Navigating the Wild Ride of Business: Handling Challenges to Thrive as an Entrepreneur
"Friendly fraud"- The two words don't go together, but it's a common problem for many businesses. It’s one of those things that make you go, “Really? Who knew?”
Here’s how it happens: You provide a product or service with good intentions, and then, surprise! Someone disputes the charge, claiming they never received it. Fun times, right?
Surprisingly, it happens frequently to business owners.
Running a small business isn’t easy, and sometimes, it can make us want to scream into a pillow. The unpredictability of freelancing and entrepreneurship often means dealing with these sorts of unexpected challenges.
While we can’t always control what happens, we can control how we respond. Here are some strategies to help you handle these bumps in the road:
1. Don’t Take It Personally. Yes, it’s tough not to take it personally when you’ve poured your heart and soul into your business. But remember, these challenges are not a reflection on you or the quality of your work. It’s all part of the business journey.
One of my friends deals with challenges by keeping a document or note called "argh!" where they write out the unfiltered reply they'd love to send in the moment. Then, after cooling off, they come back and respond in a way that they know is best for their business - and less personal. It's a great way to protect your sanity—without sending that emotional response in the heat of the moment. Argh.doc for the win!
2. Anticipate and Plan for the Unexpected. Anticipating that tough situations will arise and having a plan in place can make them easier to manage. Consider setting aside a contingency fund or establishing clear policies to help navigate these challenges with less stress.
Take, for instance, a fellow entrepreneur who once shared that he kept a “Murphy’s Law Fund” in his budget. This wasn’t just for equipment breakdowns or emergency repairs—it was for all those weird, unexpected costs that no one talks about, like replacing a client's custom-ordered item because their dog ate it. That fund may have seemed a little over-prepared at first, but it saved him from stress (and bankruptcy) more than once!
3. Stay Transparent and Keep Communication Open. When issues arise, transparency is key. Reach out to your clients or customers, explain the situation, and offer a solution. Open and honest communication can ease tensions and demonstrate your commitment to customer satisfaction.
A local business owner in Glens Falls once faced a major shipping delay just before the holidays. Rather than leaving customers in the dark, they sent out personalized emails to each affected person, explaining the issue and offering a small discount for future purchases. Sure, not everyone was happy, but most appreciated the honesty and stayed loyal. That openness turned what could’ve been a customer service disaster into an opportunity to build stronger relationships.
When the next bump in the road comes your way, take a deep breath, smile (even if it’s through gritted teeth), and respond in a way that aligns with your values.
And remember, even if it seems a bit idealistic, embracing these moments as an opportunity to grow stronger and more resilient can be a valuable part of your journey to success.
Ignite Your Entrepreneurial Journey!
At WorkSmart Coworking and Meeting Space in Glens Falls, NY, we know that running a business is full of twists and turns. That's why we've built a vibrant community where entrepreneurs can thrive together. Imagine the impact of working in a space designed for productivity, surrounded by peers who truly understand the entrepreneurial grind.
Ready to take your business to the next level?
Book a tour today and see how WorkSmart can be the game-changer for your success in Glens Falls, Queensbury, and Lake George, NY. Let’s thrive together!