yourself. This means learning new skills through books, seminars, bootcamps, mentoring, coaching, courses, really whatever it takes. To do this you need to invest time and in some cases, money. It can feel like a scary time to invest however, it’s during the slower times that skills can be refined and/or mastered.
That way, when things start to climb again — you’re ready.
Stay Connected with your Customers
It amazes us that when times are tough, many businesses actually stop serving their loyal customers. Businesses in a negative headspace lose far more customers than they should, which of course makes matters worse. During tough times is when you should focus on building solid relationships with each and every customer.
You should be communicating with your customers, engaging them, finding out what is going on in their world and above all else, become very clear on what your customers need from you.
Facts over Fiction
In the middle of tough times it is really easy to start freaking out based on ‘what could be’ or, ‘what might happen’ as opposed to what actually is. It is critical to get all of the information about what is going on and to deal with facts only.
Most of the things we worry about never actually happen, so keep a good pulse on facts over fiction.
Whenever you are up against tough times, the single most important thing to do is take action. Sometimes we we want to curl up in a ball and almost feel frozen on the spot. The problem is that if we don’t take action, things will always get worse and they will get worse much faster.
Being in business is a marathon, not a sprint. What things are you doing to prepare for tough(er) times?
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