5 Steps by Smart Entrepreneur During Challenging Times

December 22, 2014

Last night, Thailand reign supreme against Malaysia in AFF Suzuki Cup 2014. They won a dramatic game with 4-3 aggregate over Malaysia. Read here for full coverage of the game. I watched the game last night and it was really intensed. The Malaysian team played it well when they managed to lead by 3-0. The last 15 minutes was the game changer, and the rest, as cliche as it sounds, was history.

In business, just like soccer, things are not always smooth sailing. No doubt, there will be hit and misses. But, sometimes losing is good. Yes, you heard me right. When we lose, it points out certain area of opportunity in our business. We’d ponder, perhaps, we need to retrain our people on customer service or maybe we need to revamp our marketing strategy and so on. Usually, we came to realize those opportunities when facing with business challenges. And what does a smart business owner or an entrepreneur do when facing difficult times?

Sharpen the saw

Enroll yourself in a seminar or convention or even buy yourself a business book that you find interesting. Business owner needs time to reflect and re-energize with new knowledge and ideas. When you go to a training seminar, you are able to network and learn from other people’s experience. No seminars or workshops could guarantee you success, but it could increase your knowledge and the chance to succeed. Well, as they say, “the goal in training is not learning but action”.

Re-train and re-coach

Typically during challenging times, most businesses would cut their training cost. Mostly view training cost as an expense rather than an investment. A smart business owner will take opportunity during bad times to re-train and re-coach its people. Take some time to identify the best performing individual in your business. An individual that could lead the change and become a coach for other people in your business. You need this type of individual for you to rely on especially during the re-alignment process. He or she must be able to help you and put in place the necessary business changes.

Strategize

A smart business owner will take some time to evaluate past performance and strategize for future achievement. This is crucial whether you are running a large corporation or a small and medium business. Size does not matter. Strategy needs to be planned, visualized and shared with your “coach” and internal people. Communicate that strategy with people around you. Make known to them so you are able to commit to that strategy.

Execute The Basics

Once you have the strategy in place, execute it well. The link to success is good strategy and great execution. For example, if your strategy to minimize employee turnover is by having a great retention program in place, make sure you and the whole team execute the program with “perfect 10 execution”. Create a checklist or a scoreboard to ensure every person in your team knows about it, why they need to do it and how to do it. The better the execution, the higher chance that the strategy is going to work.

Get a “coach”

No, I did not mean business coach from a certain franchise brand. A coach can be found from people within your circle. It could be your accountant, lawyer, friend, or family. Share conversation with business people that you trust and someone that could infuse you with energy, positivity and ideas. Frequent, focused conversation and interaction could churn out better ideas for your business.

 

At eXtracc, we love having conversation with business owners. We believe that an entrepreneur needs to embrace cloud accounting and computing as part of the business process. We’ve worked with many clients from various sectors of all sizes, but our passion is working with startups, single and multi-unit retailers (online or offline) and franchise based business. Call us at +603-7735 6024 or email us at office@extracc.com.my to learn more about our cloud bookkeeping and accounting service or go here for our pricing.

P/s: Even though Malaysia lost last night, they have shown a lot of courage and highly spirited throughout the game and I know that someday we’ll regain the title again like it was in 2010!