How to overcome adversity in your business

Starting and sustaining a business is, without a doubt, a sign of resilience, especially in Mexico. It is enough to know that, according to the National Institute of Statistics and Geography (Inegi), in our country, from 2014 to 2019, no less than four out of 10 businesses disappeared. Another not very encouraging fact: the Economic Census prior to the pandemic, also conducted by Inegi, revealed that, on average, businesses have 7.8 years of life in Mexico.

Complex procedures and the inaccessibility of some loans are just some of the problems that suffocate SMEs and prevent them from surviving. Here are some tips to help you run this obstacle course better as a business leader.

Accept adversity: You have no room to maneuver if you are not honest about your situation. Adversity can generate fear and anger, however, it is a period in which you will also gain experience, learning and new tools for the future. Accept this stage as an opportunity to grow your business.

Stay close to your networks: Elliot Friedman, an American researcher dedicated to the study of resilience, has proven in several studies that the support of networks is essential for leaders to overcome difficult periods together with their teams.

Look for support: There is a variety of support for startups and SMEs from both the government and large companies that have special programs for smaller companies. Do a thorough search, every little bit helps!

Lean on your team: As the saying goes, "there is strength in numbers". Teaming up during difficult times is essential to overcome them. In addition, going through these periods together strengthens bonds and loyalty to the company.

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