Giving up on your businesses goals because of a setback is like slashing the other three tyres on your car because you have one flat tyre. And besides, haven’t we all been told that we should ‘fail fast’ anyway?!
While most of us would all prefer to not fail at all, the cold, hard fact is that owning and operating a business is tough; and the likelihood of facing a setback or two are almost guaranteed at some point in your journey. You might face financial difficulties. Perhaps an essential member of your team resigns unexpectedly or maybe you are facing increased competition? No matter what setback you encounter, you will have the best opportunity to turn it around with these three steps.
Step 1 – Assemble your Solutions Team.
Assemble a team of people that can help you address your particular problems. This could be a team of three people or a team of ten. You need to look at the reason you are in strife in the first place and think about who you may need to get involved. This team could include your Business Advisor, your Bank Manager, perhaps key clients or suppliers as well as the key players from within your business.
Next you need to develop a strategy on how you are going to approach the problem. You may need to re-clarify your business goals or write out a detailed course of action. As a group, you must formally agree on the solution and the actions that need to be pursued. Then simply allocate the responsibilities to the appropriate team members, roll up your sleeves and get to work!
Step 2 – Communicate with your Employees, Customers & Suppliers.
Your Employees are your businesses greatest asset, so make sure that you communicate openly and honestly with them about the challenges that you’re facing and share with them the course of action to rectify the situation. Make sure that you keep them updated regularly by holding a weekly meeting or perhaps sending them a regular email update. You may also need to communicate with your Customers and Suppliers, depending on your circumstances, so don’t be shy about addressing their concerns head on. Share your course of action with them as well and be sure to keep them in the loop as your situation changes. We are positive that they will respect you more for this.
Step 3 – Embrace Changes.
It goes without saying that for your current situation to change, you will need to embrace change. Now embracing change can be difficult and it can take a while to become the ‘new norm’ but be persistent and be resilient. If you stick to the plan that you have developed with your Solutions Team, and you are reviewing the results regularly with them, then you should be able to see some tangible evidence that you’re moving in the right direction. If not, discuss what is working and what isn’t working and adjust your course of action accordingly.
Facing setbacks in business is not something that we will ever wish for, but unfortunately it is something that is likely to occur at some stage. At least now, you can see that with a Solutions Team, some clear communication and by embracing changes, that a setback doesn’t need to mean the end of the world for your business. A setback can be a pathway to a comeback!
Act and Achieve!