Small Business Saturday Blog

How Small Businesses Should Deal With Adversity

Monday, July 24 at 10:28Inspiration | Planning | Quick Guide | Small Business | Small Business Saturday

Credit: pexels

My typical approach when faced with adversity is to see every problem as having a solution. This healthy attitude helps me problem solve, and prevents me from wasting any time. These days, you are spoilt for choice with resources and advice that can help you navigate the testing first few years of your new business. This advice is useful regardless of what vertical you are in, so keep reading for some advice on how small businesses should act when faced with challenging situations. 

Don’t panic – find a solution 

As a small business owner, you are important as the leader of the team. A lot of responsibility rests on your shoulders. One of these responsibilities is the need to stay calm under pressure. Panicking will hinder you from staying level-headed and coming up with a problem to your solution, and it will make your employees stressed too.

Problem #1: Insufficient funds to make necessary investment 

Financial problems are common in businesses of all sizes. However, your finances may be a little more unstable if you are just starting up. It’s commonplace for businesses to make a loss until their third year. You need to pull up all of your data and analyse it thoroughly to determine where the leaks are in your ship.

Are any of your accounts or departments operating at a loss? Perhaps your clients aren’t paying you what you truly deserve for your services?

Here are some points for you to consider if you are running into financial hardship:

● If you feel you deserve more money for your products or services, consider showing your clients the great results you have delivered to them. Don’t be afraid to ask for more, within reason.

● Are there any projects or product ranges that just don’t yield enough of a profit margin? Take a look at this article for inspiration on ways you could cut costs, from shopping around for the best deals on your overhead costs, to embracing cloud technology.

● Have you thought about diversifying into different lines of business to supplement your existing revenue? Maybe selling your product offering online will help you generate the revenue that you need to grow? This is so easy to do – there are a lot of online store creators on the market for you to get set up in a matter of hours. Take a look at start up favourite Shopify, popular among SMEs thanks to its premium designs.

● Securing funding might be what you need to do when all else fails. This article has more information on these sources of funding, including loans and grants.

Problem #2: No time to make important changes to your business 

credit: Pexels
 
As a small business owner, you may find yourself feeling overwhelmed with the sheer amount of work and responsibility that comes your way. You need to be realistic about your workload and manage your time effectively. Here’s how:

● Delegate the tasks you feel can be handed on to your employees, once they have received proper training. This will allow you to focus on the big picture task of growing your business.

● Getting a good night’s sleep, exercising and eating well will help you stay focused and productive, reducing the time taken to complete important tasks

● Luckily, there are plenty of time-hacking apps available to help you with your time management. Toggl is great to keep track of how long tasks are taking you, and Rescuetime helps you understand your daily habits so you can focus and be more productive. Give these apps a try make your days go further.

The most important thing about the problems you face is to see every experience as a valuable lesson.

Make sure that you make a report for every problem you face and document exactly what your solution was. Offering your employees guidance on how to implement solutions is key here, too – communicating effectively with them will save you from encountering the problem again.

Victoria Greene: Brand Marketing Consultant and Freelance Writer. Victoria Greene is an ecommerce marketing consultant and freelance writer, working with large brands to help them blossom. She loves nothing more than sharing her knowledge with the world and encouraging entrepreneurial dialogue.

Categories:

Latest Posts: