How to Prepare for an Unexpected, Unwanted and Unwelcome Business Setback”
Business setbacks are a part of entrepreneurship. But you can always deal with them. Click here to know how you can tackle those setbacks without losing your mind.
Setbacks in businesses are as common as dirt. From employee shortages to financial problems, you may have to encounter setbacks for a variety of reasons. You can’t predict when something is going to occur in your business. But, you can always stay prepared for the potential business setbacks and focus on getting things back on track. From The Body Shop to Ford Motor Co, every business has gone through setbacks. If they can turn their setbacks into success, why can’t you?
I have rounded up the top 5 ways you can prepare yourself to deal with unwelcome business setbacks like a pro. Keep these in mind whenever things are not right in your business.
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As per TechAisle, it is crucial for businesses to replace any PC-based systems every four years. You wouldn’t appreciate it if your entire office system, including IP development, hard drives, PCs, client portals, etc. crashes down all of a sudden, would you? Upgrade the technologies used in your business as and when required to prevent such a situation from taking place.
You may think what’s the big deal if the tech crashes down when you can save everything in the Cloud, right? Of course, you can get your data back from the Cloud whenever you want. But setting up the hard drive and other equipment may take several weeks and that can hamper your business productivity. Why take the risk when you have the option to prevent it?
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Remember, businesses suffer a tremendous setback when their trusted employees leave. Unless they have signed a contract with you, your employees are entitled to leave your business whenever they want. It is always better to not be too dependent on any one employee. Train other employees too to make sure they can take charge if anyone in your business leaves or falls sick.
Say one of your employees is hired to write myassignmenthelp reviewfor your business. You earn great productivity through the contents written by that employee. What if that employee resigns from that position all of a sudden? You don’t want to compromise with the productivity of your business, do you? So you can train other employees beforehand who are capable of adapting to the new job role.
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You would need your suppliers the most when the chips are down. Make sure you are in good talking terms with them so that you can count on them during the setbacks. Say your business goes through a sudden financial crisis. But, you need to cater to your existing clients. In that case, talk to your suppliers, negotiate the payable amount and meet your existing client’s needs and demands.
I would recommend you to stay in touch with people you have worked with in the past too. You never know who can come handy in such situations. Do not forget to express gratitude even for smaller things. Your suppliers can also help you out if you ever run out of sufficient clients. They may have contacts and can recommend them to you.
4. Communicate with your customers and employees daily
Your employees and customers may not always be happy with you. Make sure you know what’s going on in their minds so that you can measure their next step. Talk to your clients at least twice a week and ask if they are happy with your services. If the answer is negative, ask them the reasons. Now you need to work on those reasons and make sure your customers are satisfied with your services.
The same thing goes for your employees as well. Engage with your team on a daily basis. Motivate them to perform even better. Appreciate them when they do good work. Try to make it smooth for them to communicate with you whenever they face a problem. That way, you can understand if an employee is planning to leave. You can’t be 100% sure about this technique since your clients or employees may not be honest with you all the time. But, you can always try, right?
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One of my neighbours launched his new chain of restaurants a few years back. He thought achieving business success is easy and wasn’t prepared for a setback. However, when his restaurants started shutting down, he almost became immobilised. Instead of figuring out what went wrong, he just blamed himself and whined. This is an example of how you should NOT behave during a setback.
You need to understand that setbacks are not always under your control. Also, setbacks are a part of an entrepreneur’s life. Hence, train your mind to expect the setbacks and keep your plan B ready. It’s not the time to self-loathe. You need to come back again stronger, just like Disney did when it suffered major financial setbacks in the 1920s and 1930s.
Ups and downs are an intrinsic part of any business, irrespective of its size. Several stumbles may block your path towards achieving business growth. But, you must not give in to the obstacles. Gather your crisis management troop and prepare for a stronger comeback with a plan B.