06 May
5 Ways To Overcome A Business Defeat
Posted in Synergy Suggestions on 06.05.14 by John Meloche
So here we go again – another blog following another huge disappointment in the world of Toronto sports. Now, don’t get us wrong. We love our Toronto Raptors and are very proud of them. It’s not like they’re the Maple Leafs who completely tanked at the end of their season and didn’t even make the playoffs. No, the disappointment felt at the hands of the Raps comes in a totally different light.
They deserved better then they got. They should have experienced a better fate than to have lost to the Brooklyn Nets in Game 7 during the opening round of the NBA Playoffs. But such is life. It’s now time to pick up the pieces and move on. Hopefully, the experience will help all of the team’s young players to become stronger, more determined basketball players.
It’s this attitude that business owners must have when they experience bad spells with their own businesses. It happens. Not every day is going to be a great one. There will be moments in your career as an entrepreneur when things don’t go your way. And when those times come, it’s important to know that brighter days are ahead. It’s all about how you deal with the disappointment. Here are five tips on how to overcome defeat.
1. Be honest with yourself. Consider the true reason that things didn’t pan out for you and do your best not to point fingers. It’s easy to blame others. But what could you have done differently to have avoided your negative outcome? Be sure to make note of the some of the wrong turns you may have made so that you can correct them and not repeat them moving forward. Being honest with yourself about the problem is the first step to fixing it.
2. Be objective. Once you’ve admitted to your own mistakes, you can begin to learn from them. Consider some of the feedback that has been given to you in the past that you may not have taken. Seriously make note of the feedback you’re currently getting that may help you to find ways to remedy your situation. Allow for others to give you some insight about the problems your business is facing. Sometimes you just need a new perspective.
3. Don’t make excuses. If you’re willing to hear honest feedback about what you may have done wrong, it’s important to accept it. Again, finger pointing isn’t bound to solve anything. Admit what you’ve done wrong and work to correct it. Yes, this may mean having to let go of a certain employee who didn’t act in accordance with your company policies. But it was you who did the hiring. Take ownership, then take action.
4. Be clear about the problem. Is it as bad as you think it is? How big a setback have you encountered? One of the most important things you can do to help restore the good image of your brand is not to panic. You’ll need a cool, calm and collected mindset to move forward in the right direction. Don’t think you need to clean up messes that haven’t actually been made. Be focused on the heart of the matter in order to adequately repair it.
5. Keep your eyes on the prize. It’s important to never lose hope. Things may have taken a turn for the worse, but it doesn’t mean that your original vision for your brand can’t still be realized. Focus on the things that you’ve done right and rekindle the memories you had of your aspirations when your business first started. Take on new tasks that will restore your confidence and stay focused on your goals to succeed.
Be sure to check back for tomorrow’s blog as we continue to provide tips on how to get your brand back on track following a bad spell.
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