How to overcome a setback in business

Monday, July 13, 2009

Step 1

Believe and trust in your ability to overcome whatever problems come your way. That's the key to getting through any crisis.

Step 2

Seek counsel from someone you trust, preferably someone in an industry like yours who has built his or her business from the ground up. Chances are, he or she will have encountered and overcome the exact problem you face.

Step 3

Evaluate the situation and determine if it will have a negative impact on your cash flow or cash reserves. If you find that you will be short of cash to meet payroll and other financial obligations, look for ways to reduce your everyday expenses. If your cash is seriously affected, consider temporary layoffs of nonessential employees.

Step 4

Keep a positive, upbeat attitude. If you look more worried than usual, your employees might get nervous and start looking for employment elsewhere.

Step 5

Advise vendors of your situation if it is certain you will be late with payments. Before you contact them, however, be prepared to discuss a payment plan. When asked when payment can be expected, your answer shouldn't be "I don't know."

Step 6

Review your current business plan. Change your plan as necessary to help reverse the setback and to prevent the same situation in the future.

Step 7

Relax and unwind. Take a drive, go see a movie or steal away for a short nap. Getting your mind off your worries, if only for an hour, will allow you to come back to the problem and attack it with a clear head.


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