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Running a business long term is never as easy as it looks. For every goal achieved and milestone met, business leaders must also expect to encounter obstacles. These can range from hiring challenges, market instability and an increasingly competitive business landscape to name a few common setbacks entrepreneurs can expect.
Still, despite the problems business leaders will inevitably encounter, it is still possible to stay the course and succeed with the right preparation, support and coping strategies. Below, 15 Newsweek Expert Forum members each share one specific action or practice they rely on to maintain their resiliency.
1. Prepare Mentally for a Long Race
Wall Street has taught me that investing is not a race you can win everyday. It's not a daily sprint but a long-term marathon with no real finishing line. As such, I prepare mentally for that long race and try not to get knocked out too early. Yes, others may pass me in the short run but where I will finish after years of effort—not weeks or months—is my motivational focus on tough days. - Peter Marber, Aperture Investors
2. Reframe the Situation
I play the reframe game. It's easy to go down the path of negativity, shame and self-doubt when experiencing hardships and challenges. I practice the art of reframing the situation. I look for the gift, asking what I can learn from this challenge, how I can use this experience to strengthen my skills in the future and how this will help me and others going forward. That shift strengthens my resiliency. - Joyel Crawford, Crawford Leadership Strategies, LLC
3. Build an Internal Culture of Adaptability
One action that I rely on to maintain resilience is creating a culture of adapting to change and new circumstances throughout the company. I urge our team to engage in open communication and collaboration while also embracing a growth mindset. By emphasizing learning from failures and celebrating successes, our team responds effectively to challenges and finds innovative solutions to challenges. - James Jones, Bump
4. Create a Routine
Having a routine is huge. Being a business owner and entrepreneur means signing up for agonizing days that come with reaping rewards. Having a schedule helps me stay focused and stick to what I know needs to get done. Falling off my schedule is when I start to get disorganized. - Christian Anderson, Lost Boy Entertainment LLC
5. Aim to Persevere or Persist to Overcome Challenges
To maintain my business resiliency, I rely on perseverance or persistence, which involves activating my ability to persistently pursue goals and overcome obstacles without ever giving up. This trait is often referred to as "stick-to-itiveness" and it is an essential quality for any business leader who strives to succeed in the face of challenges and setbacks. - Alan Wozniak, Business Health Matters (BHM) Executive Consulting
6. Practice Introspection Daily
My cornerstone is a daily practice of introspection. I evaluate challenges, extract lessons learned and, most crucially, seek the spark that will fuel enduring strength. This process transforms obstacles into opportunities. It's akin to finding a hidden gem in rough terrains, which can be a continuous source of energy and motivation. It aids survival and drives continued growth and evolution. - Joseph Soares, IBPROM Corp.
7. Remain Consistent
Be consistent in how you make decisions, especially key ones. Being inconsistent creates confusion with your employees. It's not about how you feel. It's about how your employees perceive you as their leader because to them, you are the company. By being consistent in your decisions, you are also training them to act the same. - Zain Jaffer, Zain Ventures
8. Take Breaks to Reset
I recharge by taking energetic walks in nature and reveling in the sights, scents and sounds. I also take music breaks to recharge with relevant lyrics or just enjoy the rhythm and riff. Greek philosopher Plato is quoted as saying, "Music is a moral law. It gives soul to the universe, wings to the mind, flight to the imagination and charm and gaiety to life and to everything." It's inspirational! - Margie Kiesel, Avaneer Health
9. Set Stretch Goals With Minimal Consequences
The approach to "try, fail and try again" might not be all that practical for business as we don't get infinite opportunities to correct ourselves. Leaders should focus on very specific, directed actions that challenge them while still having something to fall back on. If it's not challenging enough, there can't be resiliency whatsoever toward a given business effort. - Jacob Mathison, Mathison Projects Inc.
10. Reflect With a Peer
"Bad days" are opportunities to test your lateral leadership. Consider whether you are able to share whatever the bad day is about with a co-leader and reflect together. More than a test, sharing also builds trust, with the strength of mutual voice and collaboration helping you to take a step in moving through and beyond the bad day. This is not likely in a strict hierarchical leadership model. - Daniel Lutz, Ph.D., Lutz Globe LLC – Global Leadership of Business and Education
11. Do Time Blocking
Time blocking has consistently helped me with maintaining resilience as a business leader. I guard my time for reflecting and reaching personal goals while also building in time for focused work that will bring my business to the next level. All of this brings me balance and reduces burnout. When I do have those bad days, I also have time blocked off to recharge. - Ryan Carroll, Wealth Assistants
12. Step Away
As leaders, we aren't immune to stress and the impacts of what our teams feel, yet we often don't give ourselves the same grace we'd give our team. Implementing the art of stepping away when things are challenging is critical. Space gives us breathing room, time to reflect and an opportunity to return with a fresh perspective. That builds resilience to return, tackle challenges and grow. - Jennifer Thompson, i-tri
13. Seek to Move Outside Your Comfort Zone
I make a conscious effort to seek out new experiences that are outside my comfort zone. This not only gives me fresh perspectives on the world, but also helps me become more resilient and reinforces my purpose and direction by forcing me to reflect on my values. One pro tip is to block recurring time in your calendar for this! - Gergo Vari, Lensa
14. Aim to Stay on Track and Focused
I maintain my resiliency on challenging days by staying on track and being focused. It's vital to preplan my days and stay on track with my lists to accomplish the tasks I have and need to accomplish each day. Even with minor setbacks, I acknowledge them but never allow them to interfere with my duties. - Tammy Sons, Tn Nursery
15. Focus on the Bigger Picture
Remember the bigger purpose–the reason you signed up to lead this mission. Though being a leader can be hard and lonely, your calling is far greater than yourself. When the daily stressors are threatening your well-being, visualization can help. Picture yourself as a child. After explaining to them why you do what you do and seeing them light up with excitement, you will believe in your vision again. - Jeff Chen, Radicle Science
