Every new small business experiences a slowdown or halt. I’m not talking about bankruptcies or closure. What I mean is when the venture’s growth stops, the customer base doesn’t increase, and the owner loses motivation and creativity at work.
While the first effects of a slowdown make businesses lose a lot of opportunities, ventures that don’t recover ultimately end up in a halt to a closure. And this is common in businesses with owners who make no effort to fix the cause of the halt.
As a fellow solopreneur who wants to see others succeed, I make it my job to share my experiences with other new and upcoming small business owners. These are the strategies I’ve learned to jumpstart a stagnated business, speed up the flow, and maintain that momentum.
1. Know where you are
Audit all your numbers from your leads and existing customers to the costs and profits you’ve gained every week, month, quarter, half, and year. This will help you monitor your performance through milestones and develop new business plans to keep on moving forward.
2. Be positive
Let go of your fears and doubts. Adopt a mindset of a successful solopreneur by being in the company of other courageous and ecstatic business owners. Work with people who believe in your business idea. Hard decisions and sacrifices are part of the business. Don’t be scared to make them.
3. Increase the intensity of your focus
Keeping your eyes on the business plan is just as important as having one. In entrepreneurship, you’ll always have distractions disguised as additional opportunities and digital media. Finish your goals one at a time and prioritize completing your essential daily tasks. Steadiness no matter the speed wins the race.
4. Fire and hire
It’s a no-brainer to start delegating work once you start to have difficulty managing everything alone. However, if you already hired people for your team and there are some who have been working for you without improvement, let them go. Find other talents who won’t slow you down.
5. Recognize your team’s efforts
If your team does produce good results and give your business a boost, show them you recognize and appreciate their efforts. You can let out words of praise, give them a break, or increase their paycheck. This will motivate them to work even harder.
6. Celebrate successes
Aside from rewarding your team, you can also celebrate the good things and milestones your business achieves with them. This isn’t just a stress reliever and motivator for you and them as all of you see all of your works come to fruition, but it also promotes solidarity in your venture.
Instead of viewing each other as co-workers, you’ll start to think of each other as family. Business environments with a family feel have better communication and coordination which makes workers think collectively in creating more business plans and product ideas.
7. Value self-care
Never forget yourself as the head of the venture for your small business won’t run well if there’s nobody to give out the right orders. Take a break if you’re stressed out. Eat nutritious foods and never skip meals. Exercise regularly to avoid health problems. Follow a healthy sleep routine.
Creating momentum for your business starts within your head. Let go of the doubts and fears. They’re like an infection that halts the motion of mental gears. Once you’re over them, keep your focus on your venture plans. Then, start to grease the gears of your business by kicking out elements that slow it down. And lastly, be consistent until you’ve achieved success.
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