May 2024 Managing the Money with Ciara Stockeland

Building Resiliency:
What do we do when we get stuck in business?

In the second chapter of my book, Inventory Genius, I talk about "tissues and Tums". If you think about those words and what they represent, the "tissues" are the tears and the struggles we have in our business journeys, and the "Tums" refer to the stress load we carry as business owners.

When we find ourselves tearful because things haven't gone as we anticipated or hoped, or when we find ourselves under a ton of stress and pressure as business owners, what do we do? What do we do when we get stuck in business?

What-ifs are futile. There's no point in trying to rewrite the past unless we use those what-ifs to create our genius. We must own our mistakes and dig deeper into how to do things better and differently the next time around.

What if we think about the number at the bottom of our businesses and consider what it would take to increase that number? What if we think about our inventory as cash on hangers and cash in boxes? What if we realize we can control the bottom line growth without adding a range of liabilities to the balance sheet?

The what-ifs are futile if we don't turn them into what-fors.

There are so many small business owners across the world that have invested everything into the concept of entrepreneurialism. So wherever you find yourself, know that every small business owner has likely been where you are now.

Here's a list of what you can do when you get stuck in business:

1. Ask yourself this question as if you're asking it to a coaching client: If you could wave your magic wand and everything could be exactly as you want it to be in your business, what would that look like?Here's the thing about feeling stuck: we oftentimes can't see the forest through the trees. We forget that we have tools and a team at our disposal. We're trying to claw our way out of our situation and we forget to look at the big picture and the end goal. By intentionally asking what we want our businesses to look like, we're able to take a step back and remember our goals and vision.

2. Once you have that vision back in the front of your mind, ask yourself what you need to make it happen. You have to get comfortable with feeling uncomfortable. You have to get ready to do it - to really make it happen. And oftentimes, that can feel uncomfortable. I believe you're willing to do the uncomfortable things to make your vision a reality.

3. Finally, ask yourself how you'll get to that vision. Look at your business as a puzzle that needs to be solved. Figure out how you'll make it happen.

So remember, to get yourself unstuck, ask three things: what do I want, what do I need, and how am I going to get there?

And if you're interested in diving deeper into resiliency and business ownership, check out these podcast episodes:

#178: Intentional Living Creates Resiliency, Interview with Shannon Wilburn

#179: Building the Mental Muscles to Move Forward, Interview with Joy McAdams

#180: From a Triathlete's Point of View, Interview with Brittany Vermeer