Being in business is tough. Hard times come, and sometimes they go on for a long time. Have you found yourself asking, “Is it worth it? Will it EVER get better?” You are not alone–but are experiencing common feelings of most entrepreneurs. The big questions are: How do you know if it’s time to quit? How do you know when to keep going and persist? Join Dr. Sabrina as she dives into this topic and shares the reality that challenges will come to small businesses, how to persist, and when to let go. Whether you’re on the brink of giving up or seeking ways to persevere, this episode offers practical guidance to help entrepreneurs thrive in the face of challenges. Stick around until the end of this episode because Dr. Sabrina shares her story of wanting to throw in the towel, how things change, and what the Tap the Potential team has learned along the way.
Profit by Design is a Tap the Potential Production.
Show Highlights:
- Burnout, the survival trap, and a crisis mindset (Have you been there?)
- My advice to a small business owner who’s ready to throw in the towel:
- Stop, pause, and give yourself 30 days to think, diagnose the problem, and make good decisions. (Take our Better Business Better Life Assessment to learn more.)
- Diagnose the REAL problem–not just surface-level issues. (Hint: 90% of the time, it’s NOT a sales problem.)
- Niche down with a clearly defined sweet spot by aligning your products and services to your clients’ most urgent needs and problems.
- Identify your cash flow problems and become more efficient.
- Address your people’s problems. Enlist the support of a solid business strategist, coach, and a peer group of entrepreneurs.
- Don’t rely on traditional hiring practices to attract A-players to your team.
- Consider the short-term vs. the long-term. (Where will you be in six months?)
- Top causes of burnout: a lack of systems, hiring problems, no clear sweet spot, and no protective filters in place
- My story of being ready to throw in the towel in 2019: what I was thinking and feeling when the hits kept coming, the steps we took to get through, and what I’ve learned through the process
Links and Resources:
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