Small Business: Handling Tough Times and Downturns To Stay Focused
Small business owners will face downturns in businesses, so it’s important to master the mental game of remaining focused so as to “work through” things when they get tough, and to come out the other side. A hallmark of successful businesses: Handling periods of slow growth, or contraction of revenue.
It’s a rare business that doesn’t experience rough patches. Small business owners can fall prey to temporary droughts and tough times. Apart from the obvious impact on your revenue, such times play havoc with your mental attitudes, motivation levels, and confidence in your ideas and business model. Here are some phrases you can use when times get tough that will help you turn around, both businesswise and head-wise.
- I believe in my business ideas, and I know that this is only a temporary setback.
- I will use this lull to look critically at my business practices and to improve them as needed.
- This is a good time to survey my competitors to compare how they are faring in this economy.
- I need to stay current with regard to new businesses that offer the same products or services.
- I can use this opportunity to take stock of my interactions with clients and employees to ensure that I’ve acted with
integrity in all cases. - It’s time to review my business plan to understand how I got to this point. I need to ensure that my market research is up-to-date.
- It is important for me to research the business trends of my products and services.
- Reviewing my market share will help me determine my next actions.
- Reviewing my financial bottom line will help me determine my plan of action.
- I need to evaluate whether we are doing things that are alienating our customers and suppliers.
- I need to consider bringing in an outside consultant so as to get a fresh mind-set in this situation.
- I need to recognize that any business has to change with time and that it’s time to evaluate our present plan and update it.
Small Businesses: Remember In Tough Times…
Remember that there will always be tough times, so remain focused on the goals you started with, and keep your eye on the prize. Be alert to signals that will tell you when you have to shift gears and directions in response to things like market forces, changes in competition, and other things that are often beyond your direct control.
