Small business momentum for many company owners the last couple of years has been challenging. Fast forward to today, it looks like record inflationary times will bring additional challenges to our business environment. Yet here we are. We can decide to let these circumstances defeat us or remind ourselves that the current storm will pass. The real question is what you will decide to do about the present scenario. Are we still making the excuse that the economy or external forces won’t allow us to succeed collectively?
You can make several decisions that will propel you forward with momentum or keep you stuck in a rut.
To regain small business momentum, consider these ten factors:
Keep Morale upbeat. View downturns as ways to see what you can learn. When Elon Musk was trying to create a Space-x rocket, It exploded three separate times before he reached some level of success. He understood what didn’t work and improved from there.
Reflect on what’s not working while remaining patient
Are you targeting the right audience, and could your product be improved? Brainstorm improvements when things don’t go the way you hope.
Go back to the fundamentals to build small business momentum
What problems are you solving? Ask for customer feedback to ensure you’re on target with what they want and need solving. Check out our blog on the ten small business challenges.
Analyze the industries your clients are in
The pandemic has hit specific industries hard. Why not target some sectors that are less affected by the pandemic?
Adopt new perspectives
Surround yourself with others that can help you see things you can’t. Get a coach or mentor to help you gather a different perspective. Learn how to build business momentum with limited resources.
Evaluate current costs
Make sure you are not investing in efforts that don’t bring in a return on investment. Reallocate lagging budgets toward experimental initiatives.
Keep your emotions under control
When you make decisions in a negative emotional state, It can be a framework for a wrong decision. Keep a positive mindset when you evaluate why things aren’t working.
Reach out to customers
Consider sending out a survey to your existing clientele and ask them for their thoughts. Collect user data so you know why you are not experiencing positive results.
Be bolder with the company vision
You want to improve the chance for growth. Engage your teams to their full potential. It might mean many things, but it can bring valuable learning opportunities when you all put your heads together.
Your mindset is everything
It seems so much small business momentum revolves around the mindset of the leader. We tell ourselves different stories, some that support us and some that don’t. The great thing about attitude is that we can change our story anytime we want into something that can help us. If we think there will be a business downturn, there probably will be one.
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