When The Going Gets Tough, The Tough Work Smarter (And Harder)

Maintaining my clients’ books and being close to their cash flow keeps me in the know about what’s going on with their business. I’ve got a first-row seat when things start to falter.

Adversity has happened to me too as I am sure it has happened to many business owners.

Everything is progressing seamlessly until it isn’t.

You lose a client, or they cut back. Perhaps they decided to shutter the business or take on new manager that has their own ideas about the resources they want to utilize.

In any case things take a downward turn.

You can panic or you can take action that can lead you out of the current situation and into a better one.

Here are some suggestions:

Assess the Situation. When faced with tough times in business, the first step is to assess the situation objectively.

Identify the root causes of the challenges and determine what factors are within your control. With a clear understanding of the problem, you can adapt your strategies and make necessary adjustments to stay competitive.

Prioritize and Focus. During challenging times, it's important to prioritize tasks and focus your energy on the most critical aspects of your business. This isn’t the time to “have your hands in everything.”

Look at actions that will provide you with your best ROT (return on time) and focus on them.

These might include:

Upping your networking efforts and evaluating what type of networking activities are most effective for your business.

Assessing your expenses and where you are spending your money, with an eye towards cutting out what is non-essential.

Reviewing head count to determine if you are staffed appropriately and take the necessary action if you are over-staffed.

Using social media more aggressively to gain visibility and recognition.

Reconnecting with old clients to determine if there is new work on the horizon.

Contacting with your existing clients to cross and upsell services and products.

Availing yourself of the many free or low-cost webinars and courses that can help you with ideas on how to re-invigorate your business and get through the tough times.

Once you have enough cashflow, consider bringing on resources that can assist you with the mission-critical parts of your business in which you are not an expert and / or require an outside opinion.

And, of course, it is essential to maintain a positive outlook. The positive energy will help you get overcome the challenges and fuel your comeback.