By Henry Brown
Running a business is difficult, to say the least. While most other companies in your sector likely supports and sustains good relationships with you, a small part of them wishes they didn’t have the competition to contend with so they could expand their market share more easily. Of course, you likely feel the same way about others, even if your B2B connections are strong and at the end of the day, you’re happy that they’re around. Competition makes us better, after all.
That said, businesses are never entitled to success or competitiveness. They have to earn it, tooth and nail, until they build a segment of the market for themselves. For this reason, you’re not only likely, but absolutely destined to encounter hard business challenges after a while. Even the most steadfast companies had trouble with the recent pandemic, for example, showing that no business is truly safe from market changes.
In this post, then, we’ll discuss how to take that in your stride and to never lose hope. Resilience is perhaps one of the best qualities any leader can show:
Your brand can be adaptable
Never discount how your brand can pivot, restructure, downsize, pursue a new direction, or simply cut its losses on a wasted venture. Some of the decisions you take may be painful – for example some companies had to let go of parts of their workforce and adapt to online remote work in a matter of weeks during the pandemic – but the resilience a brand can show, save money, and gain operational funding through investors or balancing loans can be worthwhile. We’re not saying this is easy, but the proper attitude can chart a course even in dire situations; keeping that in mind can help you avoid catastrophizing.
You can use tools to fortify strengths & overcome weaknesses
It’s important to use tools to fortify your strengths and improve weaknesses. This allows you to be a leader constantly learning and being assisted in tasks you might not have the time to apply yourself fully to. For example, implement time tracking for agencies can help you better manage those in your employ for fair compensation, and as such you can manage more easily, or manage your management with shrewd decision-making.
Every failure is a lesson
Failure is never comfortable to deal with, and it can really sting for a time. However, if your business can withstand that storm, you can use it as a lesson to help reinforce your next foray into whatever project failed the first time. For example, it might be that you launch a simpler product next time around with scalability as the focus, or you commit to deep vetting research on a supplier before you take out a big and essential order with them. Always integrate those lessons into your approach and make no secret of them. This in itself can be inspiring and feel like a breath of fresh air when you resurface.
With this advice, you’re sure to never lose hope, even when encountering business problems.
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Henry Brown is an online marketing executive. When he isn’t talking shop, he’s roaming the streets of London, uncovering the extra-ordinary in the ordinary.
