The growth journey of an SMB is almost always not a linear trajectory. While success is undoubtedly rewarding, it's essential to acknowledge that setbacks, cashflow issues or failure to hit certain sales targets, are an integral part of the growth process, and could affect one’s emotional state.

A survey conducted by Xero showed that close to one-third of SMB owners in Singapore are likely to suffer from financial distress, while another 35 percent are experiencing personal stress because of work. For SMB owners, it is important to build emotional resilience to tide over tough times and come out on top. Here are some cognitive reframing approaches and tips to consider.

Learn from others who have gone down the same path

One of the most effective ways to build emotional resilience is to learn from the experiences of successful entrepreneurs who have faced their fair share of setbacks. Jeff Bezos, the founder of Amazon, famously faced numerous challenges, including mistakes, financial struggles and rejections from investors. However, his unwavering belief in his vision allowed him to persevere and ultimately build one of the world's most successful companies.

Similarly, Jack Ma, the co-founder of Alibaba, encountered rejections and failures before achieving his vision of creating a global e-commerce giant. SMB owners can draw inspiration from these stories and gain valuable insights into handling setbacks with determination and resilience.

Cultivate a growth mindset

A growth mindset is a powerful tool for building emotional resilience. This mindset encourages individuals to view challenges as opportunities for personal and professional growth. Instead of seeing setbacks as failures, SMB owners should embrace them as valuable learning experiences. This shift in perspective can help turn adversity into innovation and progress. 

Foster an emotional support network

Building an emotional support network is crucial for SMB owners. This network can consist of mentors, advisors, or fellow entrepreneurs who can provide guidance, support, and a listening ear during challenging times.

Finding and building this network is the first task, and this will naturally take time. Start by reaching out to someone that you respect in your immediate circle and who can guide you in the right direction to build more connections. In-person networking activities and industry events are also good avenues to connect with other entrepreneurs and potential mentors. LinkedIn is also a resource with its community of professionals. Once you have made these connections, identify those who have the potential to be mentors to your business goals.

It is also important to build these relationships over time. This could mean scheduling regular catch-ups on a personal basis every few months to discuss common challenges and best practices. With tools like Zoom and Microsoft Teams for remote meetings, this can be made easier for both parties. Singtel Teams UC Direct Connect is also a highly valuable solution that lets you make or receive calls with your office number using just Microsoft Teams on your mobile phone.  

Avoid setbacks due to cyber security issues

Even when things are going smooth, all it takes is a major cyber security incident to derail progress. The number of cyber threats targeted at SMBs is rising all the time. According to the Asia-Pacific Small Business Survey conducted in early 2023, 45.2 percent of Singapore SMBs believe that a cyberattack on their business was possible by the end of the year, a drastic 29 percent year-on-year spike.

Such attacks can compromise critical business data, including sensitive customer information and financial documents, resulting in monetary losses as well as reputational damage. Adopting cyber security solutions can help safeguard digital assets, so you can focus on keeping your business growing.

Look for robust cyber security solutions which go beyond firewalls and antivirus software to encompass comprehensive endpoint security, network security and cloud protection. Singtel offers a suite of cybersecurity solutions, which gives you peace of mind by helping you identify, protect, detect and respond to the most sophisticated cyberattacks.