What to do when everything goes wrong
No one ever said running a business was easy. It is a profession filled with challenges, some more crucial than others. The difficulties you face when you are just venturing out into the entrepreneurship world or when you are a seasoned veteran are vastly different, but the methods you approach these challenges should be the same: stay calm and make a plan. This is far easier said than done, but it is a mindset that must be established in the very beginning. How you approach the problems your company faces speaks volumes to the survival to your company.
This isn’t something anyone needs to tell you. It is, however, something that needs to be practiced. When experiences a bump in the road that feels personal, it is difficult to think rationally. No one makes good decisions when they are infuriated. It doesn’t lead to constructive conversations, creativity or most importantly, a solution. It does, however, cause unease among your employees and partners alike. For example, if a company you have been working with for a long time wants to renegotiate the terms of your contract unfavorably, it is easy to feel miffed. During times like this, keep in mind that everyone is trying to make their company thrive, even if that means at the expense of yours. It’s just business. So, instead of worrying and stressing over the issue at hand, make a plan instead
Plans sound boring. They aren’t exactly taking action, but they are a very important precursor to action. Every victory had a solid plan behind it, which is why you need one as well. When faced with a problem, outline the steps you need to take in order to be on solid footing. If a partner company wants to renegotiate their contract, make a list of things that you refuse to budge on so you will be ready during the renegotiation. Be reasonable in this list, things must change, but you get to determine by how much. Also be willing to walk away and find another company to do business with; items on your ‘refuse to budge list’ are there for a reason . You are under no obligation (unless contractually) to keep doing business with the same companies, however, neither are they. Listing out quantifiable actions to take will lessen the chances of making decisions under pressure because it is possible to follow the logical flow of a plan and change things before actions are made.
Take a quick breather after outlining your plan. This doesn’t have to be a long break, just long enough to clear your head. When you have accomplished this, return to your plan and look it over. Does it still look reasonable? If yes, blaze on. If not, then revise it until it does. In times of uncertainty, having a list of instructions is incredibly calming, so it is best to make sure these are instructions worth following.
After you are satisfied with your plan, take action. Take the step outlines on your plan and improvise along the way if necessary. Very rarely do things work out the way we expect them to , but by planning and re-planning, you have thought about the problem logically and with care. You will be in a better state of mind to approach the minor blips in the plan after inventing a solution to the overarching problem.