Pulling Together Through The Hard Times
“This year we are seeing more and more small business in rural and remote areas subjected to the pressures of drought, floods, and bushfires. These challenges can feel like they are never ending for many, and often it is hard to see the light at the end of that tunnel (and I appreciate too, that the reality for some is that there really is no light at the end of that tunnel).
The situation is heartbreaking.
It is at times like this that small business needs trusted advisers around them.
There is a lot to be said for the value of quality and strategic advice during tough times. Advice that offers guidance when the hard decisions need to be made, and support through those processes.
My heart breaks when I see the all too common situation that a small business owner has waited until the horse has bolted before seeking advice from their advisers. Sometimes they are frozen with fear, sometimes they fear judgement and sometimes they simply don’t know who can help. It doesn’t have to be this way.
Thinking ahead and being proactive can offer pathways to solutions that may not be there if things are left until the last minute. For example, if pressure is mounting because of creditors, or if outstanding debts are adding up, getting around a table (or a speaker phone) with your lawyer, accountant, bookkeeper, etc., can make a real difference.
Having an objective opinion—or as I often say, a fresh set of eyes—look over the challenges can often lead to different options that you may not have seen yourself. In all honesty, when you are going through a hard time,- it really can be hard to see the forest from the trees— especially when you are living and breathing your business every single day.
With the right advice, you can make informed decisions that best suit you at the time.
Things may change (in fact, they will), and that’s expected. Developing a relationship with your advisers that is built on trust and confidence can mean that it really isn’t hard to work together through the ups and the downs.
I understand that there are costs associated with doing this, but really, those costs are an investment in the future (one way or another). If you have a good relationship with your adviser, then costs will be the last thing that is discussed—they really will work with you to help you.
I like to touch base with my clients from time to time, just to see how things are going. I don’t charge for doing so and I create a safe space for them to speak honestly and openly (judgement-free)! It is important to stay connected, and to be sure that I am offering the support that is needed, when it’s needed.
Now more than ever, when things really are tough, is the time to be sure you are getting proper strategic advice so you can make the hard decisions. So make the call. Send the email. Get in touch with your advisers and start working together to pave a way forward. You won’t regret it.“
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You might like to read more of our tips in our Building Your Small Business | The Beginners Handbook here.