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BUSINESS AND TRAINING
Navigating the ups and downs
of small-business ownership
Highs and lows are a natural part of being a business owner.
Here are some tips to get through the inevitable low points.
By Amanda Clark
Very few small-business owners enjoy the comforts
of total consistency. Usually, business comes
in cycles. You will have periods where you are
extremely busy and it is a strain just to keep up with
your workload. Then, you will have seasons where
business tapers off a bit — in some cases, more
than you are comfortable with.
It may seem as though things are never ‘just right’. That
said, there are things you can do to manoeuvre through
these ups and downs, and to make the most of things no
matter what part of the cycle you are in.
KEEP THE BIG PICTURE IN MIND
You may have a season of plenty or a season of want, but
it is important to not allow these cycles to take your eye off
the prize. It is always important to have a long-term plan
with specific objectives and milestones along the way. This
plan can be a sort of road map through business cycles
and keep you on track, even during seasons of extremity.
DO NOT JUST REACT
The problem many business owners have with natural
ebb and flow is that they take a reactive rather than
proactive approach. Often there are warning signs that
change is coming. When you start to see warning signs,
that is when it is good to take decisive action, rather than
that kneejerk one you are probably familiar with.
And what does decisive action look like? For one thing,
search for innovative ways to grow your business. Before
a point of crisis comes, explore ways to get new clients
in the pipeline. Dedicate some time to also follow up with
previous customers to try to get some repeat business.
Steady business development activity can help defray the
effect of those highs and lows.
BE ACTIVE IN YOUR FIELD
Along the same lines, make sure you maintain
connections within your industry or niche. Participate in
official bodies. Go to networking events. Reach out to
other professionals in your field. Make yourself a visible
part of that industry. In doing so, you will have more
opportunities to lean on the guidance of peers once
those fallow seasons come — or to enlist help if you
have a particularly busy season.
BE MINDFUL OF CASH FLOW
During busy periods, you will hopefully have some good
money rolling in. The temptation will be