5 resuscitating strategies when knocked down in the market place
Being a newbie entrepreneur is similar to swimming with sharks in murky water. Depending on the industry you find yourself, the rule of the game could be – “Winner takes all” especially when offers exceed requests.
A win-win resolution is strange to some market players where competition for market share and dominance is intense. I trust, you wouldn’t desire to grow your business in such an environment. Unfortunately most businesses will find themselves in such situations provided they are in a competitive business and industry.
For first time entrepreneurs and those in a relatively new business environment, there will be near successes and probably messy flaws in the process of getting grounded in the game. If you’ve been knocked down but not out, here are a few resuscitating tips to get you back up.
Take a break
Most people just believe they must keep up the fight even if they know they’ve lost. This treadmill pattern only leads to more frustration. Taking breaks is not defeat but a time to reflect on past business difficulties and challenges. Breaks also help deal with mental fatigue, stagnation and burnout.
Cut your losses
At this point, you’ve decided that you’ve had enough and you’re willing to review your venture thus far. Most of the time, you have to be truthful to yourself to know when to stop. You can do this by introducing stop-loss limits to your trading activities. Start by reviewing all your cost centres and the ones that need to be reduced or closed down entirely. It could be expenses like fuelling, utilities, office supplies or investment in other capital projects. It could be anything. Work to rectify causes of losses or areas you’re expending so much in the business.
Review business plan
Business plans have been said to be the blueprint required to run a business, however, daily business reality negates the effectiveness of these blueprints. If it entails discarding the existing plan and drawing up a new one. Sometimes it’s humble to start on a clean slate.
Be open and flexible
Be open to ask for and receive help, that’s the starting point of openness as you make frantic efforts to receive support from a more senior person or mentor willing to offer you genuine help. You need to be careful on who to ask and receive help from, the reality is that some people would want to exploit you because of the seemly weak position you’re coming from. So be watchful and run away from self-serving business leaders.
Seek for partnership arrangement
This is often a proven way of getting back on your feet, you’ll always need someone to support you let alone in times of difficultly. It’s okay to actively seek partnership arrangements in an attempt to get back on your feet. It’s important to clarify the bounds of the partnership with the new partner(s) because you may desire a temporary arrangement or otherwise.
To get back on your feet will take some time, you’ll need to go through the resuscitation process one step at a time. Nevertheless, divinity will support you along the way and give you a better comeback story.