A business set back is anything that negatively impacts your business. It includes things like losing clients and losing zoning permission. If you do not plan ahead for possible business set backs or if you fail to address set backs quickly, your small business can take a nose dive and perish. Fortunately, dealing with business set backs is not as difficult as you might think.
Tip #1 – Plan Ahead for Probable Set Backs
One of the best ways to deal with a business set back is to plan ahead for them. You need to think about what set backs could occur and then plan for an alternative course of action. For example, if you are putting together a real estate deal the probably set backs will include funding problems, zoning problems and legal problems related to the acquisition and utilization of the real estate property. You can plan ahead for these probable set backs by adding a time buffer to your initial plan that will give you extra time if you need it to rework a deal or wait for problems to be resolved. You may also want to find an alternative lender in case the first option falls through.
Tip #2 – Deal With Set Backs ASAP
The worst thing that you can do when you experience a business set back is to do nothing. You need to take immediate action when you have a set back. First you need to identify why the set back occurred and then to find an alternative action that will get your business moving forward again.
Then you need to conduct a SWOT analysis on how and where you went wrong and learn from those mistakes so that they are not repeated ever again as doing so would no longer be a mistake but a blunder, which can have serious consequences. If there is any confusion, it is best to take a rfp success training to be on the safer side as that will increase self confidence for future projects.
Tip #3 – Fix Internal Problems
When you have a set back you need to identify why it occurred. If the problem has to do with internal company problems then you need to fix them. For example, if your set back has to do with being denied credit then the problem may be that you don’t have the right credit history to qualify. To fix this problem you will need to improve your credit history and score by paying down debt, establishing an on time payment history and perhaps gaining an ally that has an established business credit history that is more favorable.
Tip #4 – Get Help from a Professional
Many set backs are caused by professional inexperience. The only way to overcome the problems that led to your set back is to gain the experience or expertise that you lack. You can do this by taking classes and by hiring professionals to guide your business activities. For example, your set back may have been caused by being turned down for a business loan. The denial of your loan most likely was due to the fact that you didn’t know how to put together a professional business plan or to pitch your business idea to the lender. You can work with a financial planner or CPA to put together a business plan and then be coached on how to present an idea to a lender so that they will approve your application.