When Your Business Is Not Doing Good
Every entrepreneur knows that all businesses experience a low period. A particular time where it feels like your business has hit a wall and you’re left with no energy to gather yourself and push through. You’re probably experiencing it without even knowing. Do you have fewer clients? You no longer feel excited about your products? Do you feel jaded? Do you feel as if you’re stuck and there’s no more room for growth? Is your business not doing good? If you’re positively experiencing any of these, then yes, you’ve hit a wall.
It shouldn’t worry you though as it is something that all the best entrepreneurs experience. Acceptance, however hard and painful, is key. Because it’s only when you’ve determined that you need help, will help flood in all different directions. It’s only then will you be able to gather your strength and signal for help. Even reading this post is a very good sign. It means you’re on your way to resolving your situation and we’re with you every step of the way.
To help you in fully bouncing back and gathering your centre, we offer you a powerful list of the top five things that you should do if your business is down and out. In applying the following, we’d assure you that your business will be up and about in no time! Cheer up, relax, and read on! You can do this!
1. Honestly Evaluate Your Problem
Do you even know what the problem is? Every problem has a solution. Every problem is meant to be solved. To effectively bounce back, you need to know what your problem is— problems, even. Use the downtime to seriously dedicate time and effort in figuring out what is wrong with your business. You need to be able to honestly ask yourself the following questions:
The more you reflect on your current situation, the more that everything would clear up. As things clear up, you will feel lighter. Once you feel lighter, you’d then have enough energy to find your centre and compose yourself in a commanding way.
If you have a hard time when it comes to honestly evaluating your situation and determining your problem, helpful business coaches like Bruce Frame business mentor can help you figure things out. Bruce Frame is a top business coach in Melbourne, Australia and he can guide you every step of the way in dealing with your business struggles.
2. Get a Break
You may think that now is not the right time to take a break, but in truth, it actually is the best time to take a break. Feeling stuck means that your brain needs an extra hand already. An effective help on your end is to give it a break that it massively deserves. If you’d allow your mind to be rid of things and problems that bother you, it could naturally and easily come up with the best solutions right at moments that you’re not even thinking of it.
Countless business owners have found themselves coming up with solutions and new business models right after going on a vacation. You are definitely not an exception so do give this step a try! You deserve it.
3. SWOT Analysis Your Way Out of Being Stuck
A SWOT Analysis involves the honest enlisting of your business’ strengths, weaknesses, opportunities, and threats. Having a clear delineation of the following will make problem-solving and moving forward way easier for you and your business. Conducting a SWOT Analysis will allow you to easily see the bigger picture and even gain an outsider’s perspective. Seeing the bigger picture will easily point you to blocks that keep your business from flourishing. It will also help you find the right solution.
4. Enlist All Your Options
Once you’ve identified your problems and issues, you then have to dedicate sincere time and effort in coming up with solutions. When coming up with solutions, come up with a comprehensive one that involves even worst-case scenarios. Such is important because it will totally clear your mind and allow for a good space for acceptance and calm to take place. Yes, you should enlist closing your business as an option. Writing it down will allow you to effectively face it and deal with it in the soberest and intelligent manner.
If you’ve figured out that the problem is in the kind of clientele you’re attracting, list down the traits of your preferred clients. The clearer the better. If you think that your products have seized from being relevant, you should then look for gaps and devise options and models for improved product strategy. If it’s you who’s simply feeling overworked, then hire a freelancer or extra staff.
5. Be Open To Changing
You are feeling stuck because something isn’t working anymore. When something isn’t working anymore, change is a must. A positive decision to change is the only thing that can control the trajectory of your business. Be open to new ideas and concepts as you won’t be able to move forward without the ability to change.
Go For It!
Focus and get on with the game! You just need time to pause and reflect. All the solutions are within you. You can do it!
Daniel Lummis is a marketing consultant and business entrepreneur working with Bruce Frame. Having started his own business he understands the difficulty of getting started and pushing your business forward. Bruce Frame can help with coaching and mentoring, providing his life advice for Australians over the last decade.