Category Archives: innovation

Tough times hit hard: 5 things that may help.

Brexit, economic downturn, lack of funding, new regulations and changing personal circumstances  are all events that can rock the foundation of your startup business. Making it through hard times requires a steel determination and some serious grit. However, these days I think we need more than just fighting spirit. Here are some thoughts on what else to do when tough times hit.

Cut Carefully

I really don’t like this cutting, because I think one should always be frugal with money. In addition, for small and growing business, cost-cutting needs to be implemented with the precision of a surgeon’s scalpel. Cut too deep and your business will never recover. Cut too shallow and cash flow problems could force you to the back of the unemployment line. Exercise care and judgment in determining what and where to cut and by how much. And keep monitoring the impact.

Use Low-Budget Marketing

When recessions and other difficult times hit, the marketing function of a business is the first to get cut. With less advertising and marketing, the funnel of incoming prospects is reduced creating even more revenue decreases and setting up a vicious cycle.

The key to salvage any business in hard times is NOT to reduce your marketing activities but to REPLACE them with  Low-budget marketing ( include tactics such as PR, networking, public speaking, online marketing and more.) If you’re already doing that, then figure out how you can do more, through new channels.

Invest your way out?

Are there others feeling the pinch? Can you buy yourself some growth, with efficiencies to be made through scaling operations?

Customer. Customer. Customer.

In good times, business comes easy. Your sales pitch or marketing message may be less effective but will still get results. Surviving hard times requires going back full circle to the fundamentals: Keep it simple, and give your customers what they want and need. Make sure EVERY customer is happy, because you certainly can’t afford a single unhappy one.

Forwards!!

It’s easy to fall into the trap of replaying the situation that got you here today. If you had a failed partnership, replaying your mistakes is a mistake. Research published in the Journal of Personality and Social Psychology by Lyubomirsky, Sousa, et al reveals analysis occurring during talking or writing is beneficial in difficult times while replaying negative events is detrimental.

There is a great book called “What got your here won’t get you there”, and that phrase is a great reminder of the need to pause, take stock, realign and move forward.
Go win. If it was EASY, ANYBODY could’ve done it already.

My second application was rejected too! WTF.

So I have now submitted two rounds of the same applications for funding from Horizon 2020 to prove how surgical confidence has an impact on outcome.

Both got rejected.

And interestingly enough, the SECOND application was deemed WORSE than the first one!!

The rating was much worse specifically in the area of proving the market potential for the final product despite me adding further detail and markets. I believe (from the notes in the feedback) that they simply thought the numbers are too good, versus what I was asking for. And that, exactly that, is an entrepreneurs weakness. You see, we are consistently asking for less money than others, if my theory is true.

Entrepreneurs ask for less money because we are used to doing more with less.