Business seems to move at the speed of light these days. Legislation changes, customer needs change, markets change, economies change, processes change and communication – well that’s just turned on it’s head over the last five or so years.
In other words, the rules of business have changed and that means that sometimes you might take a wrong turn and run into something you weren’t expecting – aka ‘you hit the wall’.
During my time in business advising others on financial and business matters, we’ve seen, and frankly, experienced plenty of moments when things haven’t necessarily gone according to plan – when we’ve hit the wall and bounced to the ground. Whilst those mistakes might range from mildly annoying and ego smacking to gut-wrenchingly terrifying, it’s often those moments that define you as a business person. They teach you what not to do the next time, change you or your business for the better.
Or not. I’ve also seen that moment put lives and businesses on hold indefinitely or worse, into a deathly tailspin.
Why the difference in business owner response?
Experience tells me, it’s about what comes next. We all hit the wall and wonder when we’ll ever learn enough or be wise enough to be able to manoeuvre the course without crashing. Somewhat irritatingly – especially if you’re on the younger end of the age scale or just starting out in business, that only comes with time (yes, there is something to be said for the passage of time).
6 steps to bouncing back successfully in business
In order to be successful, particularly in business – whatever that means to you, you need to be able to;
- Pick yourself up, brush yourself off and have another go.
- Take a minute to reflect on what happened.
- Look to how you might prevent that ‘crash’ from happening again – rather than moving instantly into why it happened or who’s at fault
- Ask yourself “what lessons can be learned?”
- Then assess what knowledge you still need in order to navigate that part of your business road without incident the next time.
- If necessary, write yourself some instructions or a bit of a manual for those steps of your process. There are a couple of reasons to do that. Firstly, so that you can avoid making the same mistake again and secondly businesses with documented systems and processes are generally worth more at sale.
If the damage sustained potentially puts your business at risk of closure, you might like to read our previous post on how to make the most of business wind-up (yes, it’s possible). But if you’ve been running your business for a while, you’ll also know that you’ve done it once and you can probably do it again (see point 1).
Of course, if we can help you navigate the road ahead for your business or provide some objective advice, please give Kerry or I a call on 6023 1700 or connect with us on Facebook or with Kerry on LinkedIn