Strategy: 4 ways to reactivate your business/life after a major setback
Failure is never taught as part of things to encounter during one’s quest to be a successful businessman, so we never prepare for it and never wish for it.
It is a common trend in Nigeria that failed businesses and entrepreneurs rarely return back to active business life after witnessing a setback in their business operations.
This would literally mean most businesses in Nigeria are not structured to face deeming challenges.
Failure in business is usually absent from our plan, making it difficult to manage if it eventually occur.
In my few years of consulting and participating in the management of some small and medium scale businesses, I have observed that whenever unfavourable business situation arise the best option for Nigerian businessman is “quit the business and start a new one or consider another line of business.”
I have also realised that most business setbacks are propelled by an interplay of many factors which are most times within the control of the business.
Hence, the solution is not to start from the beginning but to adopt a tailored efforts towards resuscitating the business.
Here are some strategies that can be deployed to get your business back to life.
Treat your business problem as unique, don’t copy anyone
One of the problems of business getting back from a major business setback is thinking everyone is facing the same problem as you or your business.
You must note that your problem is simply unique to you, hence don’t copy your competitors or peer.
Though you may take their advice, and see if it best fits your current situation.
The whole point is that copying others will only make your business to still vulnerable to factors that brought it down.
Sit down to get what brought your business, stop guess work
After the trauma of business downturn, just sit down to understand what really wrong.
Though, some business leaders have noted that these postmortem meetings seem to be unproductive as it may fail to identify the root cause(s) of the business downfall.
Having this mind, ensure you should consider all factors that are directly and indirectly related to your business.
Have a list of things that may have caused the bad business outcome.
Outline factors under your Control
Since business setbacks are caused by a combination of social, economic, political, cultural and psychological factors, you need to categorise them into factors within and outside your control.
When business owners are evaluating their performance, they usually concentrate more on external induced factors.
This is considered human, as we always feel we are competent and well-intentioned.
Note, a well-placed intention is never a good business tool.
To be able to bounce your business back successfully, concentrate more on those internal factors you can control and change.
Sketch how you got there, and determine the way out
This would mean determining how best the poor business result and root cause(s) can be handled.
Just like a crime detective, solution lays with determining the culprits.
Your business problem is best solved when it is treated like a crime, developing a narratives of how the event occurs is more important that any recovery solution or strategy.
After do these, recovery of your business can be assured and less painful.