By: First Union
Feeling Stuck? What Entrepreneurs Can Do To Lift Their Spirits
Things may not seem the best right now. Though parts of the country are reopening, many businesses are still feeling the impact of the pandemic and as such many entrepreneurs, once enthusiastic about their endeavor, are now feeling stuck and somewhat despondent. It is critical to find ways to keep your spirits up and your mood elevated as you remain proactive when it comes to getting your business back up and running while at the same time protecting your employees and your customers.
For most small business owners, this is without question a day by day process. It is often too overwhelming to consider months or years down the road as many of us have no idea what that picture will look like. So how can you move forward confidently and productively so that your business does have a chance of succeeding in the pandemic's aftermath?
Tapping into that entrepreneurial spirit
What got you started in your endeavor in the first place? Generally, entrepreneurs are those who are risk-takers, who aren't afraid to follow their passions and thus chase their dreams.
Entrepreneurs are absolutely those leaders who inspire the generations to come, showing them that you can make it happen. And especially in the realm of small business, entrepreneurial success stories are what many cling to, particularly during times of crisis. So now is the time to tap back into that spirit, that fire that inspired you to start the company in the first place. While it may be a bit more difficult to find that again given the events of the past couple of months—it is still there. Know that you can overcome the challenges and rebuild your company if need be.
Establishing the right mindset moving forward
Versus tapping into your entrepreneurial zeal, establishing the right mindset is about directly addressing those issues that are certain to arise in a post-pandemic environment and coming up with a plan of attack. In some instances and with some facets of the company, you may even have to start from scratch. And this is okay; don't feel overwhelmed, rather approach it analytically. Persevere and move ahead with a thoughtful and actionable plan.
The key to establishing this mindset is to follow a couple of guidelines that you set for yourself. This will help you from feeling "stuck" and ultimately allow you to move forward:
Turn down the noise
That is to say, don't continuously listen to the news or follow the social media platforms in terms of the coverage of the economy and the virus itself. Odds are, it will only discourage you and bring you down, thereby detracting you from getting things done.
Don't fall into the rut trap
Be creative. Yes, you may have had to close your doors for an extended period—you may even still be pretty much closed. So now is the time to think outside the box. Offer gift card promotions, free shipping discounts; do what you need to, to somehow keep traffic coming in.
Look at the positives
They may be hard to see at times, but they are there. Even tiny victories—celebrate those! Think about the little steps you are taking to get your business back on track and visualize how these will pay off in the end.
Overcome negative thoughts
Perhaps easier said than done, but if you dwell on all of the negative emotions, you will eventually be overcome by them. The economy will bounce back; everything won't always be as it is right now. Just keep reminding yourself.
Connect with people
For many of us, isolation has been tough. This is why making an effort to connect with others, laugh, smile on occasion is good for your health and well being. We do need to ban together now more than ever.
Remind yourself of accomplishments
What good things has your business accomplished throughout its tenure? Remind yourself of these. Remind yourself also of any past hurdles you've overcome. At the same time, you may want to remind your customers as well. Send out emails to this effect, explaining how you got to where you are and what you're intending to do moving forward.
Read positive feedback
This is a review driven world. That said, odds are in the past, or even now, your customers have left glowing reviews of your business. Go online and reread these. It could just be the ultimate pick-me-up you need.
Turn to inspirational materials
There have been tough times throughout history. Perhaps you might go back and read accounts of how business owners prior have survived and even thrived in the aftermath of past challenges. This might be the inspiration you need to go full steam ahead.
Set your goals
There's a lot to be said for setting definitive goals for your company. Especially given this uncertain climate, having clearly defined goals and a well-stated vision moving forward can be helpful. If you simply "play it by ear" and take a wait and see approach, odds are you may be remaining stagnant for longer than you should. Again, be proactive about setting those key milestones for your future.
Work on your business
It is very tempting to sit back and feel sorry for yourself. And an understandable reaction…but can you afford to do that right now? You have to get up, get out there, and do what is necessary to ensure that operations run as smoothly as they possibly can. Make lists, delegate tasks, stay on top of supervising. The more you do, the easier it becomes to see a future for your company even in this difficult time.
At First Union Lending, we want to see our clients come out on the other side of this even stronger than before. Our loan programs are designed to help. You can use the funds for whatever you need. From short term loans to merchant cash advances to lines of credit, we have a product to suit your needs. Call today!