Knowledge Based Articles

How to stay motivated through business setbacks


The biggest challenge when dealing with setbacks is understanding the source of the problems and redefining them as temporary challenges. The key here is to look and think about it differently. Below are some suggestions based on real experiences to help you overcome setbacks.

I started my second retail business and about a year into the business (still at pre-revenue and yet to breakeven) the financial crisis hit and I was left with all my inventory, hardly any sales let alone cover my expenses. I decided to stick with it for a while until such time when I realised this problem was not going away anytime sooner and I'd better "think differently".

Thinking Differently - The problem or challenges caused by economic uncertainties which you may have no control over and could not have anitcipated it - catches everyone off guard.

Tackling The Challenge - What are the options?
Shut shop, offload stock at cost or even take a loss, hold back and wait for a change or shift in the market or crash and burn.

The Decision Process - Impact and choices?
By looking at the prohlem as a challenge, you are able to minimise the impact on my finances - cancelling future orders, negotiating a wholesale agreement with other smaller outlets, dsmping down some of the stocks, closing down the unit and not forgeting, I still had unpaid bills and other costs.

The learning - In times of crisis, you need a cool head, and despite the difficulties, you still have to prioritise your actions.

Somehow, there is a blessing in every misfortune, but it takes a different thinking to get through it. It is only when you are able to grasp the key issues that had led to the problem, and also allows you to learn about what others were doing differently to weather the storm.

If you have a team, do bring the team along with you, discuss the issues, brainstorm ideas and most importantly, show leadership by involving them in the decision making to ensure everyone understands the process and shares in your ideals - what is best for the business and it's people.

Hope this helps and feel free to connect, share and get in touch if we can be of help.



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