Turning Challenges Into Opportunities – Advice That Sets The Best Entrepreneurs Aside
The life of an entrepreneur or a business owner has many challenges. People, clients, cashflow, sales, costs, the market, the competition, self-care… But there are many great examples of how some people deal with these in an amazing way so their businesses really flourish, and they themselves feel very successful and happy.
One of our very successful (and there are many different definitions of this) business partners is Factotum, a Multi-Disciplinary Outsourcing Business, and our Head of Partnerships Adrian Stalley, took the opportunity to sit down with our friend and CEO of Factotum, Bobby Lane, to discuss how some business owners deal with challenges and even manage to turn them into opportunities.
Bobby’s insight was fascinating and included some great advice, with a particular reference to Project ReMAKE (a programme that seeks to help ex-offenders by bringing them into the wider society both in terms of education and business opportunities) that put so much into perspective.
Bobby explains “As entrepreneurs, we face many challenges along the way, both personally and professionally. Whether it’s an unexpected client loss, a personal setback, or a difficult situation; adversity can take its toll. But there is always a way to turn a challenge into an opportunity.
This is a lesson that I discuss with my team regularly and one that I am continually reminded of, most recently when I was invited to be a Dragon for a Project ReMAKE event. This fantastic organisation works with formerly imprisoned people to help them develop basic business skills to enable them to build, launch and sustain self-employed businesses.
The mentees I met have all faced challenges in their lives and are all looking at ways to build their futures positively. I learnt a lot, and other business owners can as well. Here are some of my takeaways from the recent event and ways business owners can turn challenges into new opportunities.
First, go to the source
When faced with a challenging situation, don’t hide from it. Instead, take the initiative and face it head-on. This may mean talking to employees, visiting the front lines of your business, or getting out of your comfort zone and looking for the source of the problem. Doing so can help you recognise what has gone wrong and create the necessary solutions to stop it from happening again.
Second, don’t be afraid to ask for help
As entrepreneurs, we are sometimes too scared to ask for help. But it’s vital to recognise when some advice could be really valuable. Reach out to your co-founder, connect with a mentor, or build a network of people who can come together to support you. A strong support system can make the highs and lows of business much more manageable.
Finally, focus on self-care
The connection between a healthy body and a healthy mind is invaluable. Taking the time to build up your stamina and resilience is essential. Prioritise healthy habits like mindfulness, sleep, and regular exercise. The pandemic has shown us the importance of taking care of ourselves, and now, more than ever, it’s important to focus on our physical and mental health.
We will all face challenges. Not hiding, asking for help, and prioritising self-care will go some way to dealing with the issues as they arise.
This programme has cemented my belief that with change comes opportunity, and your past can’t define what you can achieve in the future, either at home or at work.
Turning opportunities into successes with asset-based lending
Reflecting on the conversation with Bobby, and particularly lifting his experience of this demographic into the business world, the advice of dealing with the source, seeking help, and arguably most important of all to look after yourself, should resonate with all business owners. It may be stating the obvious, but starting with these three simple focusses could really turn these challenges into opportunities.
And often, businesses may be unable to act on an opportunity, especially if it is unexpected and not part of their existing cashflow strategy. To help turn opportunities into successes, we at Ultimate Finance have been providing asset-based lending solutions for over 20 years, which, through our expertise, we can tailor to fit any unique requirements to help a business keep moving. Our range of funding solutions include Working Capital Finance, Asset Finance and Bridging Finance and can help to support the ambitions of businesses whatever shape or form they may take.
Our thanks to Bobby and Factotum for sharing their thoughts and expertise with us.
To find out how your business can get involved in Project Remake, visit www.project-remake.org.uk
