5 common business setbacks and how to prepare for them
One of the biggest mistakes any company can make is to let a setback define them. Instead of crippling because of the first setback, face it head-on and overcome the challenge. Business, like life, won’t always go smoothly. It’s not the challenges we face that determine our success but our attitude and our problem-solving. Familiarize yourself with these common setbacks and know how you can overcome them:
1.- Not Being Able to Expand
One of the most common setback for new businesses is the problems they face when they need to expand. When you don’t prepare for how you and your company will grow, it can seem disastrous. The best way to avoid this setback is to set your business up with the intention of expanding from the beginning.
2.- Equipment Breaking Down
Every piece of equipment, no matter how well cared for, will eventually break down. This is natural wear and tear – you wouldn’t fault a boulder for dropping down a hill, and you shouldn’t fault the equipment you bought either. Instead, have money set aside so that you can fix or repair any equipment or structure in your workspace. For instance, you don’t need to buy a new conveyor, you can instead get replacement parts from fluentconveyors.com.
3.- You Aren’t Getting Enough Sales
When you aren’t getting enough sales, and you know your product is great, the solution is to invest time and money into marketing. There are so many products and companies out there, and you need to stand above them all. You need to let potential customers let you know who you are, and you need to be consistent enough for them to recognize and trust in your brand. Marketing – traditionally, digitally, and through social media – is a full-time commitment that pays off.
4.- Costs are Too High
When costs are too high, it’s time to look at some hard solutions. One of the best ways to save money is to simply move locations. If you’re a retail store on a prominent street corner, and yet you’re still not making a profit, you could be targeting the wrong demographic. If you’re an office, you could benefit from a larger office space for a cheaper rent outside the downtown core. You need to determine what areas you can save on that benefit you the most.
5.- Too Many Unhappy Customers
When you have unhappy, vocal customers, a lot of business can be lost. That is why you want to have a committed customer service team. Resolving an issue of an angry customer who makes their complaint in a comment is a great way to show other customers (and future customers) your commitment to customer service.
Every company faces setbacks. These setbacks are not a fault with you, your business plan, or your product. Setbacks instead are a result of many different (and in some cases random) factors that affect each business differently. Know that setbacks will happen, and be prepared to face these challenges head on.