At some point, every business owner experiences a downturn. It can be a difficult situation but you have to be willing to make some serious changes when it happens. If you simply continue to do business as usual hoping things will change, you find yourself digging a deeper hole. At the same time, you have to be willing to do the work. I recently attended a conference where I spoke to several business owners. As we discussed what brought us to the conference and our business, everyone had stories of ups and downs and how changes were needed and wanted in our businesses.
But here is the thing, it takes hard work. Not the kind of manual labor it takes to run a business, but the kind of work that means you are willing to make a significant change to your thought process. It starts by revaluating your methodology, your business intelligence as well as your understanding of yourself. And that is the hard part. Being willing to assess what is and isn’t working and being willing to make the necessary changes is important. Many times we simple want to put a bandage on the problem. Not willing to reassess our choices and situation by taking a journey called “planning,” we simply we simply diagnose and treat without determining the real cause of the problem.
I recently addressed this issue along with other business owners in Successful Startup 101 Magazine. See what others had to say about dealing with downturns and how change is a process, not a result. http://www.successfulstartup101.com/overcoming-setbacks-within-your-business/
Shahara Wright is an experienced and highly sought after business law attorney and business strategist. She is the author of From Entrepreneur to CEO and host of the CEO Collaboration Circle. Shahara founded The CEO Effect, LLC to work with small business owners who want to implement strategy to build capacity.