Everyone enjoys celebrating their successes in their business lives but not many speak about the setbacks they endured before success. Sometimes the setbacks are as important as the wins and figuring out what doesn’t work can be as valuable as understanding what does. Although initially you may only be able to feel the negative aspects of your failure, with time, you will be able to acknowledge the experience as one of growth.
We have put together 5 steps to help you overcome your business setbacks without them holding you back from achieving success in the future:
Don’t Dwell, Change Focus Instead
Don’t focus on the fact that you have failed, get back to your business and using the lessons you have learned, start devising a new strategy for your business to succeed. Redesign your business model through renewed market research and refocus your attention to a new improved marketing plan.
Reach Out to your Customer Base
If your customers have been affected by a failure in service or by you failing to meet a deadline then it is important that you reach out to them and explain. This will show that you are in control of the situation and are attempting to rectify whatever the problem is. By not coming to them first, you are possibly losing their confidence and trust and in turn, customers.
Break down step by step what decisions led to your business failure and what may have impacted it the most. Confide in fellow business owners for advice, they may have had a similar situation in their business dealings and have advice on how to overcome the situation. This is where networking and building a great support network with other business owners becomes extremely important.
This may seem obvious, but it is essential to try and maintain a positive outlook. Try not to adopt a defeatist attitude just because you have encountered a few setbacks. Setbacks after all are very common in business and you will need to develop a tougher skin to overcome them. You need to remain positive and carefully assess where you have gone wrong so that you don’t fall into the same trap again.
Have a Mentor or Someone you Trust
It can be difficult to admit that you may have failed in an aspect of your business dealings. Therefore, having someone that you trust, and you feel that you can be completely honest with will help. You can discuss the problem that has developed without feeling ashamed or embarrassed. We have discussed in an earlier post the huge advantages of having a mentor in business to help you make the decision if a mentor is right for you.