20 Jun

Perseverance Produces Champions

Posted in Synergy Suggestions on 20.06.13 by John Meloche

champsWell, tonight’s the night! It all comes down to Game 7 in the NBA Finals pitting the defending champion Miami Heat against the San Antonio Spurs. No doubt, basketball fans are still in awe after the incredible back-and-forth match up that was Game 6 this past Tuesday night. The Spurs seemed destined to capture their 5th championship.

Near the end of the fourth quarter, Heat fans were leaving the building under the impression that their season had been lost. Then Ray Allen hit a three-pointer heard across the world. The game went to overtime only to see the Heat climb back from the dead to win and force a seventh game. So what’s the lesson in all of this? Never leave a game before the final buzzer! But there is another lesson to be learned as well.

You can never give up. In business, we all come to points in our careers when we think that it’s impossible to succeed. Self-doubt and a lack of motivation to reach new heights can kill a business. As a business owner, it’s up to you to dig deep and find ways out of seemingly impossible-to-escape holes. Just a few years ago, Canada was facing a recession.

Naturally, many businesses were affected and undoubtedly some had to close their doors. Others, however, persevered and are more successful today than ever before. So what is the secret to overcoming the odds? According to Gem Misa from UK-based, The Guardian, you have to plan for curve balls. In other words, prepare yourself against your worst-case scenario.

Having started her own company, Misa became all too familiar with financial difficulty. But through her experiences, she found that it’s important to leave room for unplanned expenses and potential pitfalls. She lists a number of helpful tips that can help entrepreneurs avoid such pitfalls – or at worst, help dig themselves out of holes. We’d like to share a few.

Learn how to adapt. As mentioned, there are bound to be bumps in the road. You would be wise to expect them. You can write a business plan, says Misa, but it’s important to draft a Plan B. There may be issues that you didn’t think of that you’ll have to address along the way. Be prepared to revisit your plan and make changes if things don’t go the way you originally expected.

Make room for errors (emotionally and financially). Writes Misa, “When putting together your business plan, you would normally list your sources of income, compare it against a list of expenses, and from there you would work out your profit…Make sure to leave room for those unplanned expenses and attempt to make a profit, or at least break even, on the most conservative and even the worst case sales scenarios.”

In tomorrow’s blog, we’ll continue to take a look at Misa’s tips. Tonight, however, the team that has learned the most from their hardships will likely be crowned the 2013 NBA Champions. If you’re looking to be a champion in your industry, you’ll have to learn how to bounce back from crushing defeats. Here’s hoping that you won’t have to suffer too many along the way.

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