What’s one thing all businesses deal with at some point or another? Setbacks. Even the most successful businesses experience ups and downs, so it’s important to have a strategy in place to deal with the occasional bump in the road. Whether your company is in the midst of a rough patch as we speak, or you just want to know what to do if a setback happens in the future, we’re here to give you the tools you need.
Read on for three essential tips and strategies to deal with business setbacks (so your business can get back to thriving).
1. Stop. Evaluate. Reflect.
We all know the old adage about how honesty is the best policy. This saying rings true in life and in business, especially when you need to identify where things went wrong. Taking an honest look at the mistakes that led to your setback requires a good bit of strength (and bravery) but trust us—this step is a must. If looking at your business demon in the eyes seems scary, take a look at these tips first:
- Stay Objective – Viewing your business setback as a personal failure isn’t going to get you anywhere. While we encourage (and admire) owning up to your mistakes and taking responsibility for things you have control over, don’t bring emotions like shame or guilt to the table.
- Reflect Holistically – It’s easy to focus on the areas of your business that are immediately affected by a setback when you’re looking for what went awry. However, every facet of your business is interconnected. Mistakes in marketing, mishaps in accounting, or errors in administration are all examples of things you should look for as you conduct your (business) soul-searching.
- Don’t Limit Your Timeline – Whether you began experiencing less-than-stellar business results in the past month, quarter, or year, don’t limit your reflection to a specific time period. Problems build upon each other and often have a domino effect, so every decision that’s been made since day one is fair game.
2. Prioritize Mental Health
A setback isn’t just hard on your business. It also takes a toll on you and your employees. Stress, fatigue, and burnout are the enemies of productivity, and they’re incredibly common when times are tough. Finding ways to bolster positivity and happiness will help your entire team function at their best, both in work and in life. Take a look at these stress-busting tools:
- Meditation (apps can help guide you through this)
- CBD (such as CBDfx)
- Healthy eating
- Work-life balance (easier said than done, we know)
3. Learn from Your Competition
We get it—when you’re in the middle of a setback, the last thing you want to do is think about how great your competitors are doing. However, doing so can be a powerful tool for getting back on track. Understanding what they’re doing right will give you ideas, tools, and motivation to implement similar strategies for your business.
Maybe your competition has a killer marketing strategy. Maybe they offer a cutting-edge service that you don’t. Maybe their pricing is more in-line with their consumers’ budgets. Whatever it is, use your competition as a learning resource.
It’s Just Business
As we said, setbacks are an inevitable part of running a business. Keeping this in perspective as you start moving forward will help you deal with the situation more logically. You might even find that overcoming a setback helps make your company stronger. At the end of the day, setbacks are just business, so treat them as a learning experience—and don’t be too hard on yourself!