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BUSINESS MENTOR Keeping it going IN TOUGH TIMES BY CHRIS ELPHICK F all down seven times, stand up eight – Japanese proverb. Every business owner goes through diffi cult times in their business. That's when we need to be at our resilient best, says business coach and mentor Chris Elphick. For many business owners, once the initial excitement of setting up and running your own business starts to wear off, there is a period of feeling lonely, overworked and unsupported. If you're working in a home-based situation it can be hard to set boundaries between work and family. Even if you have a workplace or offi ce separate from your home, the reality of working on your own and without the perks of conventional paid work - sick leave, holiday pay, support staff and colleagues, can take its toll. Add to that the fact that it can take three to fi ve years for a start-up business to become profi table, and you may start to feel disheartened. And in the current economic climate when the economy is sluggish, small businesses are among the fi rst to suffer, particularly those in the hospitality, food production or tourism sectors which rely on consumers' discretionary spending. The fi rst thing to remember is that its normal to hit the wall a few months after you set up your own business. If you're a seasoned business owner, you will realise it is also part of business life to go through tough periods. Its how you weather these ups and downs that's important to your business survival and success. RESILIENCE: THE KEY TO THRIVING NOT JUST SURVIVING Resilience is the ability to adapt to life's misfortunes and setbacks. We need it especially during periods of change or when the going is tough. Resilience won't make the problems go away, but it will give us the ability to see past them. It will help you fi nd enjoyment in life and assist in handling stress better. Everyone can develop skills to become more resilient. The good news is that by taking a few simple steps you can make it through the tough times. STEP 1: MAKE SURE YOU HAVE A BUSINESS PLAN Developing a plan can seem boring, but having a short to medium-term plan helps you chart your progress and allows you to go for quick wins. A plan is a map that helps you go from A to B. Without one, you can end up getting lost. For more information about how to write a business plan, visit my website, www.chriselphick.co.nz or try www. business.govt.nz STEP 2: DEVELOP GOOD SUPPORT SYSTEMS You can't do it on your own. You need the support of your friends and family. Not many people can set up and/or run a business without the support of those closest to them. The last thing you need is criticism or ridicule. But it's important to fi nd support outside your family as well. You can do this by: • Finding a business mentor to help you to set goals and work out what you want to achieve. They can also help you to keep believing in yourself. They can offer you an independent opinion because they do not have a vested interest in your business. And if things are really tough, they can help you to explore the options or decide whether it's time to call it a day and wind your business up. Business Mentors New Zealand provides free mentoring (www.businessmentor.org.nz) or sign up with a private mentor. • Talking to people who are going through similar experiences as you. Join your local business association, such as Chamber of Commerce or Rotary; or a local or nationwide industry group related to your trade or sector. • Talking to the other vital member of your "team", your accountant. They can provide fi nancial and broader business advice, and help you see the larger picture. STEP 3: BE REALISTIC Running a business is hard work, and making a profi t is damned diffi cult. It's important to go into it with your eyes open, and to stay realistic about what you can achieve. Be realistic about what your business is offering - the services or products you provide and the staff required to realise this. A mentor is valuable in helping you to work out what you can, and can't, achieve. Remember that diffi cult times come and go, so it is worth riding the wave and hanging in there. STEP 4: SET SMALL GOALS Setting small goals and achieving them keeps you going forward. You can celebrate them then move on. Small goals are particularly important when the economic climate is diffi cult. Save your grand plans for when things pick up. If things are really tough, break your goals into bite-sized pieces: weekly goals, for example, which you can then stretch out to fortnightly when you feel more confi dent. STEP 5: STAY DISCIPLINED AND KEEP BELIEVING IN YOURSELF When things are tough it's easy to lose focus or procrastinate. You may fi nd yourself putting off doing things because they seem too hard, or because you can't see the point any more. It's important to take time out from your business to do the things that help you stay inspired and energised. Go to the gym, go fi shing, spend time with your family, read books, watch fi lms or take a few days off. Talk to your business mentor, accountant, spouse/partner, or to a fellow small business owner. Getting good-quality advice will help you keep believing in yourself, make it easier to overcome problems, possibly look beyond the obvious answers and keep on going. Chris Elphick is a Wellington-based business mentor, coach and trainer working throughout New Zealand and the Pacifi c with a range of business enterprises. For more business tips and information visit: www.chriselphick.co.nz NOVEMBER/DECEMBER 2012 ■ NZ AQUACULTURE ■ 13