Every business has highs and lows. It is how you deal with the lows in business that will matter in the end.
Being around my family’s business since I was a kid (6 years old) I have seen plenty of ups and downs in the life of businesses. It is important to always keep in mind that the choices that we make in both life and business have consequences. The weight of those consequences varies greatly on how much you are willing to gamble with the future. Today I’d like to talk about three steps to refocusing and how to deal with the lows in business.
1. Take a step back.
You got to where you are in business for a reason. It most likely did not happen by accident. Making the right decisions at the right time generally leads you to a path where you can do more of what you are really good at. So when things start to seem like they are going sideways, I want you to take a step back from your business. Being able to see the reasons for a slump sometimes require a higher overview or a different perspective to be able to really see where the issues lie.
Be prepared to take a short break. I know that this can be the most difficult part of the process. When things aren’t going right we tend to want to jump in head first and try to fix the issues as quickly as possible. That works well when you are catching the issues before they become real issues that start creating measurable slumps in the business.
Clear your mind of the business. The reason for this is because if you are grinding away day after day in your business you are going to be too close to the challenges to see the real root causes for the issues causing the slump. I want you to give yourself the permissions to have the space to think and work out complex solutions for complex challenges. You need to shed the weight of the hypotheticals and stress of the situation to help give you a fresh set of eyes and more importantly a positive mindset.
Sometimes you don’t need to go for a long vacation to find solutions. You just need to find the reset button for yourself. In my case, going to sleep or going for a long run opens my mind up to get in the right headspace to relax and concentrate.
Again, this can be the hardest step in the process. So stay strong when it comes to taking a step back. Remember hitting the pause button is not hitting the stop button.
2. Analyze the data.
Now that you have a clear head to think through the challenges you are faced with. Start taking a look at the data that you have related to the current challenge with fresh eyes and mindset.
Being in business and having success is great on many levels. One of the best aspects of having a successful business is that you should have plenty of data to pour over. This will enable you to be able to look deep into the inner workings of your business. This is more complex than just “knowing your numbers”. If you really want to deal with the lows in business, then you need to know how to apply the numbers.
This way you won’t be guessing or “throwing spaghetti at the wall to see what sticks” when it comes to pinpointing possible solutions.
3. Don’t be afraid to try something new.
Now that you have some potential solutions to deal with the lows in business. It is time for you to take action on the solutions. Do not be afraid to expand the horizons of your business. Trying something new as a pilot program can help generate interest and buzz with your business. I would caution against making too many drastic changes all at once.
Introduce changes to your business as part of an overall plan. Have team members buy into the changes so you don’t rock the boat too much with them all at once.
Of course, drastic times call for drastic measures but hopefully, you have done your part to pay attention. This way you aren’t faced with such a dire situation.
Let’s Wrap It Up
Bad times are potentially always around the corner when it comes to business. It is how we deal with the lows in business that matters the most. Being able to give yourself the headspace and positive mindset is key to starting the process of discovering solutions to the toughest challenges. Take your open mind and positive mindset with you to look over your numbers and data. Giving yourself the opportunity to see things from a new perspective. This will aid in your ability to see something you might have missed prior. Form solutions based on the data, knowledge, gut feeling, and a focused mindset. Now you are ready to build out a plan to roll out your solutions and take action!
Want help dealing with a slump in your business?
I have been working with business owners for over ten years and can help you design and implement the best plans to help you “deal with the lows in business”. Fill out the form below and I will reach out to you within 24 hours to schedule a call to find out learn more about you and your business’ needs.
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