Ways Business Owners can Deal with Personal Crisis

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish.

Ways Business Owners can Deal with Personal Crisis

In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about.

Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com

Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis:

  • Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice.
  • Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind.
  • Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you.
  • Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly.
  • Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload.
  • Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life.

In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business?

Want to find out about what a business coach can do for you?

[shareaholic app=”follow_buttons” id=”26833294″]

Like this article?

Share on Facebook
Share on Twitter
Share on Linkdin
Share on Pinterest

Related Posts

My Customers are Cancelling Orders Over Rising Prices and Long Delivery Times — What Steps can I Take?

April 7, 2022 No Comments

Small business owners are always looking for ways to keep their customers happy. When prices go up and delivery times get longer, some customers may choose to cancel their orders. This can be a major problem for small businesses, as it can lead to lost revenue and decreased customer loyalty. In this article, we will discuss some solutions that small business owners can use when customers cancel orders over rising prices and long delivery times. Biggest Small Business Advantages One of the first things you can do is to gain some reasonable perspective. Put another way, think about the innate benefits small businesses have compared to large, corporate chains. You’re able to make independent decisions. Plus, having a small organization means being more nimble. What’s more, you can not only have but use personal relationships with your customers to your advantage. No one wants to lose customers. You work so hard to acquire each and every one. After they sign up for your product or service, you pour your energy into meeting and exceeding their expectations. So when you get that call or email, it can be devastating — both financially and emotionally. A recent study by the Harvard Business Review states that a five percent reduction in customer defection has the potential to double profits. How could such a small decrease in cancellations result in a doubling of profits? Those customers that stay with you make more purchases, take less of your time, and refer other new customers. —Invoiced.com The very fact that you have one-on-one relationships is a huge deal. This, not to mention the fact that you’re part of a shared community. So, you also share many of the same experiences. Basically, your small business might not have the monetary resources big companies do, but still have other means that can help you get through such challenging times. In other words, you do have some advantages and it’s very helpful to stay in a positive mindset. Steps Small Businesses can Take to Deal with Customer Order Cancellations When customers cancel orders due to rising prices and/or over long wait times, it can be frustrating (and of course, bad for the bottom line). Fortunately, there are steps you can take to either minimize or regain customers for your small business: Offer discounts. One solution that small business owners can use is offering discounts. This can help to offset the increased prices and make it more affordable for customers to continue doing business with your company. Offer VIP upgrades. Another solution is upgrading customers to VIP status. This can give them access to exclusive deals and discounts that they would not otherwise be able to get. They can pay a small fee for priority treatment, such as being the first when deliveries ship. Offer referral rewards. Finally, small businesses can offer referral customer rewards bonuses. This can encourage customers to refer their friends and family to your business, which can help to increase your customer base. Implementing one or more of these solutions can help small businesses keep their customers happy, even when prices are rising and delivery times are getting longer. By taking steps to address these concerns, small businesses can stay afloat during tough economic times. While no one solution is perfect for every small business, each of these solutions can help to address the issue of customers canceling orders due to rising prices and long delivery times. By taking action and implementing some of these strategies, small businesses can keep their customers happy and loyal, even during tough economic times. Do you have any other tips for small business owners who are facing increased prices and longer delivery times leading to customer cancellations? Let us know by commenting! Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

How Small Businesses can Make the Best Use of Local Partnerships

June 16, 2022 No Comments

Small businesses often find it difficult to compete with larger businesses, not just in terms of scale and resources, but also in terms of visibility. However, by partnering with local businesses, small businesses can create an ecosystem where they can mutually benefit from each other’s strengths. In this article, we will explore four ways that small businesses can make the best use of local partnerships to improve their business. After all, this is one of the best and most powerful growth strategies available, and better still, it’s often just a matter of making the right arrangements. How Small Businesses can Make the Best Use of Local Partnerships The first way that small businesses can make the best use of local partnerships is by optimizing customers’ experience. Local partnerships give small businesses an opportunity to provide their customers with a more personalized and customized experience. By partnering with other local businesses, small businesses can offer their customers a one-stop-shop solution that meets all their needs. One of a small business owner’s most strategic, and potentially profitable relationships, is the one he establishes with fellow business owners. When business owners offer complementary services, they can form partnerships to help them reach new customers and expand the products and services they offer. These local partnerships help businesses increase their visibility and build customer loyalty. —Houston Chronicle Small Business Another way that small businesses can benefit from partnering with other local businesses is by using local partnerships to experiment with variations. Small businesses often lack the resources to experiment with different product offerings or marketing strategies. However, by partnering with other local businesses, they can test out different variations without incurring too much risk. Third, small businesses can create complementary offerings through local partnerships. For example, a coffee shop can partner with a local bakery to offer customers a discount when they purchase both coffee and pastries. This principle can also apply to a number of other businesses. So, co-existing industry peers, like in real estate, such as a title company and a mortgage broker, or a residential sales broker and an interior decorator can do the same. By partnering with other businesses, small businesses can offer their customers a more complete package that meets all their needs. Finally, small businesses can give and receive customer referrals through local partnerships. By partnering with other businesses in the same industry, small businesses can tap into each other’s customer base and generate more leads. In addition, by giving referrals, small businesses can build trust and credibility with their partners, which can lead to more business opportunities in the future. Local partnerships are a great way for small businesses to improve their business. By optimizing customers’ experience, experimenting with variations, creating complementary offerings, and giving and receiving customer referrals, small businesses can make the best use of local partnerships to improve their business. What other benefits do local partnerships offer? Please take a few minutes to share your own thoughts and experiences so others get the most out of these relationships. Interested in learning more about business? Then just visit Waters Business Consulting Group.

Read More »

Ways Business Owners can Deal with Personal Crisis

May 18, 2017 No Comments

Entrepreneurs, by their very nature, are self-reliant. They set goals and achieve them with confidence. When a personal crisis strikes a business owner, it can be very damaging to their corporate environment and even its micro-culture. Suddenly, the dynamics change and can lead to irreparable harm. We’ve all heard the advice not to bring personal problems into professional space, but, some are so large they have a nearly uncontrollable effect. It’s best to bring the situation into perspective, but, doing so might be difficult to accomplish. Ways Business Owners can Deal with Personal Crisis In some instances, it’s possible to prepare a business for a crisis. When it’s impending and inevitable, business owners should prepare by speaking with their team members about delegating and assigning responsibilities, seek legal advice (if applicable), and focus on what’s most important. There will be difficulty in maintaining balance but by being proactive, you’ll have less to worry about. Eventually it happens to the best of us. Something occurs in our personal lives that is so devastating, we have difficulty concentrating at work. It may be the death of a loved one, a divorce, a financial crisis, or serious damage to our homes. When our personal lives are in chaos, it can be hard to focus and get what we need to do done. —Inc.com Unfortunately, it’s often the case that a personal crisis strikes without warning. When it does occur, it can be very burdensome to get through. Even the toughest entrepreneurs will have difficulty trying to deal with upset in their personal lives while continuing to run their businesses. Here are some ways business owners can deal with a personal crisis: Outsource and be willing to ask for assistance. It’s okay to let go and farm-out work during turbulent times, especially if you’re having trouble staying focused and concentrating. Also, there’s no shame asking for assistance from your team — it’s actually a smarter choice. Be upfront with customers. As soon as possible, let your clients know about the situation. You don’t have to go into details, but you ought to alert them to what’s going on, particularly if you’re not able to work as usual. You’ll find most to be understanding and that helps to give you some peace-of-mind. Surround yourself with positive people. This is something that successful entrepreneurs naturally do but it’s very important when you’re going through tough times. Personally, I lean on others as well as my faith and prayer to shoulder the burdens of crisis. It’s uplifting and it can be a way to see the silver lining knowing others are walking with you. Give team members more flexibility. Your employees are huge assets to your business and during a personal crisis, can be the best go-to source for carrying-out day-to-day operations. Give them the flexibility that’s needed to keep your company running smoothly. Do not put undue pressure on yourself. If there’s one thing entrepreneurs struggle with, it’s the fear of not getting the job done. When you are dealing with personal issues, give yourself permission to lighten your workload. Take time to reflect on what’s most important. This is an ideal time to put everything in perspective. Give yourself time off and reflect on what’s truly important in your life. In addition to these, you should be honest with yourself about your life’s direction. Some business owners who experience a personal crisis use it as a learning tool advantageously, but others allow the event to cloud their judgment and make rash decisions. When you’re not thinking clearly, be willing and ready to ask for advice from someone you trust. In my life, I have found great opportunity comes from crisis because of my willingness to reflect and make changes. How have you overcome crisis and remained focused and successful with your business? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Read More »