4 Steps to Turn Business Setbacks Into Comebacks

Alex Hamm August 7, 2014 0
4 Steps to Turn Business Setbacks Into Comebacks

I recently came across an article by Willie Jolley (WillieJolley.com) regarding the major setbacks business people and entrepreneurs face as they plow through the process of running a business. These tips will inspire you to see setbacks and struggles in a better light, and use them to your advantage. Enjoy!

 

Let’s face the facts…the last few years have been economically challenging for most people around the globe. We’ve gone through financial crises unlike anything most of us have seen in our lifetimes.

But while this recession is technically over, most experts say the recovery cycle can take anywhere from 5 to 15 years to complete! That means we must continue to Go and Grow Through the process to turn this setback into a stellar comeback!

How do we learn to thrive when we have had a setback?

First, don’t panic! The word “panic” is taken from the Greek word “to choke!” To choke means to cut off, to disengage, and to disconnect. When you panic, you cut off the air to your brain. When you cut off the air to your brain, you cannot think clearly. And when you are unable to think clearly, you are unable to make wise decisions.

And if you are unable to make wise decisions, you usually end up making poor decisions.

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 Courtesy of VividLife.me

History shows us multiple examples of people who panicked and made poor decisions. During the stock market crash of 1929, thousands of people panicked and committed suicide. But the market came back, bigger and better than before! That stock market crash was called a crisis. “Crisis” is a word with dual meanings – great challenge and/or great opportunity! In the landmark book, Think and Grow Rich, by Napoleon Hill, he states, “In every adversity there is always the seed for equal or greater benefit!”

That “greater benefit” concept was reinforced during an interview I had with Dave Yoho on my SiriusXM Show. Dave Yoho is a dynamic speaker and business consultant who is in his 80’s, yet is still working like a person in his 50’s! Dave was born in 1928, one year before the Wall Street Crash. He vividly remembers the Great Depression and how he and his parents got through it.

Dave said, “When I grew up, we didn’t know anything but tough times. We learned tough times don’t last, but tough people do. You can’t panic, but be committed to working on your goals and personal achievement all the time.”

Research shows that world economies will have good times, followed by tough times; followed by good times, followed by tough times; and then back to good times! So the key is: Do not panic!

Those who succeed, over the long term, know this: You thrive when you accept that setbacks are part of any business. Yet, those who dwell only on the challenges setbacks bring, routinely falter.

The secret is to not give up! Keep going and growing through your challenges! These temporary setbacks can empower you to reach even greater levels of future business success.

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Here are the 4 Steps to Turn Your Setbacks into Comebacks:

1. Focus Your Vision

Where you focus your energy determines where you will go. If you focus on the setback and the challenges it brought you, your business can’t move forward. However, when you focus your vision on what you want your business to become—despite the setback—then you’re using the setback for what it really is: a transition period.

Since every business will go through some sort of change or setback, it’s important to be able to look past the obstacle and plan your future strategies. In order to develop your new business focus, ask yourself these questions:

-“What is the big picture goal I have for my business?”
-“What can I do differently to keep this setback from occurring again?”
-“What goals (sales, product development, customer retention, etc.) do I want my business to achieve in the next three, six and twelve months?”
-“How can I use this setback as a learning experience?”

In my book, A Setback Is A Setup For A Comeback, I have a chapter titled “Face It, Trace It, Erase It and Replace It!” The chapter tells the reader that we all have setbacks but once we face it and trace it, we can learn how to avoid it in the future. Then we need to erase any stigma we feel about the setback and replace that negative thought with a positive thought! Rather than beating ourselves up, we pick ourselves up, dust ourselves off and go about getting it done better in the future!

Use the answers to these questions as your guide to develop your revised business focus.

2. Make A Decision

Both success and failure are decisions. So once your vision is in place, you need to decide you’re going to win, despite the setback. The truth is successful business people choose to be successful. They know that decision and choice are integral parts of the success formula. No matter what setback they encounter, they decide to overcome it and prevail.

Some decisions you’ll have to make in order for your business to overcome a setback includes:

1. Who are my advisors? Negative advisors who focus on the setback won’t help you overcome it. You need to decide to associate with positive advisors who share your vision.

2. Is my new goal big enough? Just because you had a setback doesn’t mean you have to start over small. Make a decision to see the big picture first. Then you can work your way backward to meeting that goal.

3. What steps must I take to meet my goal? Plan out specifically what you will do to meet your new goal. For example, if your goal is to increase sales by 33%, write out what you will do to accomplish that and the time frame you’re allowing yourself to meet the goal.

3. Take Action

A decision without action is simply an illusion. An action without a vision is mere confusion. Yet a vision plus decisive action can give your goals a life transfusion. Once you decide on the strategies for making your new business vision a reality – you must take action. You must take action on each and every one of those strategies or goals!

Unfortunately, many business people never act on their decisions. While they have every intention of making their new business vision a reality, they lack the determination and persistence that is required to take the action. When you take action on a decision, you’re taking responsibility for the setback! You’re now ready to move forward and attain your next goal.

Remember, you may not be responsible for getting knocked down, but you are solely responsible for getting back up. Only those who act achieve their goals.

4. Keep The Desire

Desire is the degree of energy you’re willing to exert in order to reach your goal. In other words – how badly do you want your business to thrive and what are you willing to do in order to achieve it?

In order to reach your new or revised business goal it takes consistent follow-through with every action, even if it involves a degree of risk. While taking a risk can be intimidating (especially after a setback), it’s a necessary ingredient to reaching your new business goal.

There’s an old saying: “It’s impossible to reach second base if you’re afraid to leave first.” Decide how badly you want to achieve your goal. Then keep going until you achieve it.

Having a business setback is not an “if” proposition… it’s a “when” proposition. And when one occurs, you need to make a conscious decision to view, it not as a problem, but rather, as a learning opportunity! Decide what you’re going to do about the setback and focus on the solution.

Over the years I have interviewed hundreds of super successful business people either for my radio show or on my television programs and every single one has had setbacks. Yet, I have stated in my books and these successful business people have confirmed that a setback is not the end of the road, but rather a bend in the road. And the only ones who crash are those who fail to make the turn!

Viewing your business setbacks as a chance for future growth, allows every business challenge the opportunity for a positive outcome. And every setback can be seen as nothing but a setup for an incredible comeback! Keep making great things happen, and as I share with my audience every week on my radio show…Stay Positive and Remember Your Best Is Yet To Come!

Article originally published by Willie Jolley of WillieJolley.com

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