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2018-09-10 22:35:01How To Run Your BusinessEnglishWhen business is thriving, it can be a rewarding career path as you find the right customers and develop prospering business relationships....https://quickbooks.intuit.com/au/resources/au_qrc/uploads/2018/07/iStock-674892852.jpghttps://quickbooks.intuit.com/au/resources/how-to-run-your-business/how-to-overcome-adversity-when-business-is-struggling/How To Overcome Adversity When Business Is Struggling | QuickBooks Australia

How to overcome adversity when business is struggling

2 min read

Small business owners are all too familiar with the high highs and low lows that come with owning and running your own business. When business is thriving, it can be a rewarding career path as you find the right customers and develop prospering business relationships. On the flip side, when business is struggling, it can be really hard to keep pressing forward and pursuing your dreams. Here are five simple tips to help you overcome adversity as a small business owner.

1 Acknowledge the issue/s

Most small businesses, if not all, will go through substantial ups and downs throughout the years. When you’re facing adversity, whether it’s a small hurdle or a considerable challenge, the first step is to acknowledge the issues at hand. By identifying the key problem/s you are dealing with, you can better understand how to move forward. Define your main pain points, whether its issues with financing, staffing, resources or time management and then work on an action plan.

2 Seek expert advice

Once you have acknowledged the problems at hand, it’s time to take a step back from the everyday running of the business and look at your problems objectively. Source opinions from valued colleagues or business mentors on the best way to move forward. There is always someone who has gone through something similar and their insight can be invaluable. Make the most of your business networks and don’t be afraid to ask for help.

3 Reassess your priorities

Next, it’s time to reassess your priorities. Dealing with business issues head on is the only way to go. However, for many small business owners, it’s impossible to simply stop everything, as you need to keep your business up and running. Instead, figure out how you can manage your workload and still address your key issues. You may need to pull back from certain tasks or place some projects on hold. You could even farm out some work to a virtual assistant, while you take care of what’s most important.

4 Embrace change

It’s never easy to go through hard times, but if you can keep a good attitude and be open to change, it could even work out for the best. Operating a small business is not a static task, it is constantly changing and often with great opportunity comes challenges. If you are struggling with staff, take the opportunity to review your hiring process or if you’re disappointed with business growth, review your product, services and business model to see how you can improve.

5 Keep encouraged

Running your own business is a tough gig, but it’s so important to stay encouraged and remain positive – even in the hard times. Take a moment to look how far you’ve come, read kind reviews your customers have left you online or acknowledge the business growth you have had. It can be so easy to become fixated on the problem at hand, but to ensure you’re a great leader and business owner, you need to stay positive and always look forward to the future.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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