How to survive tough business cycles

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Generally, tough business times relate to money issues from either a tough downward spiral on profits, clients leaving you or a number of other variables. But, when the going gets tough - what do we need to do, to survive? Here are six expert proved methods to push you through the tough times.

1. When the going gets tough the tough get going

Whenever you feel a disaster in the air, the single most important thing to do is take action. Don't be the deer in the headlights, things will only get worse. Use your innate human ability to thrive under pressure and take action right away.

2. Only bring facts to the table

When things are taking a nasty turn don't hypothesise or fear about what "could" happen. It's crucial to get all of the facts about what's going on - and only deal with those facts. Think about it, most of the things we worry about never actually happen, so don't let your imagination drain your energy and ruin your ability to properly deal with the situation.

3. Don't neglect your existing clients 

Ironically in times are tough, many businesses neglect their existing clients. A depressed and negative space causes businesses to lose far more customers than they should. In bad times make sure only the relevant people know and make sure to keep up appearances inside your organization as well as outside. Tough times are when you should be building bulletproof relationships with your clients

4. Tough times can turn into innovation 

Tough times lead to the crossroads and the crossroads are when innovation happens. Why isn't a certain idea not going down well with your clients? Why is your business losing profits? What can you do better? In tough moments, the most successful discover how to thrive.

5. Be careful whom you spend your time with

As the old saying goes "if you lay down with dogs you get up with fleas." Avoid people who are negative who can find the downside of any situation.  Don't let yourself get caught up in the negativity black hole. Keep away from people who are like this and find the positive, tenacious business owners who have been through hell and back to reach their success.

6. Invest in you

Just as important it is to work harder than ever before when your business is bad - it is just as. or even more important. to invest in yourself. How can you hope to bring creativity or a new lease of life to your business if you are mentally drained, anxious and feeling negative about your future? You need to take this time to learn new skills, rejuvenate your passion for business. You also need to make sure you are physically and mentally strong enough to carry your team, through this tough time, right to the finishing line.

 

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