On my Business owners and Entrepreneurs podcast – Transition Guy I interviewed Mitch Russo, founder and former CEO of Timeslips Corp. We talked about facing adversity as a business leader and discussed the tools needed to deal with it.

Don’t spend more than you have

You may feel this is the key to growing faster but ultimately it means that someone else has control over you and your business or idea. This can lead to complexities down the line. It is always best to grow steadily at the beginning and try to do it without VC or other investments. What could happen if you take investment too early is that you become less hungry and aggressive. The time may come later when it may be the route to take but it certainly shouldn’t be done in the early days.

Recessions

Dealing with recessions – and there will be many more, is about a positive mental attitude. It is important that you do not get mired in the negatives around you. Keep doing what you do. Watch your market and always look for ways to utilise other areas with your product or service. Look at your marketing strategies and be more visible.

Knowing who you serve with a quality product now is more important than ever before. Serving the right people with the right products is really what business is about. Once you have that nailed you can focus on that customer base. Above all, know that the recession will end. It is something to be got through and as a result if you stay focused, your business and leadership skills will likely be stronger for it.

Targeting your customer base

Even if your sales are going down. Find out about the customers that are buying. Is there a pattern? Are they all from the same industry? What characteristics do they share? For example if you find out that your product is perfectly suited to lawyers and you could run an ad in a legal law magazine for £100 and get five or six copies sold on that £100 ad. Then you can scale that.

Get a business coach

It is necessary to understand basic business strategy. Find someone who can give you a viewpoint that you don’t have and hire that person. Let them hold you accountable and make progress. Coaching is expensive, but not having coaching is more expensive because you lose out on your future. Treat them as trusted advisors.

The right coach can be your eyes and ears, independently of the business. They can operate in your blind spot. Coaches help you find that different viewpoint and offer a different perspective. When you are facing adversity and cannot see the wood for the trees they can often see the clear route ahead.

Focus on success

If you are focused on delivering a quality product and honing it in slowly over time to make it more and more valuable, then you are likely to succeed. You must have the right business model and be willing to do the work. Have enthusiasm.

Always be ready to change and think outside of the box. The world is constantly changing and we have to change with it. Poorly designed businesses that are poorly run will never succeed. Running a business is a constant journey of learning that requires navigation.

If you want to discuss how a business coach can help you navigate your business then get in touch.

To listen to the Transition Guy podcast click here

Remember, failing to learn is learning to fail.