Dealing with Business Setbacks

Whether your revenue stream is tight or you’re having a hard time holding onto valuable employees, experiencing a variety of setbacks is normal when it comes to maintaining a business. However, just because setbacks are “normal” doesn’t make them any easier to cope with or to find solutions. Experiencing these setbacks is challenging, but not impossible to overcome. Taking a step back from your business and its problems can help you gain different perspective which might lead to a successful solution. Here are some tips to prevent future setbacks and help you solve the problem at hand:

Identify the Problem

When setbacks occur, it’s easy to get wrapped up in all the obstacles and lose sight of what actually caused the chaos. Was it an error in judgement? An overlooked mistake? A problem employee? Consider stepping back from the drama and mayhem to trace the root of the problem. Once you’ve identified the catalyst, it becomes easier to prevent the same setbacks from occurring again.

Call on Your Team

As a business owner, you won’t always have the time to clean up every mess or solve every problem that comes your way. As soon as a problem occurs, waste no time creating a team who will be responsible for planning all aspects of the solution and steps moving forward. This might be a group of people working on the product that went awry, or a group of employees who have good relationships with the concerned client. Choose your team and put them to work quickly. Clients and customers will be paying special attention to your problem-solving approach.

Communicate

Don’t wait to disclose bad news to those who are involved. Keep communicating with your clients, employees, or whoever is directly involved in the setback and decide how you want to move forward. Together, decide what communication methods will work best for your team and your clients. This might mean you meet weekly until the problem has been solved, or maybe a client will prefer conference calls or weekly email updates. Whatever the communication channel, make sure everyone involved understands when and how you will be moving forward.

Assess the Damage

Don’t underestimate the severity of the setback both with your client and what it means for your financial security. How much business did you lose? What does this mean for you revenue stream? If the damage is affecting other areas of your business, it may be time to cut back where you can. Look for ways to save money in both internal and external interactions.

Setbacks can be solved, but it takes time and commitment. When it comes to solving setbacks in your business, what helps?