Business Setback? What Happens Next?

You’ve worked hard to start your business, you’ve watched your business grow, it seems like everything is going great, and then suddenly, BAM! You run smack into a setback. Maybe you’ve lost a key client, or your cash flow suddenly dried up, or you realized you’ve hired the wrong candidate. What should you do now?

Be Resilient – Mistakes happen. Sometimes you’ll fail. The important thing to do is to not let these situations get you down. As the leader, your team is going to be looking to you. If your reaction to a setback is to get upset and lose your cool, what message is that sending to your team? Show them how to bounce back.

Communicate – As the business website Business2Community writes, “Organizations can’t function effectively when information doesn’t flow where it needs to in critical moments. Successful leaders work hard to create and strengthen communication channels for their teams to ensure that the right people have access to the right information at the right time. This is especially important in a crisis situation, where decisions need to be made quickly.” If your team doesn’t know what’s happening they won’t be able to work efficiently and help you trouble shoot problems.

Take Something Away – Business2Community also has this bit of advice: “Once the dust has settled, successful business owners rebound by learning what they can from the situation. They look at the data of what transpired and look for the ways they could have improved.”

They also warn, “In doing so, they make sure not to blame other people. Successful business owners know that the only thing they can control is themselves. They also know that there are circumstances that are sometimes beyond their control.” We’ve all had a boss who likes to point fingers. Don’t be that boss. Hold yourself accountable. After all, the buck ultimately stops with you.

If you’re finding out that business stumbles are happening more and more often, you probably can use our help. Reach out, and we’ll find out how we can take some pressure off of you so you can continue to grow your business.