What do you do if you're facing challenges in your small business journey?

In three decades of working with small business owners I have learned that small business owners never stop facing challenges - it is a matter of the size and scope of the challenge. One thing is certain, if not faced quickly (after reasonable analysis of facts and options) the challenge will get bigger and harder to resolve. One that especially gets delayed is termination of a “challenging” employee, and the bigger challenge comes when the bad apple taints the good ones through mediocrity, bullying or other toxic behavior. Address challenges as they arise - don’t procrastinate. Think of the clogged artery that could have been cleared with a stint and instead results in a massive heart attack.

so what is going wrong after our success in the business for some time . the Market could be changing , supply and demand is taking a different direction , it could be a personal situation among the staff . whatever is happening , needs an immediate attention , refocus , this is not a time to panic , we been there before , and we fixed it , so let's get with it one more time .

Determine what your business is worth, and what likely options are available, to in turn answer the potentially difficult questions regarding what to do next.

This partly leads into the Taking Advice. The most important part is to work out what the problem is. Do you know there is a problem, or do you just have an uneasy feeling? Growing my own business, I've often been saved by feeling there's an issue before I could put it into words, so working out the words. Then seek advice - speak to people, find a network of enterpreneurs, or a coach or a business advisor. They will have seen the problem before and may have advice. Even if you decide not to take the advice, just discussing the situation with an neutral outsider can help your thinking

As business owners we can feel alone and most of the time a business owner around us has had the same problem as we do at the time. Finding a hood sounding board can be the best thing for you and your business.

Being a small business owner is both gratifying and very challenging - not everyone is up to the task. I always ask business owners a very basic question "Do you like owning your own business?" - I'm amazed at the range of responses I get, but sometimes someone says "no" or "not always". That leads to the follow-up question "What don't you like about it?" Sometimes it's a simple reframing or systems and processes require some adjustment. Sometimes the person is just burned out and over it. Perhaps they shouldn't be in that business that way anymore. Too many people are afraid of this question, and its potential implications. If you are struggling as a business owner, I'd start with asking yourself that question & seeing where it goes.

Lean on your professional peers for advice and guidance. And remember, they don't necessarily need to be in the same industry. You need to hear different perspectives and objective feedback from those you trust who are willing to ask the hard questions. If you don't have an established peer group already, I highly recommend professional groups such as Vistage. There are others out there, this just happens to be the one that has been the most influential in my career over the last six years. More importantly, find a group of peers where you're NOT the smartest person in the room.

Be willing to realize that we don't know, what we don't know. Be vulnerable with peers as they may have conquered the very same same thing you struggle with. Iron sharpens iron so get involved with a solid support group.

When you are struggling in a small business, first identify the problem do research and adjust accordingly. You've already done the scary thing (starting the business) don't be afraid to try new things within your business to make it a success! Be bold and do it scared.

There is nothing wrong with pivoting or adjusting your strategies when challenges arise. It is YOUR business, and you can do what needs to be done to be more successful.

In today's fast-paced business environment, being rigid can lead to missed opportunities or even failure. By being flexible and open to change, business owners can navigate challenges more effectively. Pivoting your business model or exploring new markets isn't just about survival; it's about positioning your business for growth and staying relevant in a competitive landscape.

Most of all, find out if your workers are happy! That does not always equate to paying them more. Someone who is happy with their work will be more productive and supportive to others than someone who dislikes their work and disses everything.

Make sure that you have implemented best practices that promote accountability, professional development, and transparency. These factors boost engagement and productivity.

Become a leader in your industry. Continuous learning is key to stay on top of what is going to help you elevate your business.