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How Your Business Can Survive an Existential Crisis
Without a doubt, any business will experience peaks and challenges. Some of these valleys would be considered an existential crisis. There are exciting times and harder times, and there’s a rollercoaster of emotions at every stage. However, while looking back on the journey with hindsight can be a magical, eye-opening experience, going through the journey itself can be tough, and sometimes even too much if you don’t know how to deal with what you’re facing.
Many times, this comes in the form of an existential crisis. This basically refers to a time where losses exceed profits, and you feel as though everything is heading downhill. This can be an incredibly difficult time, not just because the business is suffering, but because it causes you to doubt everything you’ve been doing, which can lead to rash decisions that only perpetuate the situation further.
This is especially the case with the recent COVID-19 pandemic, and many businesses have found themselves in a similar situation. Whether you’re still feeling the effects yourself or you find yourself in your existential crisis, this guide aims to help reframe your mind and get yourself back on track when it matters most.
What is an Existential Crisis?
Just so we’re on the same page, an existential crisis within a business is a point in time where you’re facing obstacles and challenges. You may be literally questioning your identity as a business, are problem-solving to stay in business and to stay afloat, or you may be on the verge of actually closing for good. It’s not necessarily a happy or positive time for a business, but it can be in the long term.
If you can learn lessons during this critical time, then your business has the potential to come out the other side stronger and more productive than ever before. It’s the harder times like this and how you and your business deal with it that will help you to become the best version of yourself/
It’s all about staying grounded, not making irrational decisions out of panic, staying focused, and doing everything you can to move things forward while addressing the problems that are holding you back. This is what the rest of this article is going to be focusing on.
How to Use This Existential Crisis as an Opportunity to Redefine Your Business
The most important thing to remember when in a crisis situation is that this creates the unique opportunity for you to redefine your business. One of the most common reasons businesses fail is because they fail to keep themselves fresh, which affects the mindsets and perspectives of both the customer base and the people who work within the business.
It’s easy to get into bad habits, and stale ways of working that can eventually end up holding the business back and leading you into this crisis situation. Being in the said situation is a chance to address and ultimately move on from these issues, meaning you’ll be able to redefine your business into a better version of itself.
In the very literal sense, this could mean redefining your branding of your business or remodeling the way you do things behind the scenes. How you go about doing this will depend on your business and the way you’re doing things, but the best place to start is by identifying your problem areas.
Look for bottlenecks within your working processes, looking for employees and mindsets that are holding you back, and looking for ways of working that aren’t as efficient as they could be. You may not even need to change too much physically. Sometimes, it’s purely a psychological mindset problem that is standing in your way.
How to Use This Crisis as an Opportunity to Grow Your Business
While existential crises are tough for everyone involved, it’s vital to remember that it’s not only an opportunity for your business to grow and to redefine itself but also for you as an individual. Whether you’re a team leader, manager, CEO, business owner, or leader of any kind, you need to take this as a chance to better yourself.
Take a moment to think about how you’re handling the situation, and be critical of yourself and what you’re doing. Yes, you’re going to feel emotional when your business is going through turbulent times, but if you’re acting emotional and making decisions in this mindset, it’s safe to say you’re not going to be acting like a good leader.
Instead, you need to remain grounded and focused in a way that everyone can look up to you for guidance and can trust what you’re doing. If you hit hard times and the leader loses the plot, then everyone else has no hope either.
It’s More Than Just Money
Sure, money is a big problem if you’re a business going through an existential crisis. Your losses are larger than your profits. Perhaps you’re not able to pay your employee’s paychecks, and they realize there’s a problem, and now you’ve to deal with all of the issues that come with that.
However, it’s so important in situations like this to remember that it’s not all about the money. Both you and your employees have lives connected to your business, and to lose a job is to lose a way of life and to lose security. Be compassionate to the fellow human beings you’re sharing your life with.
Bringing Purpose to Your Business
Another way that your business may be suffering is having a lack of purpose or direction. You may be trying to tackle so many things and attempting to hit so many goals that you’ve spread yourself too thin and become aimless. Alternatively, you may be stuck into so many bad habits and tedious ways of working that you’ve simply become too lethargic with what you’re doing.
To counteract this, you need to revisit your goals and ambitions and aim to bring a renewed sense of purpose to your business life. This means resetting your goals and targets, giving you and your business a new sense of direction, and basically doing what you need to do to remotivate you and your team.
Nurture Your Working Relationships
Hand in hand with what we’ve spoken about already, it’s important to make sure you’re working on maintaining your working relationships, not just with you and your staff, but also others, like your customers and clients, your suppliers, and your less-obvious contacts.
More often than not, you’ll rediscover that it’s not what you know, but who you know that can get you out of some of the problems you’re in. Maintaining and actively nurturing your relationships can open the door to so many new opportunities and solutions that you may never have otherwise been able to access.
How to Adjust Your Viewpoint
How you rearrange your viewpoint will depend on how you are as an individual, and it can take time to let go of an older version of you, yet nonetheless essential if you want to step into a better version of yourself. There are many ways you can get started, but it all starts with looking at the bigger picture.
As a leader, it can be heartbreaking to seemingly see your business failing, and of course, this can be a huge crunch on your confidence and self-esteem. However, you need to have the capability to look outside of these ways of thinking and instead look at the bigger picture.
There are a million and one variables that could come into play when it comes to why your business is having an existential crisis, and you can’t just blame yourself. More often than not, it’s all because of a ‘perfect storm’ kind of scenario.
The very best thing you can do is let these ways of thinking go, and instead focus on finding the problems and addressing them. Sure, you may have made some bad calls in the past, but instead of ruminating on them, the very best thing to do is simply to resolve them and move forward. Basically, whatever you do, don’t get hung up on the past.
How Can You Help Someone Experiencing An Existential Crisis In The Firm?
Finally, the last point of call on our journey here is focusing on what you should do if someone else in your business is having an existential crisis. Of course, your main focus here is to help them to overcome their thoughts and feelings and to get back on track. Fortunately, the solution is much like what we’ve already spoken about.
You need to take the individual to the side and try to find out what problems they’re facing, and start working on solutions to overcome them. Look into their work processes and flows and see where their individual bottlenecks are, and identify steps you could take in order to make their life easier, more motivated, and more productive.
Emily Henry is a business specialist and a blog writer at Buy college paper online and Online assignment help services. She enjoys reading and writing on different aspects of marketing and assisting businesses when they’re facing harder times.