In business, ups and downs are bound to follow you. The crest of a wave is followed by that much disliked trough. And when you do fall, it is going to hurt. You might want to hide away from everything and may not want to get back up once that happens, but that is not the best way to deal with the situation when you fall.
What you need to know is that it is possible to fall well. When you do hit the ground, you need to know how best to minimize the damage. As much as business schools talk about standing up straight, it is also equally important to learn to fall well and figure out how to bounce back. Inventor of the light bulb Thomas Alva Edison did over 10,000 experiments before he could get a light bulb on! Every time he failed, he would go back to the drawing board and start all over again. That is the attitude of one who has learned to fall well. Using Black Belt Business principles you’ll understand how to use the down times to your advantage. This aspect of business is literally and metaphorically related to martial arts, especially Hapkido where knowing how to take a fall without hurting yourself is as crucial as attacking your opponent.
So, how do you learn to fall well? First of all, it is important to understand that falls do happen, people make mistakes and things go wrong. Murphy’s Law applies to business just as well – which means being aware in advance about how you would break your fall and ensure your business does not get hurt – is of paramount importance. Recovering from a fall is all about knowing how to land well and then getting back on your feet again. Here are some quick pointers on how to ensure your fall does not take you down completely:
1. Adequate cash flow
One of the best things you can do for your business, especially during robust times, is to open that ‘rainy day bank account’. The best time to salvage a bad day is on a good day. You need to ensure that there is adequate cash flow to conduct your business smoothly, make that payment or survive the losses and so on. Set some money aside for the time when you will really need it. It is money well ‘spent’.
2. Plan now, plan well
One of the things in martial art is that you should not worry about falling. It is likely that you are going to take that fall down the line somewhere in business. In martial arts you have to expect your opponent to hit you and, accordingly, plan your next move. In business too, you are going to be hit and, therefore, you need to plan on what you are going to do in such a situation. You have to get a new marketing plan or technology working for you when the going is good. Work to fight the fall today and when the weather gets bleaker you will know how to adapt to a situation that is not to your liking. Ensure these plans are concrete, achievable when it comes down to the wire.
3. You are your number one priority
While a business will see its up and down times, it is crucial that you look after yourself well. If you are not up to it, physically and mentally, there would be nothing to do business with. Similarly, invest time on your team because in business you need to consider the future smartly. For instance, if you were to fall ill, do you have somebody to take over or do you have to shut shop? If it were the latter, it would mean that you would have to shut shop.
4. It’s not personal. It’s an asset
Whatever happens in business, there is one thing you have to always bear in mind: it is a business, an asset that brings you a certain amount of money and affords you some time. So, you have to treat it like what it is: an asset. It isn’t about getting so emotionally involved with a business that you run around trying to get every customer by yourself and work yourself to the ground. You need to know your endeavor is a way to a means, like retiring early. So take decisions that are thought out and good for your business. Use all the means at your disposal, like figures (because they never lie), to arrive at decisions that actually work for you in the worst of times.
5. Mistakes are the best lessons
There is a saying that people who do not make mistakes don’t actually do anything. And in business that is true as well. Only those who do make errors. When you fall, you need to first understand why you fell and use this information to get back up even tougher. You need to figure out what went wrong: are you in a dying market, is the slow economy, are you behind in using technology effectively? Once you get these answers, moving forward is easier. Adapt now because only those that know how to adapt and change survive – both in business and in life.
Would you like more information or would you like your business looked at by one of our Business Instructors? They certainly know how to fall and check out this video:
You can contact Black Belt Business on 1300 499 668 or via the Web Page on www.blackbeltyourbusiness.com – Sign up to our 6 Part Education System. It’s FREE.