How You Can Revive Yourself & Your Business When You Are Almost Ready To Give Up?

Running a business has many challenges and it can take a toll on the business owner and their families. Thoughts of giving up on their venture is a common occurrence, yet there is a lot at stake to give up.

Solutions By The Panel Of Experts

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There are many challenges that come with running a business, and there are times they take a toll on the owner and the families as well. People often consider giving up their ventures but then there is a lot at stake and giving up may not be ideal.

According to Alicia Menkveld from a courage ambassador’s perspective:

“Success is not final and failure is not fatal. It’s the courage to continue that really counts.

” Every business owner knows that there will be challenges and there will be good and bad times. Owning a business is like a rollercoaster and things get out of hand.

There are five things that you can do to avoid the urge to jump ship and keep going with the business.

1. Remind yourself why you are doing what you are doing, and the purpose of the business. Think about the impact of achieving what you wanted to achieve.

2. Surround yourself with positive people (friends and family)

3. Do not get overwhelmed. Learn to say no and learn to share the load of duties. You cannot handle everything yourself, so ask for help to help yourself to get where you want to be

4. Do not become a victim, become a victor

5. There will always be new challenges to face and new objectives to achieve. So find a coach to help you fast track your journey to success

From a business wealth educators/business coach perspective, Rueben Taylor adds that,

“People can control action and attitude. You can choose your approach to the problem and what actions you would take.”

One of the first things you need to do is take a decision. Commitment is the first step. Ask yourself if you are committed to the business or not.

Have a plan for what to do if things are not happening for you. In business, numbers tell the story, so get a clear idea about where you stand and why things are not working accordingto plan.

Usually, the problem is cash flow or poor planning. Target the problem and find solutions. Make decisions quickly, wasting time will not help so make the call right away and take measures. There will be tough decisions, but you must make them.

According to Craig Lampard from financial planning and growing wealth perspective, financial planning plays an important part in businesses and coaching clients is important. He said, “I think it is very important that if a business is experiencing problems, it should know what the real cause of the problem is.”

You need to get clarity about what is happening using a consultant, and discuss the problems of the business and find solutions. You have to find ways to make things work.

Businesses need marketing plan, cash flow budget and keep monthly check on your progress. It is true that numbers are important. If your business is struggling, you need to fine tune the weaknesses and strengths.

Look at the processes involved and systemize them. Customer satisfaction is important; hence, you need consistency. Therefore, you need to educate and train the staff.

Use technology to improve efficiency.  Find more clients, as they can help find better opportunities and build your business. Do not be afraid to expand the business or shrink the business depending on what you need to make the business work.

Watching the video will help you connect better with what the panelists have to say. Scan the QR Code at the top right hand corner of this page or visit www.YouTube.com/NifnexTV

 

5 HOTTIPS Alicia Menkveld:

1. Start with ‘Why’

2. Get support

3. Get someone to talk to

4. Do not give up

5. Get an expert mentor

Rueben Taylor:

1. Make a decision and commitment

2. Know your numbers; it helps you know what is working and what is not

3. Work a plan on paper

4. Get the support you need

5. Get mentors and connections to connect you to the market and focus on the market

Craig Lampard:

1. Find a mentor

2. Make a business plan. Have a marketing plan and cash flow check

3. Review your processes and look for information 4. Connect with clients to grow your business with opportunity

5. Don’t be afraid to review your service offering

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