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Category - Resilience

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1
4 Tactics For Facing Setbacks
2
Business Owners’ Self-Care
3
Business Owners’ Resilience
4
Three Lessons For A Small Business In A Competitive Market
5
What Makes a Business Resilient?

4 Tactics For Facing Setbacks

Sooner or later we all face setbacks.

Some are not serious. Perhaps it’s a potential lead that you’ve been courting, and they finally make up their mind not to go with you. Sure, you’ve wasted some time, and sure you could do with the extra sales, but you move on to the next lead.

But what happens if it’s more serious? What happens if it’s a group of clients that represent half your business who decide to go elsewhere? What if it’s a fire, or a serious accident, or the death of a key person in the business? How do you face a serious, potentially business-breaking setback head on and come back from it?

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Business Owners’ Self-Care

Read the title and I’ll bet you’re all wondering what’s happened to me? Where are the step by step systems and articles I give you about how to build your business? What’s all this woo-woo “self-care” stuff?

Well if you really have been following me you will know that I constantly talk about the resilience required to own and operate a small business. In my online course “Start Your Own Business” I start with a module called “Your Personal Readiness” about making sure you know about the pressure and stress that comes with the success of entrepreneurship, and that you are set up for it.

Running a business is all about you – your idea, your vision, your drive….and your vulnerabilities.

While you (often?) celebrate wins, you can’t pretend it’s always a walk in the park.

So as a business owner, you need to stay healthy physically and mentally over the long haul to grow your business.

Here, I’m going to give you the 5 keys to ensuring that you “spend” enough on self-care through your business success.

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Business Owners’ Resilience

This week, I was reminded how stressful owning and operating a business can be.

A friend had a stress attack that seriously stopped him in his tracks. His doctor said that it could have led to a heart attack from the stress it put on his body systems.

Now, I’m not saying that it was caused by something in his business, but I know he works hard at the business, always looking ahead and thinking about his team, the business key indicators, and on how to improve the business. What I am saying is that for all of us, business is stressful.

As business owners we owe it, not only to ourselves, but to our families and loved ones, and to those who depend on us, to stay healthy and resilient. At the end of the day, resilience is about mental flexibility and the ability to adapt to change and uncertainty.

How do you do that?

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Three Lessons For A Small Business In A Competitive Market

It’s a tough world for small business out there right now. When you see global interest rates at record lows, you know the world economy ain’t exactly “booming”!

So if you own a small business and you see customers saving money and choosing wisely about how, where and when they spend their money, what can you do?

Well luckily we have three lessons we can learn from previous tough times.

The first lesson is how to cope with disruption. We know that whenever political, economic social, technological, legislative and environmental changes take place, old business models get disrupted. Take the old manufacturers of camera films – their business was being disrupted, so what did they do…or not do?

Then there’s the lesson about how people talking about you can carve a niche for your business. Early Apple computers became beloved by early-adopters because they “heard” so much about them.

Finally, what about the lesson from being able to provide customers with certainty. How many remember Coca Cola’s foray into “new” taste?

 

 

In a tough business world you have to innovate, stay relevant, and make sure people remember you – and you have to do it over and over again.

In a disrupted competitive market, small players can win if they offer a better customer experience.

Social media, depending on your small business, can be multiple times more effective than traditional advertising.

Find the right balance between flexibility and having established processes so that customers experience certainty, but also have a tailored experience.

Why don’t you go over to teikoh.com to check out more tips, tools, and resources to create powerful strategies, show leadership, and grow your business? Sign up by giving me your name and email and I’ll send these free ideas to your inbox every week. And trust me – I hate spam so I will never trade your details to anyone else!

What Makes a Business Resilient?

As an entrepreneur and small business owner, I know that you want to build a long term business to give you a great life with your loved ones, and to provide financial freedom and independence. In order to do so, the business you are creating needs to be resilient – resilient to bad fortune, bad times, strong competition, unpredicted hardship, and everything else, right?

So what makes a business resilient and how do you create such an ecosystem in your business?

Let’s get straight into it – in this video I give you the three characteristics of resilient businesses that I have distilled from over 35 years of working with small businesses and resilient entrepreneurs all over the world.

I truly mean it when I say that in my experience, all over the world and under any adverse conditions, the entrepreneurs and small businesses I have seen ride the bad times and not just survive but improve, are those who have those three characteristics. This means to me that they are common characteristics you need to have, wherever you are, facing whatever situation, in whatever business, selling whatever product or service!

If they’re common characteristics then learn from others and use their formula.

If you want to know more about how to grow your business into that long lasting dream, go to my website and see all the free tools, ideas, systems and downloads there.

You might also want to get my free download “Entrepreneur’s Business Health Checklist”, just click here.

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