GRIT and simplicity are the keys to survival.
As a member of EO, I have the privilege of being part of a global network of entrepreneurs who share. We celebrate the wins, but we also get real and talk about the tough stuff. One of the most active WhatsApp groups I’m in is called EO Grit. The description? “A group for EO members who are facing challenges in the current economic environment where you can talk about anything.” The purpose is simple: share, get ideas, offer help, and, most importantly, know you’re not alone.
In 2016, I nearly lost my business. I made a bad hiring decision and let complacency creep in, which led to one disaster after another. I’ll never forget the Advisory Board meeting where all my advisors told me to throw in the towel and close up shop. My business. The one I built from nothing, with nothing, while raising three kids, employing 25 staff, and serving clients all across Australia. The business was viable. The service we provided was needed. Up until this moment, the business had grown year on year with a solid profit margin.
So, when they told me to walk away because things got tough? I don’t think so.
I stood up in that meeting, picked up my notebook and pen, politely thanked them for their service, and then – not so politely – told them they were fired. I walked out determined to save my business. In that moment, I went from desperate and looking for someone else to fix it, to realizing that I had everything I needed to turn it around. Me, and my absolute commitment to not losing what I built.
Three months later, I did just that. Here’s how.
I didn’t have a business degree. I didn’t have any previous business experience, and I clearly didn’t have support from my board. So, I did what I always do in critical times – I got quiet. I grabbed a whiteboard and stripped everything back to what actually mattered. I cut out the noise, put on my blinkers, and focused on just three things:
- Keep the remaining staff I hadn’t lost.
- Keep the clients that hadn’t been stolen by departing employees.
- Get my invoices paid ASAP to keep cash flowing in.
That’s it. Those were the only three things I needed to focus on to stop the boat from sinking. And once I stabilized, then I could start rebuilding.
Everything else in my business world? It had to wait. I spent time with my team, being honest and transparent while creating security for them. I made sure they had what they needed to deliver exceptional work for the clients who stayed. I got in front of every client, explained exactly what was happening, how I was fixing it, and I asked for their support. I didn’t sugarcoat it. I asked them to pay their bills as soon as they possibly could. I was vulnerable, real, and honest.
Sure, some staff and clients jumped ship. But the majority stayed. Because when you’ve spent nearly a decade building a strong, impactful business, people stand by you when you’re honest with them.
So, if you’re going through a tough time right now, don’t look for some fad or silver bullet. There isn’t one. You need to stand up, pick your head up, and remind yourself who built this business. Get to work, focusing on the things that matter right now. The rest can wait.
