What business doesn’t experience any setbacks?
There are common challenges every entrepreneur faces. But what sets businesses apart is the way these problems are handled. Below are some of the most usual difficulties business owners have to overcome. Which of these have you experienced? How did it shape you and your business?
Bad reviews, publicity flop or accusations can easily burn a company to the ground. Information, whether true or false, can now reach thousands of people in a matter of seconds. Similar to what happened when Bon Appétit’s performative diversity had been exposed or when fitness company CrossFit’s CEO published an insensitive tweet, an issue can cause major backlash.
What you can do is—first of all—own up to your mistakes. If it’s a shortcoming on your end, acknowledge your error and seek improvement. Next step: audit the situation. Does the error lie in the individual or is it systemic? If the circumstances call for broader solutions, make sure to include your team in the discussion for a holistic approach.
To address bad publicity, you can also hire an SEO specialist to help with the search results that may damage your company’s reputation. This might take time, but this will allow you to reposition and prove that you can handle business blunders.
Behind every business is a person. Your personal life is completely separate from your business, but it can directly affect it. Grief or traumatic losses can affect an individual’s performance which is why most companies offer bereavement leave periods. Handling emotions vary for every person. Let yourself or your employees take things at one’s own pace. Digest the kind of impact a personal issue has on someone’s life and the business, and take the time to rest until one is fit to return to work.
Losing a major client
Some consumers are responsible for a large part of your revenue. But once they stop patronizing your business or switch instead to your competitor, your sales can take a dive. Despite this, thank your clients for their time with your company and then work on boosting your business again. Have a talk with them to assess how you can improve on your services. What could you have done differently? What else can you change? Aside from asking for feedback, you can also request your previous client to provide a testimonial which you can use for publicity.
Humans have complex personalities, which means you can’t really avoid issues between certain people. Tension is typical and it’s usually because there’s an underlying issue. What you need to do as a manager is to identify the problem beyond surface level. Usually, these conflicts arise from matters on power and control, care and closeness and respect and recognition. Once you’ve understood the problem, discuss this with your team and allow them to construct a resolution that will strengthen their relationship.
Subscribe to our weekly newsletter to receive all the tools and solutions entrepreneurs need to stay updated on the latest news in the industry