3 Damage-Control Strategies to Keep a Setback From Becoming a Disaster If you view setbacks as valuable life lessons, you can grow in ways you didn't know were possible.
By Kimanzi Constable Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
I'm writing this little article from seat 4B on a Delta flight from Milwaukee to Tel Aviv, Israel. I'm going to consult at an incredible company. The fact that I am having a pleasant conversation in first class with a salesman from Microsoft (he's sitting next to me) is a small miracle.
I had a service based business in the vendor industry -- specifically bread. I grew the business to $500,000 a year, but I completely mismanaged the money. That meant I always had to be on the bread truck instead of simply managing the business. I essentially owned a job as a blue collar bread delivery guy.
I know the makeup of the people who read my articles. Many of you have a day job that you would love to escape from. The other portion is people who have escaped but your business isn't growing at the rate you need it to. There are three things that can help both groups.
1. Keep your emotions in check.
It is natural to want to give into all the emotions that are surging through your body and mind. Don't do it on a regular basis. You can't control your emotions 100 percent of the time, but you can get control enough to not ruin your goals and progress. When you experience a setback, step away from the situation and cool off.
Related: 4 Ways to Rebuild Your Self-Confidence After a Setback
When things don't seem to be working out as planned, take some time to rethink the plan and figure out how you can execute better. There is always a better way and a plan that can help you reach the next steps. Getting stuck in your head will only complicate what's logical.
2. Focus on maintaining and growing income.
In the midst of a setback, your temptation is to run and hide. You want to be on an island far away and not think about your responsibilities. The problem is that you run the risk of losing momentum and income. Even if you have built some automation into your business, you are an important part of what helps the business run smoothly. When you disappear -- even emotionally -- income is lost.
Related: 3 Tips to Transform Setbacks Into Success
As hard as it can be, you have to withdraw from the little tasks while continuing to do the things that lead to income. Continue to call clients, make sure you maintain fresh content, answer crucial questions from new and old customers, and be there for your team (if you have one). Money is not the most important thing in life but you better believe it's necessary to live a life free from financial stress.
3. Leverage technology and the internet.
The access we have to others through the Internet can be a great way to either mastermind, get new business or get reinspired to take the necessary actions to fix the setback. The access is so great that all you need is a smartphone and connection. Use the Internet to your advantage and as a way plan logically. Use technology to do tasks that aren't possible for you alone.
Related: 6 Strategies to Bounce Back From Financial Setbacks
A setback doesn't have to be the end of your business or your efforts to build a business. Life is full of circumstances that can either break you or make you stronger. If you view setbacks as valuable life lessons, you can grow in ways you didn't know were possible. Take setbacks one at a time and work through the growth process. Use what's available to us today and turn setbacks into triumphs.
