It’s common for entrepreneurs to find themselves stuck in a situation where nothing seems to work out, and it looks impossible even to carry the business forward. Almost every entrepreneur has faced rough patches in one’s life where there is no zeal to work, the profits are sinking, the customer base is reducing, and the competitors are doing exceptionally well while you are struggling to survive. At such a time, all one needs is a ray of hope to come out of this ordeal. Unravel how to beat the career blues with these 10 efficient ways that can help you battle an entrepreneurial slump.
How to Get Out of an Entrepreneurial Slump
Keeping an eye on the overheads and cutting down on the irrelevant ones can work wonders, especially during times of financial distress or economic slowdowns. Typically, businesses do the same by firing employees that are not adding any value to the organisation, which can be difficult for both the employees and the employer; however, this can help businesses stay afloat. Other ways to control costs could be by relocating business operations to decrease office expenses or allowing staff to work from home to the extent possible.
2. Modifying business portfolio
Varying from business to business, altering or reshaping product/service portfolio could be another method to emerge victorious from a downturn. Addition or deletion- it works both ways – provide additional services or cut down upon certain things like discounts or happy hours. This strategy can be beneficial and could be the first course of action towards helping a venture revive.
3. Corporate restructuring could be the panacea
Another way to get out of a downfall could be restructuring the business. Although time-consuming and cumbersome, restructuring the company through various strategies like a merger, carrying out a joint venture or a strategic alliance could be a life saviour for even those businesses on the brink of bankruptcy. Many entrepreneurs have worked their way out of such situations by doing the same. Even outsourcing the tasks that are either taking too much time or cost could help the brand pass this challenging phase.
4. Seeking expert guidance
Seeking professional help could also be an effective way to avoid such a situation. Taking expert advice from professionals like CAs or business advisors could work wonders for a sinking business as they may give a fresh insight into the company’s affairs that can help the entrepreneur put his best foot forward. Indeed, it may be an added expense, but in the end, it will be all worth it – an investment that will reap great results in the long run. Moreover, platforms like Expand My Business, the B2B platform that connects businesses and agencies and ensures end-to-end project management, lend a helping hand to businesses by providing them unique and novel ideas.
5. A chance to work on self – a blessing in disguise, maybe!
Isn’t this the biggest lesson that we have all learned from Covid? To take downfalls and slumps as opportunities to work on ourselves, multiply our strengths and eliminate our weaknesses. Slumps give companies time to introspect and bounce back stronger. It’s always convenient to blame the external factors for the issues persisting in the company, but often the problem lies within and not outside the organisation. This period could be used to work on all such internal concerns. Retraining the staff and making them abreast with the market innovations by motivating them to take some additional courses could also be an option.
6. Accepting it is a slump and not a failure
Acknowledgement is an essential step – one needs to acknowledge and accept that it is a phase, a period that would eventually pass – it won’t last forever, and it’s not a failure already. It is part and parcel of the entrepreneurial journey, and only a prolonged slump could be termed a failure. Until then, it’s all about grinding, hustling, and getting back on track.
7. Being solution-oriented
While planning a turnaround mission, it is crucial that the entrepreneur is solution-oriented rather than focusing on the problems. At such times, it’s very likely to be constantly fretting and whining about the problems and the challenges; however, the need of the hour is to be able to chalk out solutions rather than break out in a panic spree.
8. Being realistic with the timelines
Things may not work out immediately. Rome was not built in a day, right? It is essential to be patient and even more important to be realistic with the timelines. Being unrealistic will again diminish one’s already-low morale. Hence, understanding and accepting the fact that the results would take time is as important as taking action in the first place.
9. Following some inspirational content
Yes, pep talk indeed helps. When we are stuck and hit rock bottom, listening to tales of entrepreneurs who have ‘been there, done that’ helps. It may give one the energy to not just survive but thrive in this phase. And there is no shortage of such content – there are ted talks, interviews, podcasts, and whatnot. Therefore, take a deep breath and just tune into the inspiring journeys of people who went from ‘rags to riches and then riches to rags and then back to riches.’
10. Alter the three A’s – Attitude, Approach, and Action
Finally, as they say, change is inevitable, and what one needs to change to come out of a slump with flying colours are the three A’s – Attitude, Approach, and Action. Yes, one need to change the attitude towards the slump; taking it optimistically is vital because, let’s accept it, what makes us stronger are the challenges that life tosses at us. And a slump is no different from any other obstacle or hurdle that comes along for any brand. Similarly, facing it with the right approach is again imperative. Rather than asking for sympathy and cribbing about how unfair things have been, it’s important to face it with patience. Last but not the least, changing the course of action is equally essential. One needs to be patient and smart to be able to slide out of this downturn like a winner.
In a nutshell, losses, plateaus, risks, or cut-throat competition can easily drag a business into an entrepreneurial slump, but with all the rescue tools mentioned above, one can say goodbye slump!
We are Team EMB the voice behind this insightful blog.