How to Survive Hiccups in your Business
There’s no such thing as a perfect startup. Launching a business is a complicated processed, filled with decisions at every turn. As you try to navigate your way around pitfalls and setbacks, chances are, you’ll make a bad call or two. But overcoming mistakes is the sign of a true leader and learning from them will only make your business stronger. Here are some common challenges, and some advice to survive them!
Sometimes it’s very easy to determine the market value of a product. Other times, you’re flying blind and have to make your best educated guess. Unfortunately, that may lead you to pricing too high or too low, and minimizing either your customer base, or your profits. This is common, and if it happens, the best thing to do is realize your pricing is wrong and introduce a new price point. Overcoming mistakes in the pricing realm is relatively easy.
If you’ve taken on too much debt, you may be tempted to file bankruptcy, close up shop, and move on. Before you resort to that, seek out some help. If you have any mentors, colleagues or even competitors whose opinions you respect, tell them about your trouble and ask them what they recommend. They may have had the same trouble and have some great advice.
Maybe you’ve hired too few people, too many, or the wrong people altogether. Overcoming mistakes in hiring is tricky because it affects peoples’ livelihoods. But failing to act and having the business go under will do the same in a bigger way. If you have more employees than you can afford, see if some of them can go part time or take deferred pay. If you don’t have enough people, hit the streets and recruit. If you have bad employees, begin the process of reviewing and terminating them quickly.
If your product is the problem, you may be faced with some tough decisions. But failing to make them will only make matters worse. Talk with vendors and distributors. Solicit feedback from customers. Identify the problem, go back to the drawing board, and do everything you can to address the problem and relaunch with a newer, improved version as soon as you can.
Every successful entrepreneur has stories about overcoming mistakes. How you handle your missteps is more important than how you handle success. Keep these tips in mind and confront issues head-on.