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Getting back into the game: 5 ways to restart a business

Whether the COVI-19 pandemic knocked your SME down or your business has just been stagnant for a while, it’s time to breathe new life into it. But you may ask how? We have five ways to assist you in restarting your business.

1. Build a growth mindset

People who work from a fixed mindset view setbacks as being a result of a lack of skills which they can’t change. But to be successful in business you need to view setbacks as opportunities to highlight where you lack skills and then consider how you will get those skills. This could either be by learning them yourselves or hiring a guru in the area where you have a skills deficit. By having a growth mindset you will continue to persevere and work hard until you achieve the dream you set your sights on.

2. Master your emotions

Emotions at times seem to be uncontrollable but if we view them as action signals then we can use them to improve ourselves. We need to identify the emotions we are feeling because they are a signal. When we feel negative emotions it is important to identify the source of the emotion and use it to manage the emotion. In Tim Robbin’s book “Awaken the giant within”, he highlights how to master your emotions By getting on top of our emotions, we will be able to better negotiate the failures which will happen when we try to restart our business. We must acknowledge that we may still feel anger, guilt or shame from our business being closed before but these are emotions we need to acknowledge and work through so that they don’t cloud our judgement when we restart our business.

3. Re-evaluate your business relationships

You need to look at the relationships you had with lenders, customers, suppliers and the business community at large. There may be people in this network who can help you to build your business again. It is also important, when you are in a position to, to thank those who have helped you during your tough times as a business. When evaluating your relationships with suppliers you need to view them as those that are critical to the running of the business and those which are nice-to-haves. With the critical suppliers try to have more than one supplier who can help supply the service or goods your business needs.

4. Work on a new business plan

With the knowledge from the past, you have a new starting point for your business. With this data, you can set more realistic goals for you to achieve and then break those goals down into small achievable actions which you can do every day.

5. Investigate new technologies

New apps and technologies are being developed every day. By investigating the new technological developments in your sector, you may find ways to more efficiently achieve certain goals in your business.

By following these five ideas you will be well on your way to restarting your business well and marching towards success.

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