Rebound from setbacks

Every business experiences setbacks once in a while, whether as a major interruption to the steady

flow of business, such as an emerging competitor, or as a smaller hiccup, such as a customer dropping

out on an individual transaction. Regardless of the magnitude of the setback, managers and owners

can actually use these negative incidents to implement better practises by learning how to avoid a

repeat occurrence. The following three tips could help you learn from your setbacks:

1. Analyse.

It may be worthwhile to spend some time away from the office objectively analysing what created the

setback, otherwise the probability of repeating the action which lead to the setback is enormous. Once

you’ve taken some time to analyse the setback and the circumstances surrounding it, you may want to

share your thoughts and findings with a mentor or colleague to gather some feedback on your analysis.

2. Prevention.

Just knowing what went wrong isn’t enough – once you’ve taken some time to critically and objectively

analyse the setback, you may want to put in place measures to prevent a similar event from reoccurring.

These don’t need to be set-in-stone policy documents, rather could be as simple as checking in more

frequently with key staff members to give them your guidance.

3. Educate.

Staff members uninvolved in correcting the setback may still benefit from the lessons learnt. It may be

worthwhile booking in some time to constructively educate team members on what can be done to

prevent similar mistakes from happening in the future.

Article source: http://www.century21.com.au/blogs