In the spirit of our Houston Power Networking Event: “True Grit: The Power of Passion and Perseverance“, we at IAW are busy reminding our members to stay focused and energized to reach each and every business goal. May is an interesting month for many professionals. By now, 2018 is in full swing and this year’s obstacles and distractions have already reared its ugly head. This is the time of year when we fully realize if we are behind or off track in the year’s goals. Nothing discourages a corporate leader or business owner more than realizing that they just aren’t quite where they need to be to succeed! So the theme of grit and endurance is much needed and should not be taken lightly.
In this country 50% of small business fail within their first two years and 66% fail during their first 10 years of business according to the Small Business Association. There are a variety of factors that will cause a business to fail but you can count on lack of support and drive to always be amongst the devastating reasons that a business will close its doors.
So this month and every month count on our phenomenal IAW network to push you to walk in endurance, grit, and motivate you to never give up on your brand. We want you to excel and get through those annoying bumps in the road. A bad day, quarter, or even year does not have to equal the ending of your dream! Keep going. Here are our 4 favorite tips to never grow weary in well doing and endure!
We cannot control the obstacles that come our way but we can control how we respond to them. If something is not going the way we planned we must mold and adapt to survive in our new circumstances.. Did you run out of an advertising budget? Switch to utilizing social media instead. Are you forced to downsize and face losing valuable employees? Consider freelance positions or outsource from other less expensive sources instead! Are your sales slow? Research what your target market is more excited to buy and expand or alter your product line to fit the growing needs of your customer. Adapt. Adapt. Adapt! No business will have cookie cutter success you must always be willing to mold and evolve with your brand.
2. Invest in What Provides a Return
One common mistake that business owners often make is spending time and money in what does not provide positive, immediate financial results. Getting caught up in emails, meetings, and other tasks that look busy but do not hold financial value will put any business owner in a slump. And if you find that sales and public interest is lacking the best way to spend your time and dollars is in investing in the value of your product or service. Making sure your product exceeds expectations or rebranding to better appeal to your current and perspective customers is always smart and a good way to keep the passion about your business going.
3. Seek a Financial Boost
Fluctuating finances is extremely stressful for business. Before you give up and close your doors or get discouraged consider a financial boost. You can try traditional funding sources such as small business loans, business lines of credit, or get creative and seek investors and crowd source funding. There is also the good, old-fashioned family and friends investment request approach. Alternatively, you could host a sale or community event to draw in people and dollars. Research your many options. It can be stressful and exhausting but when your business is financially drowning you must face your financial deficit head on. A financial boost will give you the motivation and leverage that you need to push your company vision forward.
4. Remember your “Why”
Sometimes the biggest boost you can give your business is remembering why you started it in the first place! Hopefully your “why” is centered on long-term benefits such as quality of life, financial independence, and the direct impact a successful business will have on your family. If your “why” is based on superficial joys like clout or materialistic things you may find it harder to get through the hard times. Remembering why you love what you do is the best way to maintain your passion and to continue enjoying the fruits of your labor.
No matter what keep going! Your family and legacy depend on it. Join me in person and get inspired by many of our trailblazing members at our Houston Power Networking Event!
Are you ready to #dreambig in May? Join IAW by May 31, 2018 and save 20%!