3 Ways to Deal with Business Setbacks
In business you are not immune to setbacks, nor of course failure, but let us hope that it is only a setback that occurs. If it is a deep seated event then that may lead to failure. However, how does one overcome these setbacks?
Analyse why it occurred
Firstly analyse how it occurred. Was it as simple as a customer taking their business elsewhere. That may be simple to analyse, either on price differential, or service levels and perhaps even a change of heart by the customer towards your firm, but there could be more to it. Is there a clear defined reason why this is occurring? Take data on the event, is it associated with outside influences, internal causes or employees not performing their tasks as well as they might.
Seek advice from key employees, do not always take what one person says as correct. Look for alternative verification. Then you as the entrepreneur will get to the bottom of the problem.
Future proof your firm so that the setback does not happen again
Once the problem has been identified and its cause, then take positive steps to overcome it happening again. This does not rule out the event occurring again, as certainly one cannot be 100% sure. However, as long as steps are in place such as modifying prices, or reviewing customer care surveys and methods then the event is unlikely to re-occur. Of course, it can occur again, and perhaps in a different mode. Do not get despondent but again, analyse why. It is more than likely to be human error on this occasion.
Human error has to happen. Until such time as the world is run by computers with artificial intelligence then errors perhaps leading to setbacks will occur. It is your job as the entrepreneur to ensure they are kept to a minimum.
Create a strength of personality to override it
From time to time issues will appear that make you think and wonder if it is all worthwhile. Perhaps one isolated issue can easily be overcome, but when two or three occur at the same time that all take some effort and time to resolve. The day job takes a second priority and you get sucked in to negativity which is entirely unnecessary.
It is this strength of personality that differentiates you from being the supervisor, junior manager, executive to being the fully fledged entrepreneur. The buck stops with you. You need to deal with the setback or setbacks.
You need to override them and seek alternative solutions. If it is financing the company then go and seek external advice and look at all possible events that may occur to resolve the problem.
Think outside the box, toughen your skin and remain steadfastly to the high ground.
All of these will enable you to overcome and deal with business setbacks.