Setbacks. Every small business owner and entrepreneur encounters them at some point as they build their startup. What separates successful businesses from those less likely to succeed is their ability to overcome adversity, learn from their mistakes and come back better than ever.
Donald Cyprian, Founder of Instant Christ™, the first-ever Christian and faith-based social media platform, offers 5 ways to deal with startup setbacks:
1. When dealing with a Setback, Take a Step Back – When a situationarises that negatively impacts us it is natural to want to wallow. That is why the road to recovering from a setback, starts with taking a step back. Take some time to deal with stress, clear your mind and prepare yourself for more challenges. Setbacks WILL happen but it is your attitude that will propel you forward.
2. Back to the Drawing Board- Now is the time to ask yourself the tough questions like, “Do I have the right people? The right practices?” Often times setbacks help to expose the holes in our business. Plug them up. You can do this by re-evaluating and prioritizing your business objectives.
3. Actively Seek New Business- When business is going well it is easy to let recruiting new accounts and clients fall to the wayside. However, you should always chase new business. If you only have a handful of clients and one goes elsewhere, the financial impact can be detrimental. Actively seeking new business helps to ensure that even if you experience the loss of a key client, you will still have a source of revenue.
4. Money Matters- Make sure that you have a financial plan in place. When setbacks strike, they normally hit your business right in the wallet. That is why you need to have a solid understanding of your finances, what you’re spending your money on and how much you would need to keep your business functioning properly should a setback occur. Put together an emergency fund, money that you’ll be able to use to help you get through financially tight times and pay for unexpected business expenses.
5. Utilize Your Network- Family, friends, and industry contacts are all part of your network. When setbacks occur don’t hesitate to reach out to them. You will be pleasantly surprised at the outpouring of help you receive, whether help comes in the form of moral support, advice or an introduction to new clients.