The feeling of riding the wave of a successful business career is often so intoxicating, many wouldn’t image a time may come when things would go the other way round. This usually results in inexperienced entrepreneurs finding themselves in situations they’re not well prepared to face.

Many entrepreneurs, as a result, resort to making unwise decisions that only help them achieve momentary and brief relief that may even result in a far worse situation for them.

When you’re in that situation when things are not going as expected, decision making becomes critical and a wrong choice of action may leave you with regrets. While a failed business is certainly not the end of the world, preventing your business from totally hitting the ground will give you the confidence and time required to make it float again.

Below are some ways to react and handle things if you find your business is crumbling.

Relax and Reflect

While everything would seem to be crumbling fast as pressure keep mounting, keeping a calm composure in this type of moment might seem impossible and “unthinkable”. But the key is to keep your mind clear to enable you process your thoughts very clearly.

What successful entrepreneurs have found out works out for them is to maintain your focus and keep building your momentum. Don’t give in to pressure by succumbing to the fear of failure.

Also, this is the time to reflect on what worked in the past. Are the methods you used in the past still able to resuscitate your business?

Start Making Deals

Deals are what businesses do to make money. The better you’re at making deals, the sooner you’re going to get your business back up.

Start creating new opportunities to get your business back on track by making new deals.

When businessman and real estate tycoon, Donald Trump, was having a bad time with his business, he started making new deals. He didn’t wait for something to happen to him. He created the opportunity he needed.

If you need a head start on how to make deals, try reading “The Art of The Deal” by Donald Trump.

Look Beyond Your Current Situation

A great way to stay positive in situations like this is to see beyond your current situation. Your focus and goals should not be shaken or broken by a temporary downfall. Looking beyond your current situation also means accepting that temporary failures are part of the stepping stones to success.

It is through failures that we discover our true resolve for success and even come out stronger. In a saying by popular athlete, Michael Jordan, he said…

I’ve missed more than 9000 shots in my career. I’ve lost almost 300 games. Twenty-six times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life. And that is why I succeed.

What is your purpose for starting a business? Is it to become wealthy and live the lifestyle of your dream? Is it to help others out of difficult situations? Let that be your focus and what keeps you driven. By focusing on why you’re in business, you’re gaining the energy you need to forge ahead with more resolve.

Ask for Favors 

Do not be shy to ask for favors from others. Just like you need to make good deals to help your business get back on its feet, you also need the support of others. There’s only one way to get it. By asking.

While ego will usually get in the way of making the right decision most times, especially in a man’s low point, this is the time to put your ego aside and think independently. Think of the people you know that can help you and start reaching out to them. Of course, it’s important to present the options to them in a way that makes them feel they’ll be benefiting something in return. This is the surest way to get a “yes”.

Pursue Your Debtors

A lot of entrepreneurs keep a very ridiculous volume of credit portfolio, you wonder if they’re in the business of giving loans. Well, if you have a reasonable enough credit with others, this is the right time to pursue them and, do it hard, without looking desperate.

In other to achieve an effective result from this, you might need to employ the service of a collecting agency. This will be especially useful if you’re pursuing bad debts that might prove difficult to recover.

Re-strategize Your Plans

Your business planning and business implementation strategy may often be the leading cause for a crumbling business. If this is this case, other than situations like market crash, then a simple re-strategizing might be all you need to get back on track.

This is the time when you need to go back to the “drawing board”, albeit with a very clear mind. Conform your business plans to current market demands and focus on ideas that will bring results on the short term while you build up on your long-term strategy.

Trust Your Co-Partners

In a time when you’re faced with serious uncertainties in your business, don’t keep anyone in the dark by pretending that everything is alright. Be bold and come out clean with everyone. Treat your employees like your co-partners, so when you’re in a situation like this they would be glad to offer their help and contributions.

And if there are those that are fearful about the future and would rather move on, don’t hold it against them. Give them a sweat good bye note and thank them for their contributions. More than likely, they would itch to come back and work with you in the future.


Have you ever been through a hard entrepreneurial time before? How did you bounce back? What ideas worked for you? Let us know in the comment section.