How to Recover from a Setback

Posted on Posted in Trish Blog

As entrepreneurs it happens to all of us…something doesn’t go right, something fails, a key employee quits, employee theft, closing of a location, bankruptcy…any and all of those things are possible. How we recover from them it what separates the winners from the losers.
It’s important to not take a business loss personally. We will all have wins and losses in business and in life. How we handle them, is the key to survival and success. I’ve had so many ups and downs in my entrepreneurial road. If I got side tracked by the losses, I’d be locked away in a mental institution by now!
I want to help you to move through them more quickly and come out on the other side. When I was in my twenties, I would try to fight off a loss so hard, it was like standing at the edge of the ocean and being pounded by whitecaps over and over until I drown. Now, later in life, with several wins and losses to my credit, I’ve developed a strategy that works better. Instead of standing at the shore and being smashed by the white caps, I dive under the wave and pop out on the other side.
Stop for a second and visualize that analogy with the ocean. It’s really true. I continue to have business losses as it’s a natural part of being in business. As an entrepreneur, part of the strategy is knowing when to exit. Nothing lasts forever. You have to strike when the market is hot, go hard like there’s no tomorrow and then be planning the next business or product when you feel the slowdown coming. Nothing is recession proof and nothing lasts forever. As entrepreneurs, we have a million ideas in our heads at all times. No matter how successful your business is, you should be developing side businesses and working on joint ventures so that you never have your eggs all in one basket.
Here are a few ideas on how to recover from a setback, and trust me; I’ve had more than just a few!
1. See the Positive: It can be hard, but you have to believe that everything happens in its own time and happens for a reason. Use the losses and setbacks to analyze the situation. Learn from the losses and move forward bigger, better and stronger than ever!
2. Be Mindful About How You Handle Losses: We will all have personal and professional losses. There is no way to avoid it. We are humans and life hands us lemons sometimes. How we handle loss is what separates the winners from the losers. Choose positive ways of handling the change. Go to the gym, work out, do yoga, join a meditation group, go for a run, take your bike to the beach and ride as hard as you can! Be careful not to give in to negative, addictive behaviors like drugs, alcohol or food. It can only make the situation worse, even though it feels better in the moment!
3. Learn from it: Why did it happen? What could I do differently next time? I’m restructuring my company right now. I’m weeding out the dead and the dying divisions. I am moving my time, energy and money to the companies and divisions that are on fire and are positioned to make millions. There is no point hanging onto dead weight. If you’ve tried and tried to revive a once successful business, you need to cut your losses and say: What’s next?
Life is a series of ups and downs. We all win and we all lose. No person or corporation can stay on a winning streak 100% of the time. It’s simply impossible. Get a good business coach to take you through the tough times and help you structure a new business or restructure an existing business. Sometimes we simply cannot see outside of our own box. It takes an outside eye to come in and open the blinds for us.
So there you have it, my true life story on How to Recover from a Setback. I hope you enjoyed this blog. As always I write from the heart and from my own personal life experiences. If you liked it, please click the heart and share it with your friends! Be sure to subscribe to my blog so that you never miss an episode of “Trish-Talk.”
If you haven’t already purchased my Amazon Best Selling book yet: Super Star Hiring Systems, it’s a MUST HAVE for anybody in business and/or management. It details the process of creating the right team for your company and the systems for hiring and retaining an amazing team!