It May Be Hard, But Don’t Give Up
Running a small business isn’t easy, even during the best of times. According to the United States Small Business Association:
○ 30% of small businesses fail within two years.
○ 50% fail within five years.
○ Only 25% of businesses last 15 years or longer.
Any small business owner will tell you that running a small business is challenging. When circumstances get tough, running a business becomes an even greater challenge. Throughout the years, many events have occurred that placed a squeeze on businesses:
○ The Great Depression
○ World War I and World War II
○ The Cold War
○ The 2008 housing market collapse
○ The 2020 coronavirus pandemic
During these difficult times, many small businesses folded under the pressure. They simply weren’t able to keep going. But many businesses have survived these incredibly challenging circumstances. Some of them have even thrived.
The point is that your business can make it through hard times. You’ll need to get creative. You’ll have to take decisive action. And you’ll need to make tough decisions. But you can do it!
Manage Your Mindset
● If your business is struggling, it’s absolutely essential to manage your mindset. When things get tough, it’s really easy to enter a downward mental spiral.
● As you work to stabilize and turn around your business, it’s important to maintain a positive mindset. A positive mindset also means that you are resolved to not give up. ● Almost every great business leader has endured struggles similar to yours. They are successful because they persevered and were resilient. If you want your business to succeed, you need mental toughness.
Follow these steps to overcome a negative mindset:
○ Pay attention. You need to be able to identify unhelpful mental patterns as they occur.
○ Question. As negative thoughts arise, question them. Is what you’re thinking really true?
○ Silence. Avoid allowing the same thoughts to keep stealing your mental energy.
○ Replace. As you shut down your inner critic, fill the silence with positive, helpful dialogue.
As you push through problems and challenges, remember why you got into business in the first place. Seek to tap into the emotions and desires that originally pushed you to create your business. Try a little bit more each day!!!!! You can do it!!!!!
