Top 3 Tips to Overcome Tough Times in Business
Life as an entrepreneur isn’t easy, but it is gratifying. There’s nothing like being your own boss and in control of your time, income and future. But that’s not to say there aren’t going to be tough times.
People often say that when you’re a business owner, you’ve either experienced tough times or you’re going through tough times right now. Whichever side of the fence you find yourself, there is a way out. And, most of it has to do with your mindset and getting out of your own way.
So, if your business isn’t doing as well as you hoped, don’t throw in the towel just yet. Nigel Botterill is a leading business growth expert based in the UK. He has helped thousands of business owners double, triple and even quadruples their profits.
I can’t think of anyone better to help get you out of a tough spot in business than Nigel. He generously shares his wisdom with me in a 3-part interview series of Mi-TV (episodes 119 – 121).
Below, you’ll discover what he would say to an entrepreneur who needs a helping hand getting out of tough times in their business.
Seek help from someone who understands your situation
Nigel offered some words of encouragement when speaking about business owners who have fallen on hard or difficult times.
There is no problem or business issue that is brand new and solely experienced by only you.
There’s always going to be somebody out there who understands what you’re going through and can offer their support and guidance to help you through it.
This is a thought that Nigel takes comfort in because it means that there are people out there who know how to deal with your situation. You just have to, “plug into the right people.” When your business is in trouble and you’re not ready to give up, there’s nothing wrong with seeking help.
Someone who has the experience, knowledge, and understanding that you perhaps lack is a great way to help you step out of a tough spot. They might even be able to offer ideas and strategies designed to assist you in your situation.
If you can find one or even a select few people to help mentor you through tough times, it’ll make things a lot easier for you. You obviously can’t expect them to make your problem theirs, but they’ll be able to offer you possible solutions to help you ‘get your head out of the dirt and into the clouds.’
Always be learning
Most business owners keep up to date with their industry. They know what’s happening in the business and their competitor’s businesses. They know the trends and what products are selling and what ones aren’t, etc.
But what many business owners lack is the thirst for knowledge that expands beyond their business. They aren’t investing in themselves as much as they should. Nigel believes that while it’s important to stay on top of your industry, it’s also important to keep up with what’s happening in other places.
With technology constantly changing and more people shopping online than ever, you can’t afford not to invest in yourself and your business. Look to see what your business lacks and work to improve it.
If your website is dated and the CTA’s don’t work, change it. If your team isn’t performing to your standards, train them. Invest in the improvement of your business and even yourself as a business leader.
Learn new skills through coaching, seminars, books, mentoring – whatever works for you. You can’t stay the same forever and if you’re not growing alongside your business, you’ll reach a standstill were momentum grows stale.
The more you know, the better decisions you can make. So, always be learning and fill your head with as much knowledge as you can.
Take control of your situation
When entrepreneurs fall on hard times, it can be difficult to know what step to take next. What if it’s the wrong move for the business? What if everything comes crashing down and you’re forced to shut down?
Our minds can become cluttered with negative thoughts like this, but here’s Nigel’s hard-hitting truth:
“If you’re running a business in 2019, there’s no reason why you should be poor. There’s no reason why you should have to say, ‘I can’t afford that.’ There’s no reason why you shouldn’t be able to make decisions…because as entrepreneurs, we hold all of the cards.”
If you work for yourself, you don’t have a boss to tell you what to do. This means that you’re already in control of your time and how you spend it. If you don’t like where you’re at right now, change it. If it looks impossible, try and see it through a new lens and a different perspective.
It’s not easy to admit, but Nigel is right on this one. You become so fixated on your problems that you can’t see past them.
“If your work-life balance isn’t right, or the amount of cash in your bank account isn’t right and you’re an entrepreneur, then both of those things are your fault. It’s not your customer’s or your staff’s fault, it’s your fault. So, wise up and do something about it.”
I know it can be tough to hear something like this, but it’s definitely something to think about. As an entrepreneur, you probably have a lot more options open to you than many other people. All you have to do is find a way to get yourself and your business out of this slump so you can move on and continue to grow your business and serve your customers.
If you’d like to find out more about Nigel, you can visit his website to learn more about him and how he helps established business owners maximise their profits.