The sobering reality is that your business is more likely to fail than it is to succeed, as only one in four businesses are still standing after five years. Commonly cited reasons for these failures include poor financial stewardship, ineffective or problematic leadership, and sales and marketing challenges – issues all compounded by the unpredictability of general economic conditions. The common denominator of all these issues is YOU. You alone wield the greatest influence over your business’ fate. So, when faced with the inevitable prospect of giving up on your business, it’s crucial to recognise that you hold the key to steering it away from becoming just another statistic. Here are five actionable steps to defy the odds and secure your business’ success.
1. Strategically tap-out to fuel-up
Your most immediate priority when you are on the edge of giving up is refuelling your mind, body and spirit. Without doing so, your brain and body are simply not able to do the work that needs to be done to reflect, regain momentum and/or pivot. Begin by conducting an audit of your wellbeing foundations across the NESTSS domains: Nutrition and hydration; Exercise and movement; Sleep and rest; Time alone or with others; Support; and Stage and season of life cycle.
When you neglect these fundamental aspects of human functioning, your cognitive and emotional capacities diminish, impairing your ability to make sound decisions, maintain the resilience required to problem-solve for the immediate issues, and apply the necessary leadership for growth. To prioritise health and functioning foundations and attend to your NESTSS, slow down as much as you possibly can in your business by focusing on essential tasks to maintain operations and cash flow. Delegate within your budget constraints, remembering that investing in physiological, biological and psychological needs takes precedence over potential financial savings. Tackle low-hanging fruit tasks to regain a sense of control and accomplishment, fuelling small moments of motivation that build momentum.
Insight-to-Action: Which aspects of my NESTSS am I currently neglecting, and what immediate steps (framed through a SMART goals lens) can I take to address these areas?
2. Get to the core
Sometimes, the desire to give up stems not from the business itself but from life events affecting your capacity to function effectively and efficiently within your business. Get specific about why you are thinking and feeling like walking away. You’ll have greater capacity to make this determination once you’re able to think clearly. When you are in the right state of mind consider, is it really the business? Is it life events? Is it that you haven’t been prioritising your NESTSS and you’re either on the edge of, or deep into, burnout – cognitively, physically or emotionally?
Sometimes, an outside perspective can provide valuable insights into underlying issues that may be difficult to identify on your own. Consider seeking the counsel of a mentor, therapist, or trusted adviser who can help you dissect your challenges and understand the interplay between personal and professional stressors. This clarity is essential in formulating an effective strategy to address the true sources of your distress.
Insight-to-Action: Am I conflating personal life challenges with business challenges, and how might these be affecting my decision-making? What specific life events or personal issues, including mindset barriers, limiting beliefs, and gaps in emotional intelligence skills, might be affecting my business performance, and how can I address these?
3. Reconnect with your mission
Your business is not an isolated entity but a vessel through which you manifest your broader life purpose – or, it should be. Reconnect with your mission, values, and the impact you desire to make, not just within your business, but in every facet of your life. It may be that your business model or design is not actually aligned with the life you desire to live. This misalignment can contribute to ongoing feelings of stress, anxiety and, ultimately, burnout.
Revisiting your mission and values can reinvigorate your passion and commitment. Reflect on why you started your business in the first place and the goals you aimed to achieve. If you find that your business has drifted from these initial aspirations, it might be time to pivot or redesign your business model to better align with your personal and professional values.
Insight-to-Action: What are the core values that guide my life and decisions?
Are there any areas in my business where my actions do not align with my stated values? What changes can I make to address this?
When I started my business, what were the key values I wanted it to embody? Are those values still at the forefront of my business today?
4. Clean up your house
Adversity is a potent teacher, but its lessons can be gleaned only through reflection and committed action. Resist the temptation to simply pick up where you left off when you start to feel a little better (which you will if you address all of the above); instead, take stock of the insights gained from your experience. By incorporating these lessons into your business practices, you can fortify your foundation and mitigate the risk of falling into the same pitfalls again.
Conduct a thorough review of your business operations, finances and strategies. Identify areas of weakness or vulnerability and develop actionable plans to address them. Put your CEO hat on, irrespective of your business or team size. This might include streamlining processes, improving financial management, enhancing your marketing efforts, or investing in leadership development.
Insight-to-Action: What have I learned from my recent challenges that I can apply to strengthen my business? Which specific areas of my business need the most attention and improvement, and how can I address these systematically?
5. Don’t go it alone
One of the most pervasive myths in entrepreneurship is the notion of the solitary, self-made business owner. In reality, no one succeeds in isolation. Intentionally work on both identifying and challenging unhelpful beliefs that keep you from asking for help.
Build a robust support network that includes mentors, advisers, peers and professional services. Network to connect with other business owners who can offer support, advice and collaboration opportunities. Leverage professional services providers such as accountants, lawyers and business coaches, who can provide specialised expertise and guidance. By surrounding yourself with a strong support network, you can draw on collective wisdom and resources, greatly enhancing your ability to overcome challenges and achieve success.
Insight-to-Action: Who in my current network can provide the support and guidance I need, and how can I better engage with them? What specific types of professional help would most benefit my business right now, and how can I access these resources? Investing in your mental health and wellbeing is the ultimate insurance policy for your business.
The Bottom Line – don’t give up
Remember that you will fail in entrepreneurship only if you give up. Thinking and feeling like giving up is not the issue, it’s how you respond to these thoughts and feelings that matters. Don’t let setbacks define you – instead, use them as stepping stones to build a stronger, more resilient business that then stands the test of time, even if that looks different from where you started.
The world is counting on you.
This article first appeared in issue 45 of the Inside Small Business quarterly magazine
