Singapore Malay Chamber of Commerce & Industry

The threats of terrorism and a soft economy have combined to make times uncertain for the small business owner. You may be spending all of your energy in getting your company to bounce back, but it’s essential that you focus on your own resilience as well. The good news is that the skills of resilience can be learned.  Here are 10 ways to build resilience.

Make connections.  Networking doesn’t just make good business sense, it makes good psychological sense. Form a network of professional and personal resources who can step in with advice or even just a sympathetic ear when times get tough. The support goes both ways—helping others in their time of need can benefit the helper as well.

Avoid seeing crises as insurmountable problems.  Whether your business has had to downsize or just changed markets to accommodate the economy, you should focus on the big picture and realize that these setbacks do not necessarily threaten the life of your business.

Accept that change is a part of living.  People evolve, and businesses do too. While change can be painful, accept that your business will change to meet new  circumstances—whether it is an updated business plan or a new niche of customers served. In today’s business and economic climate, the ability to be flexible is key.

Move toward your goals.  Small business owners tend to be very goal-oriented, but sometimes the inactivity forced by a stagnant market can stall an entrepreneur. Develop some realistic goals and do something regularly - even if it seems like a small accomplishment - that enables you to move toward those goals.