Insights


Tired and frustrated, sick of answering the phone (it’s only bad news), your customer base is weakening and the lingering effects of the GFC (I mean how much longer can we put up with this?) are leaving you disheartened?

And it gets worse. The bank is looking for a meeting to “see where you’re at” (how many more meetings do they need?) and the tax repayment plan you initiated only three months ago looks like it’s not going to be met this month.

Running your own business can seem like a great idea (and it was fun) but it’s becoming very difficult and it’s not much fun now.

There seems to be simply not enough demand around for your products and everyone else’s for that matter.

So how are you going to manage over the next 12 months? Because it IS going to be tough for at least another year.

What’s going to motivate you, other than fear of failure and the bank or the ATO breathing down your neck?

Who’s going to drive you through the constant struggle of cash flow, repayment programs and the battle to ensure there’s enough in the bank to pay wages?

Simple answer: YOU are!

You better start looking for that self-belief you had when you started your business, because only you can help you make it through.

Even the great Austin Powers who had his mojo stolen by Dr Evil needed a friend to let him know he hadn’t lost it; it was always there, it had just been hidden inside him.

You need to do an Austin Powers in your business.

Sometimes to renew and reinvigorate your business you have to look at the leader (that’s you) and honestly assess how you’re doing.

Are you giving off negativity to your staff? Looking beaten up or depressed? Lacking concentration?

If Austin Powers needed a hand, then so might you.

Top tips for getting your business mojo back

Here are six ideas for getting back in the right frame of mind to skilfully guide your business through choppy economic waters:

  1. Hire a business mentor. Give yourself someone to talk to, someone who will put your toes to the fire and keep you focused.
  2. Install an Advisory Board; a group of people that will keep you challenged.
  3. Get a ‘cold eyes’ review of your business from a business advisor who can see the business issues that you are ‘blind’ to.
  4. Revisit the cashflow forecast you did six months ago. Compare it to bank statements of the same period. I bet your forecast was closer than you expected. It’s amazing the benefit of a cash flow forecast – they tend to become self-fulfilling!
  5. Kick start your day with exercise. It’s great for the adrenal gland and putting a much needed positive bounce to your step.
  6. Pat yourself on the back for surviving the first four years of the GFC. Yes – it’s now four years old.

It’s particularly lonely at the top. There’s no one to confide in about your concerns or talk honestly to about the business.

When business gets tough you need to turn to people you trust. Sometimes you need others to help you through.

Close and trusted business friends are usually happy to talk (and sometimes flattered that you would think of them to turn to). Don’t be afraid to admit you’re in a bind and welcome their advice.

If you still need assistance, look for professional support; someone who is well credentialed and regarded in the local business community, and take some time out to get comfortable with them.

Steve Hogan is a Director at Vantage Performance – an award winning, national business transformation and turnaround firm with proven success in solving complex financial, operational and people performance issues. www.vantageperformance.com.au.

Related Blogs

Talk directly
with our specialists
Andrew Birch VP

Call Michael Fingland Email View Michael Fingland on LinkedIn

Michael Fingland

My philosophy is that there is always a way to solve a crisis, as long as you’re engaged early enough.

Call Andrew Birch Email View Andrew Birch on LinkedIn

Andrew Birch

Cooperative leadership teams that develop prioritised actions to progress towards clear strategic objectives can achieve long-term business viability.