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.