Hardships can affect even the most successful businesses. If you’ve recently suffered a major setback within your company, it’s okay to feel discouraged. While hardships can be tough, they shouldn’t stop you from bouncing back.
If you’re ready to pull your business out of a rough patch, read on for four tips to help you get back on your feet!
#1 GO BACK TO YOUR COMPANY’S ROOTS
If your business has come this far, there’s bound to be something you’ve done right. Sometimes hardship comes when you’ve strayed away from your original concept. If you’ve been testing out some new ideas that seem to miss the mark, try going back to your first business model and rework a new plan from there.
It’s important to remember where the heart of your company truly lies, and what sets you apart from rivals, such as:
- Your minimum viable product
- The service you offer customers
- Your unique brand image
- A niche market
The Bottom Line: If you’ve tried expanding in a new direction, it’s okay if it doesn’t work out! You always have your roots to ground you and push you toward success.
#2 UNDERSTAND WHAT’S NOT WORKING
Knowing what doesn’t work is equally important as knowing what does work. In order to bounce back from a hardship in your business, you’ll need to identify where mistakes were made and formulate a plan for avoiding them in future.
This may mean taking some time to:
- Brainstorm with your team
- Study market trends
- Analyze gross profit margins (GPM) with an app like Become
- Consult with your financial advisors
- Get feedback from a trusted client
The Bottom Line: Figuring out the root of the problem is the only way you can move forward and make the necessary changes to fix it.
#3 DONT BLAME THE CEO (YOURSELF)
In the face of hardship, you may feel a sense of guilt that everything is your fault. Taking on too much responsibility can be detrimental to your work as CEO, so it’s important to cut yourself some slack in this difficult period.
Oftentimes, businesses face setbacks that are not entirely in your control, and it’s okay to take these in stride without beating yourself up. In order to protect your mental health, you may want to try some of these relaxation strategies:
- Take a step back – Overworking yourself won’t produce solutions any faster. When your brain begins to feel overwhelmed by work-related stress, remember that it’s okay to take a break and calm down. Give yourself some downtime and then come back to the problem with a fresh mind.
- Have stress relievers on hand – Whether it’s a guided meditation on your phone or an herbal supplement, having something relaxing on hand can be a quick cure when workday stress becomes too much to handle. If you’re in need of a new product for your relaxation toolbelt, a CBDfx tincture will provide fast relief in a pinch.
- Spend time with loved ones – When your career begins to take over your entire life, you may start neglecting loved ones without even realizing it. Spending time with family or friends is a great way to recharge your batteries, and asking them for advice may offer you a new perspective on the issue at hand.
The Bottom Line: Just because you’re the CEO doesn’t mean you have all the answers. Let your team do their jobs as best they can, and try not to take the sole blame for every problem within the company.
#4 HAVE AN EMERGENCY FUND
Depending on the severity of this hardship, you may need some extra funds to pull your company out of it. Having a savings account set up in case of emergencies is a great way to cushion any blows to your profit.
Examples of situations where you may need to dip into your savings include:
- Broken equipment
- An audit from the IRS
- Failed marketing techniques
- Loss of a major customer
Any extra income or leftover budget money from finished projects should go directly into this account and be kept for a rainy day. Investing this money is also a great way to increase your company’s assets.
The Bottom Line: Set up an emergency fund if you don’t already have one. It may help you out in the event of a future setback. Try using a business banking resource, like Azlo, for additional tools and services to make saving easier.
YOU’LL GET THROUGH THIS
Setbacks do not equal failure.
Keeping a level head is crucial to bouncing back from hardship. Remember that dedication and hard work can go a long way. Don’t be afraid to reach out for help when necessary. Once you’ve come out on the other side, your company will be stronger in the long run.