You are using an outdated browser. Please upgrade your browser to use this site.

4/30/2019

Tips for Entrepreneurs Facing a Setback

For entrepreneurs, the first try is rarely the last. Successful business owners know that in tough times, tough people are the ones who make it through. And being tough doesn’t mean you have to be the most experienced or well-funded. It means being willing to adapt and follow a few tips to push past obstacles.

When businesses face hurdles that threaten their progress, they can try four tactics to move forward.

  • Find the good in the bad – It’s easy to only see the negatives when you come face to face with an overwhelming problem for your business. Successful business leaders look past the challenge on the surface to find the opportunities hiding underneath. You never know what you might find when you examine all the angles.
  • Follow your mission - If your small business doesn’t already have a mission or brand promise, there’s no better time than a crisis to create one. A well-defined mission can help guide your business in the darkest of days by reminding you of your purpose and who you’re working to help.
  • Evaluate your budget and financial priorities – When faced with a setback, it’s time to look closely at your financial plan. Shifting circumstances may warrant a change in your budget to accommodate new or increased expenses. For example, broken or malfunctioning equipment may compel you to upgrade sooner than you’d planned. Remember that you can turn to a bank for financing options that will work with your monthly budget to help you keep your business on course.
  • Embrace delegation– Entrepreneurs are often natural leaders, so it can be hard to feel like a situation is out of your hands. When things don’t go your way, remember that some forces are beyond your control. Sometimes you need to rely on your team to fix a problem, even if they’ll do it differently than you would.

Successful entrepreneurs aren’t afraid of failure. And when they find themselves stuck in a rut, they don’t simply give up. Instead, they acknowledge the setback and power forward.

Recommended Articles