3 Knockout Strategies To Reinvest In Your Business With a Strong 1-2 Punch

January 13, 2015 Updated: April 23, 2016

When you first started your company everything was exciting, shiny and new! You were making some great connections, getting your first clients or contracts and making new hires you thought of as integral parts of your team. But years down the road after mitigated lawsuits, vendors who pay late (if at all), contacts who don’t follow their word and employees who blatantly aren’t motivated past their paycheck, things have become strikingly not fun. In fact, you might not even remember the last time you were happy about going to work. Unless your masochist, there’s always a reason for holding on: maybe this is the only thing you know how to do properly? Or, it’s a family legacy you have emotional ties to? Either way, if you know you’re going to be “stuck” with your business for a while how about turning things around and making them a little bit more fun? Below are 3 distinct strategies to get a clear perspective, lift the load off your shoulders and get your passion firing again.

This is your fight. Are you Rocky or Apollo Creed? Everyone has watched the Sylvester Stallone classic (and if you haven’t do yourself a favor and rent it tonight) about the underdog Rocky who beat boxing champion Apollo Creed. How did Rocky beat Apollo Creed? It wasn’t through skill or speed or tact. It was simply through heart. Now, I know it sounds corny but if you don’t have the heart (or gut) to push your business forward then you might as well forfeit the fight. Think to yourself: Is this a fight I want to win? Or one I have already resigned to loosing? Mindset has almost as much to do with winning as does practice and experience. Most fighters will tell you they knew they weren’t going to win a fight because they went into the fight unconvinced of winning. Take the time to reflect, what is your mindset about your business? C’mon Rocky, it’s time to get off the ropes.

Get some fresh perspective. Getting stuck in the grind of the day-to-day operations can quickly get you stuck in the rabbit hole. And, there are only problems, bills and angry people in the rabbit hole so consider sticking your head out for a bit of fresh air. As much as it seems impossible try to plan 2-3 trips throughout the year that you can take to different conferences and tradeshows that will help you meet either other business owners in your industry or potential new clients. Getting away will not only offer you a fresh perspective but will also give you some much needed space with the day-to-day operations so you can see not just the problems your business faces but, where it stands in the bigger picture of your industry’s market. (You are allowed to stop reading, proceed to a search engine and start researching where your next business trip should be NOW!)

Join or Form Your Own Mastermind. If you think only the captain can steer a ship then think again. There are dozens of crew helping to guide, read maps, scan the surroundings for threatening landscapes and give counsel. So, if you feel you are alone in running your ship it’s time to get other people onboard to help. Now, this doesn’t have to mean hiring! There are several ways of gaining the support and counsel of others. I highly recommend you join a mastermind group that is already in existence. Groups with the sole purpose of helping business owners brainstorm new ideas and solutions to existing problems such as TAB’s The Alternative Board are often better than regular referral or networking groups as the focus is on genuine counsel and not recording the amount of sales passed through a group. Search to find a group in your neighborhood and, if you can’t find any, then start your own. Put together a group of 3-6 other business owners who you highly respect and promise to meet together in-person once a month. Getting input and support from others will not only help you resolve some of your problems faster but will also give you some of that fiery passion back as you realize you might not be in this alone after all.

What are ways in which you have reinvested in your business recently? Let us know below or email us at info@popcornprod.com.