You may think that you will never suffer from a business disaster. However although business is easy, it is also tough. Tough! Tough! Tough! In previous articles, we shared the 80% business failure statistics – it is that tough. A business disaster is inevitable. What if you had some knowledge on how to survive a business disaster when they arrive?
In this interview, Orpheus Choy and Ben Chai share several tips to survive and prosper from a business disaster. This interview was taken at the JT Foxx family reunion (now Mega Success event) for wealthy entrepreneurs and business people.
A summary of Orpheus’ business survival tips below the video. However we recommend you watch Orpheus for more insights on how to survive a business disaster than our notes provide.
How to Survive A Business Disaster
Tip 1
Don’t Panic
When something catastrophic happens it takes every ounce of willpower to stay calm. Many immediately dissolve into stress created panic. In fact, I personally believe, it may be beneficial to allow your nerves and anxiety to escape.
The important thing is to not make decisions whilst you are in a panicked state. A panicked state will lead more damage to your business and potentially make the situation worse. Be patient. Step back and collect your thoughts, go for a walk, or channel that energy into something physically tiring such as a sport.
When it comes to business decisions, you need to be objective and rational. Decision making in a panicked state means that you’re being reactive to the situation and treating the symptoms but not the cause.
To use another metaphor, when you are reactive you spend most of your time plugging holes in a sinking ship, when what you should do is steer the ship to safety.
Once you’re in a calmer state, it’s time to evaluate your next steps.
How to Survive A Business Disaster
Tip 2
Prioritise What You Need To Do
Once your mind is calm, it’s time to plan! The main causes of stress and anxiety are feeling out of control and fear of the unknown. A planned course of action negates these two fears and puts you in a strong position to think yourself out of the mess you’re in.
Start by asking yourself:
- Who has survived a business disaster before?
- How many solutions does the internet recommend?
- What needs to happen to solve the problem?
- What resources do we have at our disposal?
- Who do I need to bring on board?
- Who knows someone who could help me?
Find an answer to each of those questions and build a strategy to transform the disaster into fertiliser. Chunk down each task until you have easily measurable daily tasks which will bring you closer to a solution.
How to Survive A Business Disaster
Tip 3
Put Down Your Ego
Orpheus’s final point was that he needed to ask for help to solve his problem. He needed to put down his ego and start reaching out to his friends and business associates to help him recover from the situation he had gotten himself into.
They say that a “friend in need is a friend indeed” meaning that a true friend is with you when you are in trouble. Many business disasters have helped transform the business’s robustness and ultimately been a hidden gem for the owners. The business disaster helped the owners to discover who their real friends were and to remove the good time friends who were only there to enjoy the fruits.
Huge thanks to Orpheus Choy for sharing his business insights with us. If you found this interview helpful do
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If you are starting your own financial freedom journey, enjoy the following articles from our library. These articles provide you with further insights in how to achieve your dreams.
- Why your best intentions fail and how to fix it
- Bleeding is part of success
- Fear induced obstacles to success
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