Setbacks in business, especially the major ones, can be crippling.
If you have ever faced a setback you will know how it feels when your stomach churns in agony at how things shaped up. May be you lost a very important client and that led to your business downfall. May be your own business crashed due to an error. The reasons may be varied but the repercussions are generally catastrophic. How do you cope up? You start with wallowing. It can last for weeks depending on how badly you were struck. But for how long can you do just that? After a point of time you have to pick yourself, dust yourself, and re-start. How?
Meet your Clients
You have to be sure that another problem is not in the offing. For that, you should set up meetings with your clients and talk to them. These meetings will help you understand whether you should be on the lookout for more problems. Assurance from your clients will help you bring back some faith to pick up the fallen pieces.
Start Business Development
Now you have to go back to square one and find new clients. Of course, this will be difficult especially if you stopped looking for clients in the first place because you had a number of rock-solid clients. It may take time but there is no other go. You have to do it.
Calculate Financial Requirements
Yes, the inflow slowed down but the outflow is still the same or may be even more! To balance it out you have to make quick decisions about your financial requirements. How much hard cash do you have? How much do you need? How will you access it? Ask yourself all this and start making plans. Don’t wait! Procrastination will make matters worse.
Make Quick Decisions
Making decisions at this stage will be difficult. Change your premises, if required, to cut down office rent costs. Make such decisions even if it is hard so that your business doesn’t tumble down completely and irreparably.
There are people who are willing to help. You just have to look for them. Reach to people in your network for some support. Support may not always mean financial support. It could be advice, motivation, and encouragement to get you going.
It is completely okay to wallow when you face a setback. In fact, it is recommended. However, go through that phase quickly and stand right back up.
We can never predict setbacks. They just come and hit you in the stomach, causing endless nauseating pain. Wallow and be grumpy for a while to come to terms with what happened but after that, pick yourself, and start acting quickly to come back strongly.