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No business environment is without its setbacks and challenges. We all have days where we are thrown off balance, when an issue gets the better of us. However, there are things we can do to prepare for the toughest days. There are also strategies we can use to cope when the worst happens. Here’s how to best turn your business challenge into an opportunity for success.
Always stay positive
How you choose to react to challenging situations can have a significant impact on the outcome, but it can also determine how well you will deal with future challenges. Research shows that individuals who experience more positive emotions build up a pool of emotional and psychological resources that they can draw on in the future when things get tough.
People who display positive emotions tend to be more creative, better able to generate ideas, more socially integrated and more resilient. The takeaway? If you stay positive when disaster strikes, you will be more resilient and have a better chance of solving the problem in the long term.
Ask for help
The saying, “There is someone in the world that knows a little bit more about a topic than you do” is also true in the business world. Find a mentor or someone more experienced to help you work through the issue. By showing some humility and acknowledging that there are gaps in your knowledge you can tap into the wealth of knowledge that others have acquired.
Look outside your business environment
Don’t just call on your mentors and confidants when you have a problem. Start building relationships with people as soon as you can. Make your contacts as diverse as possible – from suppliers, to support industries and even contacts from competitor companies that you would not normally see as allies. There are numerous examples of competitors joining forces to become unstoppable business entities, employees switching teams and competitors sharing resources in tough times.
Analyse the problem and get to the core
Review went wrong by analysing the situation from different angles, and asking for as many people’s input as possible. Ask yourself if you could have done anything better and write down five things you would have done differently to improve the situation.
You’ve completed your analysis and discovered the core of the problem. Hopefully now you now realise that the problem was a blessing in disguise –and you have the opportunity to fix it. But don’t be content with that. This is a vital opportunity to experiment and find a better product, service or process to catapult your business towards success.
Looking for more inspiration?
The Officeworks Mini Masterclass for Small Business is designed to empower you to achieve your goals. This free online course features eight video lessons and is hosted by leading Australian small business owners. Combining expert insights with practical little wins to apply across all facets of your business and life.
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This article was brought to you by Officeworks who know it is all about the little wins when it comes to kicking big goals.