3 Steps to Saving Your Business

Save your Business

Yesterday, we dealt with the intersection between vision and reality.

You’ve decided that you’re not ready to give up.

You realized that your game changing get-rich-quick idea is going to take a little more time to mature than you thought. You’re ok with that and would like to hang in there. You can handle a get-rich-slow scenario. It’s the stay-broke-forever situation you’d like to avoid.

This is how you move forward in your new business reality…

Step 1. Re-Center

Get Your Mind Right

Your business is underperforming, your ego is shot, and you’ve probably been working 60 hours a week trying to put the wheels back on the bus. You’ve been taking a mental beating and are in no shape to look at things objectively.

Take a step back and breath.

Remember Who You Are

Don’t give in to doubt. It’s deceiving you. Don’t give in to negative dialogue. Those are simply lies kicking around in the back of your head. Your identity is not contingent upon your success in this or any other project and you need to understand that.

Know your internal script.

Gather Support

Lean on your family and friends. Go to them and get recharged. Being surrounded by supportive and encouraging fans will work wonders in getting you ready for the battle ahead. If you don’t have these types of people in your life, go and find them.

Reach out to your closest friends and supporters.

Step 2. Re-Focus

Define Your Vision

You started this thing for a reason. Whether you’re selling widgets or dishing out leadership advice, you better be doing it for a reason. Take a look at that reason through fresh eyes, define or re-define it, and set your sights on that.

Know where you’re heading.

Identify Why Your Idea Matters

If you can’t answer this question, then go back to yesterday’s post and re-evaluate whether you’re in a dip or a cul-de-sac. You need to know why this idea or project is worth fighting for.

“Nobody buys what you do. They buy why you do it.” Simon Sinek on ‘How Great Leaders Inspire Change

Know why your product matters to other people besides you.

Re-Define the ‘Win’

When I got into real estate, my goal was to make a ton of money and be completely independent. Winning, for me, was a completely selfish endeavor. I grew up, spent a little time with Jesus, and realized that my goals were completely out of whack. My idea of winning looks much different now.

From your new vantage point, examine what ‘winning’ looks like.

Step 3. Re-Adjust

Identify Necessary Changes

Take an objective look at your processes from the past few months or years. Evaluate your decisions. Scrutinize your expenses. The past can tell us more about our future than we care to admit. Don’t be afraid to learn from your mistakes.

Measure your past decisions against your present experience.

Create a Plan For Change

  • Need a new strategy? Start strategizing.
  • Need to re-define your brand? Develop a branding plan.
  • Need to be a better networker? I wrote a plan for you.

Don’t just say ‘we need to change x,y, and z.’ Create a plan and write it down.

Implement Your Plan

It’s one thing to identify that you need to change. It’s quite another to actually make that change. This is the one act that will separate you from your competitors. It is the move that will move  you from failing business to thriving business.

Which category would you rather be in? Take action.

Don’t Look Back

Examine your past experience, but don’t dwell on it. Today’s a new day and you’ve committed to looking forward. Success is so much closer than you think.

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