• Home
  • Blog & News
  • Learning Resilience, to Build your Business during Tough Times
Learning Resilience, to Build your Business during Tough Times

Learning Resilience, to Build your Business during Tough Times

Simply reading the news headlines can be downright distressing, and government’s lack of adequate response towards corruption can leave us feeling hopeless. As business owners and active citizens, however, it’s vital to learn and build resilience, so we can survive – and thrive beyond – the tough times. Now’s the time to build your business in new ways, but to do that you’ll need to learn to stay resilient, no matter how tough the economic environment. On this week’s The Money Show with Bruce Whitfield, we laid out a plan for building resilience within yourself, and your business:

Cut Out the Noise

Logging on to nearly any social media platform nowadays feels like an instant bombardment of bad news. Now’s the time to log off, and limit your exposure to the noise. More importantly, when you do read the news, it’s important to ensure that you’re reading balanced reporting, and not confining yourself to an echo chamber. You can’t build your business on bad news, but you could find new opportunities to do just that -  consider what problems the changing environment has created, and how your business could solve some of them.

Keep Things Simple

Our business environment may be alarmingly complex and difficult, but your best buffer against that is to keep your business simple. By keeping things simple, you’re better able to focus on what it is that you do well, and seek out new opportunities within your chosen industry or sector. Work with what you know, and deepen your capabilities within your sector. Knowledge is a strength that can’t be taken away from you, and learning more about your industry always pays off.

Stay Focused

It may feel like the world is spinning out of its orbit, but that’s not something you can fix right now. Remain focused on your business, and stand firm in your approach. Now is not the time to start dabbling in areas where the grass appears to be greener, but it is the time to be disciplined and determined, so that you can continue to build your business.

Be Clear on Your Purpose

Having a solid sense of purpose, mixed with a healthy dose of optimism, is a critical entrepreneurial skill. If you’re feeling unsure of your purpose during these tough times, go back to the drawing board and go through your company vision again. Set your destination for achieving that vision, and adjust to conquer whatever comes your way.

Build a War Chest

Building a war chest, or survival budget, is imperative. If you’ve kept three months’ worth of a buffer in your bank account, work on building it up to six months’ worth. Keep money in your business to buffer you or, if you have spare money to spend, invest it in something suitable, that’ll provide you with a life raft if the seas get rough.

Keep Your Eye on the Future and Think Big (Because Now is the Time to Think)

Times may be tough right now, but you must plan for, and focus on, the future. Rather than focusing on the present, look ahead, because opportunities for the future – especially in the realms of technology – are coming, thick and fast. Contemplate and plan for ways your business can capitalise on those opportunities in the future, and start planning to, today. Simultaneously, think and plan for shocks ahead, building your business in such a way, that it becomes resilient to those shocks.  

Measure Everything You Do

By measuring every activity, you can remove the emotions that are tied to your work. Building effective reporting systems, and using them well, gives you an objective perspective on your business. Those numbers tell the true story of your business and help to keep you on track.

Don’t Get Caught in the Engine Room

No matter the economic conditions, the way you build your business will define whether you stay in survival mode, or not. Being in the engine room of your business is much like being in the engine room of a ship: you can’t see the sea, but you’re trying to navigate it. Aim to get out of the engine room and operational side of your business for up to 70 percent of your time, because that way, you’ll be able to steer your ship correctly.

Take a Break

If your industry is quiet over the holiday season, take a break. If your busiest time of the year falls over the traditional holiday period, book yourself a break once the busy season winds down. Taking a break is vital to prevent burnout and keep your stress levels at a manageable level.

Let Aurik work with you to find ways to build your business during tough economic times.

Tags: The Money Show, Growing business value, Building your Business, Growing, Accelerating Growth

What is your business building approach to 2019: Chose one of 3 strategies
The Money Show Business Strategy

What is your business building approach to 2019: Chose one of 3 strategies

2018 has been an exhausting year. Taking time off is important, so long as you don’t break the momentum of your business....

Read more

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures
The Money Show

How to Deal with Nightmare Partnerships, Collaborations & Joint Ventures

Collaboration is a key element for building your business into a successful Asset of Value. But, not every joint venture...

Read more

Why Collaboration is a Critical Skill for Every Business Owner
The Money Show Building your Business

Why Collaboration is a Critical Skill for Every Business Owner

We’ve entered the age of collaboration. Despite current events, like BREXIT, that showcase the opposite, collaboration remains...

Read more

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019
The Money Show Sales

Foresight and action can turn the potential sales you book in 2018 a certainty in 2019

You’re winding down towards the end of 2018, and preparing to lock and load the early sales for 2019. If you’re not in this...

Read more

Turn 2018’s Exhaustion into 2019’s Business Acceleration
The Money Show Business Growth

Turn 2018’s Exhaustion into 2019’s Business Acceleration

Year-end fatigue is setting in - 2018 has been a tough year emotionally, economically, and physically. But that’s not much...

Read more

Building a Branch Network for Your Business
The Money Show Asset of Value Business Growth

Building a Branch Network for Your Business

Building a branch network for your business is still relevant and appropriate, despite the exponential growth opportunities...

Read more

Growing Revenues through Indirect Sales Channels
The Money Show Business Growth Sales channels

Growing Revenues through Indirect Sales Channels

Effectively growing your business revenue needs a lot more than just a regular sales effort. Developing and implementing...

Read more

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies
The Money Show Business Growth Strategic Planning

Entering, Surviving, and Thriving, in a New Industry Created by New Technologies

We’re in the midst of the 4th industrial revolution, with many new technologies quickly entering the business environment....

Read more

Business Funding: How to Self-Fund your Business through its Lifecycle
The Money Show Business funding

Business Funding: How to Self-Fund your Business through its Lifecycle

Business owners and entrepreneurs often express the difficulty of accessing business funding as a key challenge. And yet,...

Read more

Building a business with confidence amidst uncertainty
The Money Show Business Growth Business owner

Building a business with confidence amidst uncertainty

A constantly changing business environment demands that business owners develop new skills to ensure business growth. Recently,...

Read more

Choose your Business Growth Rate and Build your Business Towards It
The Money Show Business Growth

Choose your Business Growth Rate and Build your Business Towards It

We may be living in a negative economic cycle right now, but it’s up to you to decide what your business growth rate should...

Read more

How to Build your Business & Capitalise on a Seemingly Negative Business Environment
The Money Show Building your Business

How to Build your Business & Capitalise on a Seemingly Negative Business Environment

The reality of a recession is sinking in, and it seems the echo chamber of negativity is overwhelming. South Africa’s business...

Read more

How to build a resilient business in a technical recession
Building your Business

How to build a resilient business in a technical recession

Our economy is in the midst of a technical recession and business owners are wondering how to weather this economic storm....

Read more

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check
The Money Show Business Growth

Marketing for Business Growth: Keeping your Customer Acquisition Cost in check

You’re not alone. It’s becoming more and more difficult to generate leads, turn those into customers, and grow your revenue....

Read more

Product businesses in the industrial sector need to build differently to survive and thrive
Building your Business Business Growth

Product businesses in the industrial sector need to build differently to survive and thrive

Keeping water flowing through the kilometres of underground pipes keeps all players in water infrastructure awake at night,...

Read more

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.
The Money Show Building your Business

How to Build Your Business by recruiting the Right People to do the Right Thing at the Right Time.

As a small business owner, your biggest investment will be your staff. How you hire, who you hire, and when you hire, will...

Read more

Turning the talk of your Business Strategy into the Walk of Execution and Results
The Money Show Business Strategy

Turning the talk of your Business Strategy into the Walk of Execution and Results

In recent meetings with frustrated business owners, Pavlo Phitidis picked up on a significant trend – a high level of complaints...

Read more

Why, When and How to Sell your Business.
The Money Show Selling your business

Why, When and How to Sell your Business.

Every business only has two destinations: it closes, or you successfully sell it. Globally, however, 94.6% of all businesses...

Read more

How to build your business through delegation
The Money Show Business Growth

How to build your business through delegation

Your business journey most often begins with just you. Along the way, however, as you figure out how to build your business,...

Read more

Managing Business Growth – The Killers of Business Growth
The Money Show Business Growth

Managing Business Growth – The Killers of Business Growth

Ask any business owner what they’d like for their business, and they’ll say “Growth”. But managing business growth isn’t...

Read more

KVD: A fisherman’s tale
Building your Business Business Growth

KVD: A fisherman’s tale

American Kevin VanDam is one of the top-ranking bass fishermen in the world with two Major League Fishing Cups, four Bassmaster...

Read more

How to build your business: Break it to build it throughout the growth cycle
The Money Show Building your Business

How to build your business: Break it to build it throughout the growth cycle

You build your business within the context of your business environment. When your business environment changes more rapidly...

Read more

More small business growth insights from GrowCo
The Money Show Business Growth

More small business growth insights from GrowCo

On The Money Show with Bruce Whitfield, Pavlo Phitidis shared further small business growth insights, gleaned from attending...

Read more

Learning lessons from the GrowCo conference

Learning lessons from the GrowCo conference

GrowCo gives attendees the opportunity to learn from the best in the industry with more than 600 people attending – including...

Read more