The written exploits of others can certainly be inspirational, and there may be nuggets of wisdom contained within, but every enterprise’s journey is unique and requires the entrepreneur to chart their own course of action.
There is a classic tale that’s been retold in a myriad of settings in which someone finds themselves hopelessly lost in the wilderness. Without food, water, or tools, it seems as if they’re destined to become a casualty to the elements until they suddenly remember that they have in their possession a survival guide. Regardless of the terrain they’re facing, whether it’s the steaming jungle or a frozen mountain peak, the expert wisdom contained in the guide ends up providing them with the ability to withstand everything they’re facing and return to civilization.
So why isn’t there something like that for the struggling small business owner? To some extent, there is, as there have been countless books penned over the years by those who’ve had to overcome tremendous challenges in their own entrepreneurial journeys. These hardy souls have braved the seemingly insurmountable difficulties of trying to recover a business that’s in a hopeless tailspin, and they now want to share their story to help others who find themselves in similar straits.
But the reality is that there are no pat and easy answers when you’re desperately trying to pull your business back from the brink of disaster. The written exploits of others can certainly be inspirational, and there may be nuggets of wisdom contained within, but every enterprise’s journey is unique and requires the entrepreneur to chart their own course of action. What worked perfectly well for someone else may not be an automatic fit for your situation. There truly is no “one size fits all” approach that will work in every scenario. Unfortunately, adopting perseverance and a determination to figure things out is the only way to regain control of a turbulent business situation.
A cynical yet somewhat realistic perspective to embrace about small businesses is that many of them are temporary – some just stay in existence longer than others. Data compiled by the U.S. Small Business Administration indicates that approximately 20% of small businesses close by the end of their first year of operation. A staggering 50% end up not surviving their first five years. Statistics such as those can be incredibly daunting, but the flip side of the issue is worth considering. The fact is that 80% make it past that first year, and 50% outlive the five-year mark. The cumulative lesson learned from this is that operating a small business is risky and challenging, and while there are no guarantees as to what the overall longevity of any business will be, it is quite possible to survive and grow even in the face of great adversity.
The most destructive byproduct of a struggling business is uncertainty. For owners with employees, this means an undercurrent of anxiety that can permeate the entire scope of the operation. The sole proprietor may have to contend with personal stresses, but having a team of people in your employ now means that both your and their livelihoods are subject to the circumstances the business is facing. When facing the pain points of a struggling venture, the emotional toll can cloud your judgement and make it virtually impossible to foresee any solution to your current woes. This is unfortunate because nothing can be gained by having a morose perspective – if the boat is sinking, the only way to keep it afloat is to grab a bucket and start bailing.
Tight finances can be a significant contributing factor to business decline, and overcoming that obstacle requires both discipline and purpose. One common approach adopted by entrepreneurs is what’s commonly referred to as “bootstrapping,” a methodology that embraces making things happen on a dime. The good news is that this is an era of amazing low-cost and free options that are widely available and applicable to many facets of business operations. One of the first practical considerations in trimming the fat from your business model is to soberly appraise your expenses and eliminate anything that’s non-revenue-generating and inessential to you getting things done.
Technology is often a great stumbling block for small businesses, especially those without enough capital to invest in cutting-edge software and hardware solutions. If you need to supply your staff with laptops but can’t afford them, investigate refurbished units that might be available at a fraction of what a new one would be. It can be extremely beneficial to utilize Customer Relationship Management (CRM) software to help connect with the people you serve, but if you find the price tag to be a little concerning, there are methods you can employ using spreadsheets to compile and disseminate data. And if a Microsoft Office suite is outside of your budget, LibreOffice is a widely used freeware (that’s truly free) that will offer most of the same features and functionality of the more common tools like Word, Excel, or PowerPoint.
Another factor to examine if you’re struggling involves your service model – what exactly are you providing to people? Whether you’ve just launched your enterprise or you’ve already got a few years under your belt, the fact is that the temptation to diversify can actually end up contributing to your undoing. It might seem counterintuitive that wanting to offer more could be a negative thing, but trying to have too many irons in the fire at once might be spreading your financial and human resources incredibly thin. Concentrating instead on a few core components of product or service offerings can help maximize your efforts and narrow the focus of your delivery.
Having a tightly defined operating structure is only half the battle, though, because it’s also imperative to pay careful attention to the people on your team. Motivation and positive reinforcement need to be more than casual catchwords. It’s crucial to establish clear, attainable goals that can be reached in the short term to help foster a vision for the business to make a positive upward change. A succession of consistent, small victories will accomplish more for bolstering morale than will reaching for the moon and desperately hoping to eventually get there. If a journey of a thousand miles begins with one step, then a sinking business making a full recovery is built on slight but significant achievements along the way.
This can be a bit more challenging if you’re a sole proprietor with the full weight of your business’s survival resting on your shoulders. If you find yourself in that scenario, make it a top priority to seek out the wisdom of others who’ve been there and emerged safely on the other side. As mentioned previously, guidance gleaned from a book written by someone you’ve never met may end up not working for you in the way you’d hoped. It’s in this situation that you need to seek out a mentor, someone with whom you can directly interact to discuss the obstacles you’re trying to overcome. Just having the knowledge that there’s a personal relationship with someone who’s “in your corner” can be a game-changer in terms of maintaining your focus when things are stubbornly taking a long time to get resolved.
Whether you have a team of employees or you’re a solo act, it’s important to have a balanced perspective that can prevent you from becoming hyper-focused on the state of the business. If you operate completely in an aura of desperation, it’s impossible to be innovative, creative, or resourceful. A mentor can help to establish healthy parameters that enable you to address the challenges at hand without being completely consumed by them. And having someone who can provide an encouraging word at the bleakest of times is valuable beyond measure.
As you’re attempting to make the necessary course corrections for your business, don’t neglect the incredible benefit of closely interacting with the clients or customers you serve. Without them, there literally is no purpose to what you do, so your efforts will automatically intersect with their needs and wants. Therefore, you need to be diligent about ensuring that you’re adequately providing what they’re looking for. Take the time to dialogue with your customers or clients through surveys or organic conversation and listen intently to what they have to say. The relevance of your business is something that can only be determined by getting the perspective of those who send their dollars your way.
Business struggles can be disheartening, but they don’t need to be debilitating. Resolve to find a way to make things work, irrespective of what they may appear like right now. No business lasts forever, but with determination and conscientious oversight, yours can pull out of turbulent waters and continue to move boldly onward.
Don’t let uncertainty or isolation cloud your vision. Reach out to ValorExcel today for a consultation and discover how our expertise can turn your challenges into opportunities for growth. Visit our website at https://www.valorexcel.com/book-online, to book your power hour session where you’ll meet with ValorExcel staff to get started. You can also call us at 240-329-9387 or email us at info@valorexcel.com, Also, don't forget to check our recent videos on YouTube by clicking HERE. Contact us now to start your journey towards overcoming obstacles and achieving success. Your survival guide to business excellence is just a call away. ✨ #SmallBusinessSuccess #BusinessGrowth #EntrepreneurSupport #ValorExcel #OvercomeObstacles
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