Navigating Challenges as a Small Business Owner

Life hasn’t been easy.  

We are barely through the COVID experience – or are we?  We are now sitting in a period of inflation and rising interest rates – or are we close to a plateau? 

Regardless we are tired; tired of navigating change, tired of, dare I use the word, pivoting without causing a groan of ‘not that word again’. Just tired of juggling all the things life brings.  

I have had a lot of conversations with many entrepreneurs of late.  Conversations that were about tough choices; continuing to strive forward or getting a ‘day job’ to ease the financial pressures or closing their businesses.  They have made, or are working through the process of making tough decisions. 

As a coach and mentor, I witness clients travelling through it all.  I see growth, contraction, and plateaus. I see difficult periods and periods with relative ease.  Through it all I see dedication, wisdom, and difficult choices. 

The first thing I want you to know is that the future vision of  YOUR business is just that YOUR vision.  If you have visions of a small team or you have visions of a global reach on a large scale it is YOUR vision.  Be passionate about creating a lifestyle that integrates life and business in a way that resonates with you.  Do not worry what ‘they’ say!  They are not you - they can apply their wisdom to their business.  Listen to our heart and instincts and build your business your way. 

Next I want to tell you that all of it is ok;  How you build your business. What you experience in growth, plateaus and contraction. All of it is ok.  It is ok to have your unique experiences and to make the choice to maintain your course or to close up shop or somewhere in between.  It is ok to get another job to supplement your income.   All of it is ok.  Any of the choices are ok. 

In past journals we talked about the integration of experience and knowledge paving a way to wisdom.  Through reflection you can determine what is best for yourself – how to move forward using your own wisdom.   Take a period of reflection to lean into your wisdom – I highly recommend a guided forest walk,  a wonderful way to quiet your mind and find your soul’ and it is very possible your subconscious will find solutions while your mind is still.  But then trust yourself. 

But just know that it is ok.  That all of this is experience that you will bring forward in your current business, in your future business or in your future career.  That you have more potential inside of you and more success ahead of you. 

Things to consider as you reflect on your small business:

Reconnect with your vision.

Why did you start your business?  What inspired you?  Is it still an inspiration?   

Understand your relationship with money.

How has your life experiences with money impact you emotionally?  Do you have beliefs that could possibly be self-sabotaging you – maybe a lack of belief in abundance? 

Update your budget. 

Take some time to review your personal and business budgets.  Understand what your household needs for cash flow to feel ease.  Understand your business expenses.   Take a creative look at need to haves and want to haves. 

Get clear on your revenue. 

Take the time to analyze your monthly revenue, and then determine the gap.  Sometimes we are closer to the goal than we think we are.  Do an analysis to understand how much more in sales you would require to close the gap.  Break that down into weekly goals – that number may be way more manageable than you think.  There is nothing more motivating than feeling the possibility and potential. 

Re-focus on the most important things. 

At the end of this reflection, you will sense what is important to move forward.  Focus on those things.  Put aside what isn’t urgent. 

But remember – trust yourself.  And know that it is ok.