How do you stay motivated through business setbacks?
Happy Motivation Monday! I want to know how others deal with business disappointments. Feel free to share any specific examples.
I work for a small community newspaper. Compared to past years, our sales and contributions are down. I understand the market is changing and people prefer to get their news sent straight to their cellular phone.
Everyone copes with setbacks. How do you react?
Great question, not only for business, but also for life.
I would say that most if not all of us have had setbacks.
Speaking from my experiences, and some very sound advice.
The first thing that I did was to realise that:
The sky is not falling.
I am not alone. Others have been there and made it through the other side.
Some good advice:
Consider the worst thing that has happened to you in the past.
Think about how you felt, and what you believed at that time.
Have you got that, do you remember. Now stop for a second. Look around you. Here you are still standing, You made it through it that time, so what makes you think that later in the future, you will look back at this time and situation, are realize that you made it through it again.
Your mental attitude, and belief is a great foundation and starting point.
If you like God has helped you thus far, He will continue to do so.
Now you are in a position to understand what has happened, and why.
Then discover what has worked, what has not worked, what has changed,
what you can keep, what you need to change.
With what works can I do more of the same. For instance if your papers sales are down, what is your readership demographics.
What is or why is it that people are still buying your paper.
What can you do to increase readership to that demographic market who are not currently reading. Maybe target them with special introduction offers.
you know by the research, that they are within the interested target group.
At the same time understand why and who are turning away and no longer supporting your products.
Do the same thing with this group, Understand what it is they want and need. Decide if this is something you want to develop.
Decide on what extra feature is currently lacking from the current suppliers.
This way you can turn a problem into an advantage.
Just being a "me too" product will not necessary win over new customers.
I trust this is helpful to you.
Believing in your self and the value you are adding to your clients well as the whole society is a good protective measure against the feel of setback.
Acting differently by using the downtime to expand your network and reach new prospects is good utilization of the down time.
When business recover you will be there fast.
Reinvention of business based on trends
upgradation of employee and own skills
exploring new avenues/ verticals/ideas
Wonderful tips already from the community. Few things based on what I do and know:
1. Digital - The world is going digital and proliferation of smartphones is on at a very rapid pace, so definitely that should be part of the strategy (if not already there).. Whether this means digital marketing, ads, a new app, website or other things.
2. Learn from others - Study your peers or maybe even larger media houses to see how they are handling this situation - we can definitely learn and don't need to re-invent the wheel all by ourselves.
3. Retrospection - When faced with these types of setbacks, we have done our retrospection that focuses on what went well, what do we wish to continue, what didn't go well and improvement areas.This has helped us to stop repeating the mistakes in new projects.
4. SWOT - Alternatively you could do a SWOT (Strength, Weakness, Opportunity, Threat) analysis and then come up with next steps.
5. Competitive and Market analysis - Where there any initial signals, that were not rightly picked up, in that case doing a periodic survey of market trends and competitors would be helpful.
6. Understand your customer - In the light of rapidly changing customer preferences, it is indeed critical to know what the customer base would look for in the paper and then incorporate new sections accordingly.
Hope this helps and best of luck as you look at stepping past this temporary setback...
Kelly, in Business and in Life, we need to look out for the unexpected. With this mindset, you can cope with it and you would have options to fall back on. FLORENCE MACDONALD
In every business there are setbacks. I think the best thing to do is stay positive. That's what I always try to do no matter what. I always read self-improvement books to help me stay positive and motivated. I also write out my goals and focus on the things that I want to happen. http://moneytobemade.ucoz.com/blog/focus_and_achieve_your_goals_no_matter_what_year_it_is/2015-12-21-177
Then, I get into action. Staying persistent and consistent in my business. I do something everyday regardless. It really does help. Also, sometimes you just need to take a break by taking a walk or reading a good book.
Great solutions are motivating!
1. Stop calling your newspaper small. Not very motivating.
2. Look into creating a community news app so folks can get the news you write sent to their phones. It's not as expensive or complicated as you might think.
3. Do some brainstorming and fact finding and find out why sales are down. 4. Consider a complete marketing and publishing overhaul to bring the way you market and publish up to today's technological standards.
5. Take a good hard look at oversight issues in your marketing and sales department.
That said, consider getting your hands on a newspaper publishing companies business plan that outlines today's modern marketing strategies and publishing methods. As a business plan archive specialist, I can testify that there are many online publishing company business plans readily available to access and download to get you on track fast.
I had to take a part-time temporary job to supplement my income.
Similar stage we went through in January, orders totally dried-up. We are into the business of mobile development, we changed our strategy to acquire new projects. Now, again we are into the business.
I suggest you to opt for News App and website for your newspaper, an App is not an expensive affair. You will get sufficient advertisements to sustain your business with good profit. You can also add social forum in your web and app, this will make your readers remain attached with your news service. Further there are lot of ideas available with mobile and web news services and they are not very expensive. We can also provide you development and maintenance services. Change with time and remain in business is the best strategy.
In business every set back is a stepping stone to move forward so that the company vision and mission are full filled. Ever time there is a setback firstly try to evaluate the problem and then seek the remedy and one should make efforts as these things which disrupts business should be avoided at all costs.
The evolution process is an ongoing event.Man has invented time but day and night and the process of evolution is always just there.
Business is about adding value to the present state of affairs and it is prudent to utlise energy in moving with the times and not hope for some miracles.
Print and publishing news gathering are changing and your business also needs to change.
Look for synergy and your skills to add more value to your offerings.As you already have a customer base offer them better stuff and keep them as subscribers.
You have already identified some of the reasons sales and contributions are down. I think every business faces periods of what seems like a stagnant time.One of the worst ways to respond is to take the, "Oh well" attitude. Because their are some periods of drought in business at times, often people think that it's just normal and it will pass, unfortunately, lack of response often causes the problem to become more insidious.
I always tell clients they need to re-assess their business anytime it is not growing. One they identify the reasons for lack of ongoing growth, then they can develop a plan of attach.
Staying motivated is difficult when you just wait for something to take its course, but it becomes easier when you start addressing ways to turn it around. In your case, you might want to come up with new columns that will peak a reader's interest or perhaps offer an online option. Some local newspapers around me offer podcasts about specific topics that are exposed in the paper for more information and reader participation.
I always tell me clients, their business is often like their child. A child may have moments when they disappoint us or frustrate us but we don't simply give up or wait for them to "grow out of it". A good parent will look for ways to nip a problem in the bud. Maybe you need to have a brainstorming session with some of your colleagues ( and the paper leadership) and discuss options for creating a new venue to increase growth. It might mean re-aligning the paper or even developing a different focus.
Nothing is worse for any business of any type than doing nothing but watching its demise. Many times lack of growth is something that could have been stopped considerably earlier. Business, whether a service, product or newspaper needs to evolve with what its customers are seeking.
Check your competitors and determine how they are handling the situation.
Be proactive and you may be able to turn things around because being reactive often results in your disappointment affecting others pervasively.
First is to realize that there are just things that are out of your control and you have to accept that. When I was working for myself there were always set backs, what I told me myself is to push forward work harder and something better will come. Lastly in certain situations do not take a setback personally. Also I would recommend checking out Gary Vaynerchuk, If you need some motivation he really gets to the point.
Disappointments occur more frequently than successes I found over the past 20 years I owned my own business. One way I dealt with them was to be a part of a CEO roundtable or a similar group where you can share your frustrations and gain insights into how others handle disappointments. One way I handled it was to go to the gym to workout. This allowed me to blow off steam and think out how to handle it better the next time.
Interesting topic and one that every small town newspaper should be considering. This is very real so the issue is how do you react? There are some still making it strong but the evolution to digital is unfortunately very real. You need to have a plan to deal with the market-do you effectively build a better product, tough it out a few more years, evolve into something else?? Can you focus on digital avenues for revenue such as real estate sales, or general markets? Is there a niche in your community (arts, eclectic groups, social offerings, etc. to develop a really strong presence? Letterpress is making a comeback--a new area? I once was in the telephone answering/secretarial business. We sold that off as the business would certainly disappear as we knew it, but variations have now taken over (i.e. virtual offices). The secret is to be nimble and quick and develop a superior product. Lots of opportunities but also facing the reality of printing newspapers is a dying art. Convert your expertise and see what the future develops into.
Let the setback challenge the intrinsic motivators that ignite your pride. Instead of reactive shift your energy towards proactive actions that free the creative mechanisms of your thought process.
Many of the best turn a rounds in life come to us following a setback because of how powerful the creative mind can respond.
Take a look at the work by Dr Maxwell Maltz shared in his book "Psycho-Cybernetics" after you read the preface skim through his work for what fits your personal situation. There is plenty of time to read the entire work.
Kelly, there are great tips already suggested by my fellow responders, so I am going to ask you a question or two to see if I can help you specifically with your issue.
You say you work at a news outlet. What is your focus? Writer, editor, or sales? Many, many news media outlets have shrunk tremendously due to the loss of ad sales, thereby creating massive layoffs across the spectrum.
There are also media outlets that have added digital marketing sales people (print media sales have a difficult transition) to support their existing and former customers with their marketing. It works extremely well, and quality solutions abound. If you want more information you can simply reply to this comment and I'd be happy to share.
Differentiate your paper further and offer it online as well as delivered or in stores.... I remember having to use airport transportation to my car in NC around Christmas time... The parking lot bus picked me up, drove me to my rental car, did not charge for ride and offered Christmas cookies during the ride.... always used that rental car agency whenever I could..... You may wish to think about another type of new business, as my old mentor Dr. Gross used to say "Fail forward fast,"
...after reflection and (usually self-blame) I remember I have private school tuition to pay for plus a mortgage, so off to the trenches I go once again, remembering what happened but not letting it eat away at me. Life and business go on...not trying to be flip but disruption and change are as expected as the sun in the morning...so expect, plan and execute...
Interesting question. I would say that my "action" is more important than my reaction. I immediately look at what created the set back. Was it resource, consumer preference, or effort driven? How could I have handled the situation differently? Did the door close or can I readdress the situation?
I then look at ways to learn from that mistake and try to move the situation from a negative to a position. As a product development person, I have developed thousands of ideas and products that have gone nowhere. I have tried to sell the unsellable and failed. The key is to always learn from those mistakes.
In your situation, I would look for ways to provide free content via mobile marketing that would drive them to read the whole story- either online or on paper via a subscription. Many people would pay for your service if it came through an app or online subscription. Those people are also much less expensive to serve since it only requires you to post your news.