11 Practical Pieces of Business Advice To Stay Grounded
It’s hard to stay focused sometimes when the future of your business is so uncertain. COVID-19 has continued to keep us waiting for the next big change, unsure of what steps to take. Managing a business during this time can definitely become stressful. So, how do you stay grounded in both good times and bad? Eleven professionals share how they manage to keep themselves on track and moving forward. Find your grounding during our new normal with their advice.
Be Ready for Anything
Be proactive in preparing your company for anything. During good times, pay off debts and invest money back into your business and in bad times, have a plan in place where you can cut back on business expenses if needed. Being prepared for anything will keep your business grounded through everything.
Vicky Franko, Insura
Keep Your Goals Clear
Keep things consistent, in good times and bad. Employees do not thrive in environments of extreme highs and lows; they want to come to work and know exactly what to expect. Having a clear business plan will allow you to ask yourself “is our plan on track?” rather than constantly having to reevaluate and make drastic changes when times get tough. Blake Murphey, American Pipeline Solutions
Your Purpose is to Serve Others
My best piece of practical business advice to stay grounded is to remember that you are in business to serve people. There are always opportunities to serve others, in both good times and bad. Keeping this singular focus will allow you to take each day at a time and stay focused.
James Pollard, The Advisor Coach LLC
Rest and Reset
Allow yourself time to rest and hit reset. Some business owners fear that if they take a break from their work, they are letting someone else get ahead. By working late hours and weekends and not letting yourself rest, you will find that your body will force you to slow down, whether you want to or not. When times get hard, take time to refocus, and then get back to the grind.
Pete Newstrom, Arrow Lift
Surround Yourself with People Who Challenge You
As an entrepreneur, I’ve found how important it is to surround myself with a network of people who challenge me and aren’t afraid to tell me the truth. When times get tough, being able to brainstorm ideas and solutions with your peers is an invaluable tool. I suggest cultivating relationships with people you trust and who will always push you to be better.
Monica Eaton-Cardone, Chargebacks911
Spend More If It Brings a Positive ROI
The best practical piece of advice to stay grounded during good times is to only spend more if it brings a positive ROI. For example, hiring more sales agents to get more revenue is a great move. However, moving into a bigger office to impress walk-in customers does not have a clear ROI and it's not such a great investment.
Jane Kovalkova, Chanty
Five Lessons in Twelve Months
Some days, you will breeze through it, and others will be a grind up to the top. When you're at the top and riding high, think back to how you started to help keep yourself laser-focused. When you’re struggling, write down five things you've learned in the last 12 months throughout your business journey. You'll be surprised to see just how much you've grown!
Ahmed Mir, Nature and Bloom
Create a Written Recession Plan Before the Next One Occurs
You don’t want to change a tire when you’re on the highway going 70 MPH and that’s what it’s going to feel like if you try to create your recession plan during a recession. You want to have a plan that is created in the cool, rational light of day instead of the emotional heat of the night. You want to discuss the plan now, so you can move swiftly to execution when it’s needed, not spend time convincing your team and yourself that it’s time to act.
Jonathan Slain, Recession.com
No matter what is going on in the world, we all have something each day we can be grateful for. Keeping a daily journal of those gratitudes, and then reflecting upon then at the end of each day is a best practice. The impact this has on your mindset quickly bleeds over to the results seen in your business.
Nicole Spracale, Coaching & Consulting
Establish a Sense of Consistency
Having daily routines and weekly and monthly rituals to help establish a sense of consistency. It's easy to get thrown off on a daily basis with current events in today's world. Having a daily routine, such when to hold meetings or get through your email inbox can help prevent the distractions that exist in today's world.
RJ Weiss, The Ways to Wealth
Don’t Rush Major Decisions
It may seem like drastic measures need to be taken at any moment’s notice, but major decisions need major consideration. Take the time to analyze the situation, consider several options, and consult with people you trust and those who would be affected. This strategy works in times of crisis and peace, making it a crucial lesson to understand.
Thylan Le, Law Firm SEO Agency