January Business Coaching Tip 2022
Welcome to the January 2022 Business Coaching topic here at Miles Better Business Coaching.
My name is Collin Miles aka The Numbers Guys and this month’s question is
How to Overcome Adversity in your Business life
There will always be times when your businesses go through tough times, whether that is because of the wider economy or through some poor decisions that you have made.
But whether the decision is made for you or because of you, learning how to deal with adversity and how to adapt and come out the other side stronger and with a better outlook is of key importance to the success of your business and even your personal life.
Here I will highlight some of my experiences and some ideas on the key factors in overcoming adversity and having business success.
I have used them many times in my career as like life – I have had ups and downs – but the fact I have 6 action points to focus on has helped.
Working through adversity is one of the best development experiences, one that better prepares you for success in the future.
While everyone goes through some hardship, you never realize its building valuable personal and professional skills. You only have to ask Richard Branson or James Dyson
The key is to maintain a Positive Mental attitude.
No matter what has happened or is going to happen, it isn’t likely to be the end of the world.
Now that is easy for me to say I hear you saying – it will feel like the end of the world at the time – but if you surround yourself with a supportive tribe of advisors and friends – then a problem shared is often a problem halved.
There is always light at the end of the tunnel. Choosing to not let negative thoughts rule your life will have a huge impact on your ability to move forward and view your future with optimism and hope.
Some tips to help with this approach is to run videos if successes in your head when you feel things are pulling you away from the goal.
A great story told to me by an Olympic athlete is how they approach the 100 meter race – the are totally focused on the image of them breaking the finish line and standing next to the timer showing a new world Record – does this happen every time NO but what an image going into the race to have.
2. Maintaining composure.
It is important that even if you feel like panicking, that you don’t. Take a deep breath and remain calm. The night is always followed by a new day and with that new opportunity. Panicking and believing the world is over is going to help no one.
Some specific tips include
- Don't let your emotions become obstacles. Recognize the emotion, but don't let the feelings overcome you. If you need to take a breather to reset, excuse yourself from the situation and revisit it when you're not overly emotional.
- Don't take things personally. Always keep business separate from your and others' personal lives. Employees take their cues from their leaders, so set a positive example.
- Be accountable. Your behaviour and communication as a leader must be exemplary.
- Communicate wisely. Listen as much or more than you speak. Take the time to weigh what each person says before you respond.
- Be decisive. Don't show or respond with doubt. Leaders are able to make the tough calls while still remaining in control.
- Retain your perspective. You were likely in the same position as your employees at one time. Be understanding about the struggles of their roles.
Why composure is important
Why should it matter for you to maintain composure through adversity? You're the boss, right? In short, composure matters because at the end of the day, it's not about you – it's about your business. It's about the success of your company. Maintaining composure as a professional in the workplace is important because, as a leader, you're one of the key examples and influencers of the creativity, innovation, vision, respect, loyalty, and work ethic necessary to drive your business. Any lapse in composure in your professionalism affects your credibility as a leader, which has a negative effect on your company’s workplace culture and ultimately hurts your business.
3. Remember the bigger picture.
It is always important to remember the bigger picture of what you are trying to achieve as a business, or what you are trying to achieve doing a specific task. Not getting bogged down in the detail and taking a step back can be sometimes all it needs to re-focus and remember why you are doing what you are doing.
1. ALLOCATE TIME TO THINKING
This might sound obvious, but it’s amazing how infrequently we actually do this. If you allow yourself to just do what’s next on your to-do list, you’ll never find the time to think about the big picture–there will always be something that feels more urgent.
2. GET A BUDDY
Once you’ve allocated time to thinking, you’ll likely come upon a stumbling block: it’s hard to sit down and say to yourself, “Okay . . . think!” The best ideas often bubble up through the course of conversation, so it’s valuable to find another person to think with and bounce ideas back and forth. We will explore that more in the next point.
3. PICK SPECIFIC GOALS
Unpacking your big-picture thinking into a handful of specific goals will make it that much more actionable. If you want to redesign your product, break down this ambition into more specific actions that have a finite timeline: For example, I want to write a draft for the product roadmap over the next two years, broken up into a hierarchy of themes.
4. Don’t be ashamed to ask for help.
A battle is never won alone. Remember there is no shame in asking for help or advice. Use the experience and skills of others who have gone through similar experiences. Also use the knowledge of experts in areas you may not understand. Reaching out to those who are skilled and highly supportive can be sometimes all that is needed when it comes to a win or lose situation.
Prioritize your needs
Figure out, right now, what you need the most help with on your entrepreneurial journey. Focus first on self-awareness to get an inventory of your strengths and weaknesses.
Think about your most significant pain point and highest priority. Now you know where you need the most help. This is usually a relatively simple exercise, and it makes sense to do this often, as your answers will certainly change over time.
Find mentors who are relevant to your needs – so many entrepreneurs try to be jack of all trades and master of none.
I am a founding member of On -Point Mentors and so if you are looking for a mentor then let me know.
Join a Group/network
The power of a network that wants to help is amazing – again as a founding member of the mastermind City – this is an idea location to work like-minded people
5. Try again and then again.
If you fall of the horse, you are supposed to jump straight back on. A simple message, yet so important.
This links back to the PMA point earlier.
Don’t quit if times get tough, continue to do all you can, learn from your mistakes and bend and adapt at that pivot point and try something new to come back stronger than ever.
To quote Einstein
A person who never made a mistake never tried anything new.
But one I like better is Insanity is doing the same thing over and over and expecting a different result – so we need to try things and expect them to fail to allow us as entrepreneurs to move forward.
6. Always remain humble.
Being humble is not only a great quality, it will make people warm to you and will make you a better businessperson. Unwarranted pride is a common reason for business challenges lasting far longer than necessary. Don’t be stubborn; remember that what is right for the business is what should always be at the forefront of your mind.
Some research on the web came up with these simple definitions which I feel help define the strategy for the traits of being humble in business
Humble leaders make it all about the person they are interacting with
They don’t need to dominate the conversation
They are happy to be a fly on the wall
They hand out acts of kindness
They keep it together when the preverbal shit hits the fan
They are ridiculously open-minded
Their view changes
They deliberately help others win
I hope these 6 tips will help you develop a strong approach to overcoming adversity in your business
I did want to close out with a little about us and how we can help
As a business mentor – I help clients work in Real time, using plain speak so they can make powerful decisions – working together to always look for success and understand how best to help clients Grow, scale and profit faster which is why -
I have just launched a brand-new online course that uses all these strategies and I am calling it “Let the numbers decide” a 5 pillar programme to help all entrepreneurs launch/grow their new business idea and to overcome the fear of failing.
I would love you to visit www.letthenumbersdecide.com to learn more about the course
Plus, to help support the launch and my mission to help as many people become fluent in Accounting the Language of Business I am offer a free eBook and Discovery call
I hope you will join me this year, in finally taking the plunge and overcoming the Someday and launch your own successful business and allow us in a small way be part of the journey
Thank you for your interest in this month’s business coaching tip , and I look forward to working with you on launching/growing your business in 2022.