3 Business Survival Tips
It’s our anniversary! We share insights from our journey and the top business survival tips we’ve used to stay in business for 14 years.
Click the player to listen to this episode of The BIGG Success Show Podcast. Below is a summary of our discussion.
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A lot of businesses fail in 5 years or less. We’ve survived 14 years.
It’s not been easy, and it’s not come without great challenges: We’ve survived the great recession, and the great pandemic. Not to mention the common obstacles to business growth. But we are still here, so let’s pull out the Professor’s whiteboard for our top 3 business survival tips…
1. Watch your capital reserves
In the hit movie, Wall Street, Gordon Gekko (played by Michael Douglas) said to his protégé, Bud Fox (Charlie Sheen): “The key to the game is capital reserves. If you don’t have enough, you can’t piss in the tall weeds with the big dogs.”
We always hear that cash is king, and it is. But your credit capacity can also be seen as an asset.
Just remember: Cash plus credit capacity equals your capital reserves.
Bonus tip: Your business finances and your personal finances are interdependent. Don’t let this sink your business! Hear more starting at 4:58 in the podcast.
2. Build up your mental toughness muscle
Like all muscles, you strengthen it through exercise. In business that exercise is facing tough situations and finding a way to get past them, to keep going – even when every ounce of your being screams to stop. Finding a way to get the focus off the problem and on to finding a solution.
Take a peek behind the scenes as we share a moment of fear that we faced early in our business starting at 6:56.
3. Embrace Faith
We saw a study that said entrepreneurs embrace faith more than the average person. That’s likely because a business owner has so much weight on their shoulders, and faith gives you a place to share the burden and lighten your load.
BIGG Success is Believing, Implementing Goal-getting, Giving-back success. Believing is the first word for a reason. You really do have to believe to succeed.
Believe in a higher power (for us it is God.)
Believe in a higher purpose.
We say BIGG Success is peace of mind which flows from finding and fulfilling your calling, striving daily to reach your full potential, and staying true to your vision, mission, and values.
Over the last 14 years we’ve learned that business survival is the result of physical, mental, and spiritual preparation. It leads to BIGG success!
George “The Professor” & Mary-Lynn
Co-Founders, BIGG Success
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