Top Tips for Tough Times

If you’re a small business owner, you heard the statistics around failure in the first few years of business. Not very encouraging. Whether you’re in your first few years of business, or you find yourself in the middle of a global pandemic, we have some business survival tips for your small business to survive in tough times. Read on for our top 5 tips:

• Positivity

There’s no denying it. Walking through tough times is hard. Walking through tough times as a small business owner is extremely hard. This is easier said than done, but it’s worth the effort to maintain a positive outlook during tough times. Look for bright spots in your business. Are there ways you’re growing? Are your employees shining? Are there ways you could innovate? Are there ‘rainy day’ projects you’ve been meaning to get to?

Use the tough times as an opportunity to reflect and get better!

Pay attention to who you’re listening to, and spending time with. Are you surrounded by complainers? Chances are, you’ll start complaining too. Or, are you surrounded by positive people? Chances are, you’ll start looking for the good in every situation. A positive attitude can be a game-changer for your small business.

• Team up

If your business is slow, and you simply need more customers, reach out to other small business owners in your community and share each other's customers! Here’s an example: if you run a bakery, run a cross-promotion with a meat market in town. Maybe ‘trade’ social media posts about each other’s business and get yourself in front of more eyes. By doing this, you’re generating awareness, and eventually, more business!

• Write it down

You’ve probably heard all about setting intentions lately but putting your thoughts and experiences on paper really can be a valuable practice. Write it all down: the tough times you have experienced, how you got through them, who was there for you, what hurt you, what helped you, what you wished you had, etc. When you lay it all out, you can look at it objectively and you’ll know how to better prepare for next time. And, while it may not be another global pandemic, there will be a ‘next time.’ Life, and business, are full of ups and downs.

• Initiative 

Take initiative, take action, and get scrappy. Don’t sit back and watch things crash down around you. Doing nothing means inching towards the closure of your business. Put effort into finding new customers, refocus on your digital marketing, write a blog, clean the office, set a goal to make 20 phone calls a day. Whatever you choose, find a project to initiate momentum. That momentum will snowball into growth.

• Pay close attention

This probably goes without saying, but it’s worth reminding you that you have to pay attention to your finances. As a small business owner, we hope you’re always paying close attention to your finances but during a tough time, you need to really dial in your focus. Take a look at your financial reports is important. Find ways you can cut back. These ‘cutbacks’ could be as simple as swapping out the type of hand soap you buy for a more economical choice. Little changes add up over time, and, during a tough time, could make a big difference for your small business.