How An Entrepreneur Can Stay Upbeat When Business Stallsadmin
We can certainly relate to this question having started our company nearly four years ago. There are a few things that we can prescribe to your situation that has helped us get through slowdowns as every business experiences it.
Every business has its ups and downs. That’s part of the process of going through the growing pains as a new company that lacks resources, credibility, experience and the list goes on. While you may be out to do something newer, better and more special than traditional service providers, you’re still going up against big brand names that have been around for many years and have a loyal customer base. It’s not supposed to be easy to disrupt the the big players. For one, you want to make sure you maintain an objective and level-headed voice as the leader of the company. Sure, the business will have bad and good days, but that doesn’t mean it should dictate your mental state. Your team will be looking your way for guidance and leadership.
Maintain an optimistic outlook
As a leader, it is your job to always maintain a certain level of optimism even when business drops during a week, month or quarter. Of course, you need to be realistic about your goals and monitor your business based on the actual numbers, but you should be productive and forward-thinking on what you’re currently working on and your future plans. Perhaps, you lost several clients this past month. Yes, that disappointing, but maybe there’s a reason for it as it’s caused by some flaw in your product, service or sales process. Identify the mistake, fix it and then win back customers in the future. This type of approach will help you maintain that positive attitude your team will be following.
Take full advantage of the opportunity
New entrepreneurs will always be tested. Those that truly believe in their business and are willing to put the work into it have a far greater chance of survival than those that succumb to pressure. That’s one of the problems with new companies today; the founders get discouraged too easily and quit. If you truly believe, then you owe it to yourself, investors, team and family to give it time and all of your effort before shutting it down.
BIDaWIZ is an online marketplace where small businesses can obtain professional tax, accounting and financial advice and services from a network of over 750 online CPAs, EAs, CFPs & Tax JDs. BIDaWIZ suite of services include the ability to ask professionals finance and tax questions for free, find an accountant online and work with them, and to subscribe to the premium tax and financial newsletter and knowledge base. Check out BIDaWIZ’s Google Profile.