It’s a fact of business: sometimes things go wrong.
A client decides to move on. Your star hire hands in their notice. A stock order arrives too late. Your monthly revenue falls off.
From the small to the serious, business setbacks can easily knock the wind out of your sails.
But as a business owner, you know better than anyone that they’re simply part of the deal. Sometimes it can be a simple mistake, sometimes it can be something completely out of the blue. Setbacks aren’t a sign you’re doing it wrong – they’re just a sign that you’re running a business.
So instead, what’s important is what you learn from setbacks, how you tackle them, and how you develop the resilience needed to reset, refocus, and bounce back.
1) Give yourself time to feel rubbish – but set a deadline
There’s no denying it, setbacks sting. You might feel disappointed, frustrated, angry – or just tired.
The temptation is often to power through, brush it off and move on. “Forget about it” might be the advice you hear.
But sometimes what we actually need is a moment to not be okay. A moment to sit with the discomfort and frustration and to acknowledge just how difficult it is.
My advice? Give yourself permission to feel unhappy, but set a deadline. It might be an hour, a day, or the rest of the week. Whatever you decide, stick to it and get ready to look ahead not back.
2) Identify the root cause of the setback
Often, a business setback is only the symptom of an issue you can resolve.
Once you feel able, it’s time to take a closer look. What actually went wrong, and why?
This isn’t about attributing blame (especially if you’re pointing fingers at yourself). It’s about gaining clarity on the situation.
Was it a simple mistake? Were expectations mismatched? Could you plan differently next time? Or was it an out-of-the-blue bolt of lightning?
My top tip here: get specific. The more clearly you can identify the cause, the better placed you’ll be to find a solution.
3) Take any lesson you can
Setbacks are rarely black and white. But there’s almost always something you can take away.
Once you’ve identified the issue, you can think about what you can do differently.
Could you spot the warning signs sooner? Could you amend your processes or communicate better? Do you need to change your approach?
If there’s something useful to learn, excellent; and if there isn’t, it’s fine to move on.
4) Assess what’s changed, and adjust
Not every setback requires a full-scale rethink. But most will ask for some kind of response.
Take stock of what’s shifted, and what it means for your business today. Maybe your capacity has changed or your goals need adjusting. Perhaps your marketing could be improved or redirected.
It might be that your strategy needs a bit more time to truly take effect.
This is a great moment to revisit your business plan (try my free template if you need one) to see if anything needs tweaking, and to lay out the steps you need to take to affect change.
5) Crack on!
There comes a point where dwelling on an issue just isn’t useful anymore.
You might think you haven’t fully got to the bottom of the setback, but that’s ok. Small steps forward are better than no steps at all, and it’s important not to let the perfect be the enemy of the good.
As you crack on once again, you’ll soon see your confidence return – and you’ll build your resilience for any challenges that lie ahead too.
Ready to talk?
Remember: setbacks aren’t a sign of failure, they demonstrate that you’re trying to do something difficult, and they give you valuable information about what’s working and what isn’t.
If you’re going through something tricky at the moment – or just want a sounding board to think things through – I’m here. Let’s talk.
Kind Regards,
Chris