There is no one in this world that has been spared from having to face challenges in life. But these are not given to us to make us weak and be disheartened. These challenges that we need to go through are stepping stones on how we can slowly reach our goals.
Whether they are personal or business issues, we all need to take up the challenge and be ready for a journey that will change your life.
Being an entrepreneur, there are so many challenges that we need to face. Even before a business starts, no matter how perfectly you have made your plans, sometimes, things just don’t go according to what we have planned.
However, one must learn how to create a Plan B just in case Plan A would not work. You wouldn’t want to just quit the first time you come across a problem, would you? Just imagine the hard work you have gone through – the time and money that you have spent. There must be something that you need to discover to make things right.
Sometimes, it is not a company’s fault that their business fails. Due to deep economic changes, every business will surely be affected, in which, they must learn how to turn around things and make something out of the current situation.
Every entrepreneur, whether they are new in the business, or a seasoned veteran trying to get back on track, must do things differently in order to survive.
Thinking of making a change does not have to deal with having to change the fundamentals of the business. The commitment, vision, persistence and basic business skills will always come in handy. The only difference would be on how a certain situation should be treated or approached. Therefore, new strategies are required that should be designed to work in conjunction with the changing business climate.
Being exposed to so many entrepreneurs having various kinds of businesses, I had a chance to create and implement strategies which I have learned how to deal with. Knowing what would work and what would not have become much simpler to determine… all because I took time to perfect my craft, being in the consultancy business.
Let me share with you what I have learned from my years of being in the business which I am sure will also be a great help on your end.
1. Create a business plan. Lay out everything that you need to do for the business, by carefully selecting which one should be given more priority. You will need to outline your objective and strategies, a sales and marketing plan, financial capacity, etc. You should be able to have an idea of how much would the business cost you, if you have enough resources to put it all together, etc.
2. There is always a room for change. As I have mentioned, sometimes, things happen beyond our control. Sometimes, we may have overlooked a certain spot in our plan that made it unsuccessful. You can always make some revisions on how the business should work. Sticking with the original plan which has obviously not given you good results is definitely a waste!
3. Open your heart and mind. Being in a business, as I always see, is something that you need not be alone. There are others that can help you build your business to become successful. You should never think of yourself having all the knowledge that you would need to sustain the business. Never be afraid to seek help or advice from others, most especially those who have been in the business for quite a while. Listen, understand and learn.
4. Make it a habit to keep track about everything. You don’t need to do everything since there are people that can help you with that. However, as a business owner, you need to know how each of your department works. You have to check and make sure that everything is running according to plan. Have a close eye on your finances. Ensure that you hire people that you can truly trust.
5. The virtual world is your best friend. Having multi-media exposure for your business can do wonders! Learn how to play the “game”. The internet offers a wide range of opportunities for businesses to be known not only within their localities, but as well as to other places. Make the internet as your invisible hand in reaching out to your customers.
Better engagement can be achieved when a company has time to listen to suggestions given by their customers. Hey! It’s free business advice. Customers know what they want. Therefore, businesses should also consider hearing out from their customers which can be helpful for the improvement of sales of the business.
6. Reinvent your business. You can come up with something that would tickle the minds of your customers. Think of ways on how you can encourage more people to patronize your business without compromising the quality of the products and services that you offer.
The steps may seem easy, but you have to understand that as you go through this, there would always be something popping up every now and then. Be prepared. Be calm. Don’t be afraid. Just imagine how the big names in the business have become today. They were not overnight sensations. It took decades to build their name. If it wasn’t for their determination, we might just be shopping at small stores today.
When things go wrong, as they sometimes will…. DON’T QUIT! Take up the challenge and face it!
Get The Business Mentor’s latest book “35 Tips On Business” available on E-book and paperback at www.amazon.com
(Armando Bartolome is known as the Philippines’ Franchise Guru, a mentor to numerous micro entrepreneurs who are now themselves big names in the industry. This article is reposted with the author’s permission and was previously published on The Business Mentor column posted by ABSCBN News. For questions and more information, you may contact Armando “Butz” Bartolome by email: philfranchiseguru@gmail.com or on Twitter @philfranguru. His website is https://www.gmbmsglobal.com/ )