Small business owners are the toughest, most resilient people I have ever met. They face daily obstacles, constantly put out fires, get no rest, and often do without - always putting the business first. This is what makes the path to success so rewarding.
Along the way, business owners build a tolerance to these pain points, they develop a special kind of toughness. It’s this toughness that gives them the ability to face daily challenges without crumbling to pieces. But in some cases, that toughness can mask small problems that later turn into big issues.
Adversities like the loss of a key employee, failed equipment, or other external conditions like bad weather are regularly taken in stride. Business owners simply “suck-it-up” and tighten their belts. Becoming conditioned to these adversities is dangerous. Each adversity can, and probably will, have an impact on revenue. An engine not firing on all cylinders is not efficient, it’s not reaching its full potential. The same is true for businesses.
We often see business owners that are now struggling because they were a little too tough. They tried to limp through adversity for too long before working to correct the issue. As a result, business performance declined and they are no longer in the same position to seek help. The business is less attractive to lenders.
I cannot tell you how many times we see a client and say, “You really needed to call us 2 months ago.” The delay can significantly impact both the cost and eligibility of financing. Address challenges when they arise. When the solution involves financing, act quickly.
Developing a mental toughness will help you ride the inevitable ups and downs of business cycles. Trying to be too tough for too long can put your business at risk.