What do you do if your business is facing major setbacks and challenges?

Objectively analyzing the company's current situation, identifying the main challenges and obstacles that are causing setbacks. Example: Carry out a SWOT analysis to identify the strengths, weaknesses, opportunities and threats facing the company, helping to better understand the situation and plan corrective actions.

Setbacks are part of the journey; what sets a successful business owner apart from the rest, is the way they deal with those setbacks, on a emotional, mental, spiritual and physical level. Start by identifying the challenges and acknowledging them without internalizing them as personal failures. Stop beating yourself up, as this doesn't help in getting to the solution. Asses your current state and get yourself in a different one. You need creativity to find a new angle, and not something you've done in the past. And seek support from mentors or fellow entrepreneurs who understand the struggle. Don't re-invent the wheel, and don't believe you have to know everything. Nobody knows everything.

Aunque parezca mentira, cuando abordamos el tema de evaluar la realidad, a los clientes les cuesta horrores reconocerla. Se ven envueltos en explicaciones variadas para desviar la responsabilidad o el peso de las decisiones en el mercado, la competencia, las regulaciones, etc. Es imprescindible sincerarse, abordarlo desde una perspectiva neutra y objetiva, casi como una auto-auditoría que establezca el verdadero estado de la empresa antes de tomar decisiones de calado. Y para saber a qué se enfrenta, debemos acompañarlos durante todo el proceso de solución.

Assessing your business's setbacks is akin to diagnosing an illness—it requires a deep, honest look into the symptoms (internal operations and market conditions) and the root causes behind them. This analytical approach isn't just about problem-solving; it’s a strategic reset, providing clarity and direction to navigate through challenges and revitalize your business strategy.

Eine genaue Bestandsaufnahme ist der erste Schritt zur Überwindung von Herausforderungen. ➡ Ursachenanalyse: Identifikation der Hauptgründe für Schwierigkeiten durch detaillierte Analyse der internen Prozesse und externen Marktbedingungen. ➡ Feedback einholen: Aktive Einbeziehung von Kundenfeedback, um die Kundenzufriedenheit und -bedürfnisse zu verstehen. ➡ Finanzstatus prüfen: Überprüfung der Finanzen, um die finanzielle Gesundheit und mögliche finanzielle Engpässe zu erkennen. Diese umfassende Diagnose ermöglicht es, informierte Entscheidungen zu treffen und wirksame Lösungen zu entwickeln.

وقتی از من دعوت به عمل می آید که با بیزینس یا سازمانی برای رفع چالش ها، نشستی داشته باشیم ارزیابی موقعیت را با چند سوال شفاف می کنم: 1. این مانع از درون سازمان ایجاد شد یا خارج آن؟ 2. ریشه های اصلی آن چه بوده است؟ 2. اگر این موضوع حل نشود چه تهدید های برای ما خواهد داشت؟ 3.چه مهارت ها و منابعی برای حل این چالش داریم؟ 4. اولین اقدام که می تواند موضوع را حل کند با کمترین آسیب، و کمترین نیاز به منابع چیست؟ سوالات فوق علاوه بر اینکه می تواند موشکافانه موضوع را بررسی کند، قابلیت ارائه راه حل های را نیز بالاتر می برد.

There's usually cascading effects (poor customer retention from poor fit to client needs and mismanaged resources/people or a pricing problem that doesn't work for cash flow are common) and the wrong factors have gotten the past attention by puzzled managers and unlistened to staffers. It can easily be internal control problems masquerading as dwindling sales and rising costs. Talk to everyone, often it's recent hires or suppliers with the key insights. Fantasizing a big loan you can't really pay back or qualify for will solve everything is the near universal trap and wastes a lot of time while adjusting to your most profitable customers instead of to your unprofitable customers often solves the cash flow pinch.

Challenges are a part of business, it is the setbacks that one needs to deal with carefully. While challenges morivzte team, set backs pulls them down. It is time to re-strategize your moves. Start by assessing the reality and you need to be data driven at this point. Refer to the MIS, financial statements and every possible data point. You then need to pen down what exactly is this set back, and what all is it impacting. Is it impacting the customers, or the team, sales or production, Quality or cashbook; and by how much, also since when? The more specific and data driven you are at this stage the better you can strategize your game plan.

In the face of significant setbacks and challenges in your business, it's essential to first acknowledge and assess the reality of the situation. Take a step back to objectively evaluate the root causes of the issues and their impact on your business operations, finances, and goals. Identify any internal or external factors contributing to the challenges and consider seeking input from trusted advisors or mentors for an outside perspective. Once you have a clear understanding of the situation, develop a strategic plan to address the challenges effectively. This may involve making tough decisions, implementing changes to your business model or operations, and seeking out support or resources to overcome the obstacles.

Pause and reflect on your business strategy, seeking to understand the factors contributing to setbacks. Take this opportunity to analyze what went awry, identifying any missteps or weaknesses in your approach. By examining the root causes of challenges, you can gain valuable insights to inform future decisions and adjustments. Embrace this moment as a chance for growth and learning, paving the way for a more resilient and effective business strategy moving forward.

Usar el SMART para rever objetivos es una simple pero efectiva manera de ajustar, modificar, cambiar o rectificar lo planeado. Ya habrá tiempo de ponerse ambicioso de nuevo, soñar en grande, volar. Ahora se trata de ser realistas, de que la empresa sea rentable, que encuentre el equilibrio, que mantenga su viabilidad.

Involve key stakeholders in this process to gain diverse perspectives and ensure buy-in for any adjustments. Consider conducting a SWOT analysis to identify strengths, weaknesses, opportunities, and threats, providing a comprehensive understanding of your business landscape and guiding your goal-setting decisions.

Ziele müssen regelmäßig überprüft und angepasst werden, um Relevanz und Erreichbarkeit zu gewährleisten. ➡ Realitätscheck: Überprüfung, ob die aktuellen Ziele unter den gegebenen Umständen noch realistisch sind. ➡ Prioritäten setzen: Anpassung der Prioritäten basierend auf den dringlichsten Bedürfnissen und Ressourcen. ➡ Neue Ziele formulieren: Entwicklung neuer, erreichbarer Ziele, die besser zu den veränderten Marktbedingungen passen. Durch die Neudefinition von Zielen bleiben wir agil und können auf Veränderungen proaktiv reagieren.

Now that you have a clear picture on the reality, it is time to align it with the goals. What are the goals your team is working for? Are they relevant to the current situation? Do you need to break them down? Any targets that need to be revised? What do the success parameters of the goal look like? Does the goal need to be broken down into bite-size goals, that do not seem far-fetched to the team? As at the moment when the team is feeling demotivated by the setback, small wins will have a positive impact and will bring in the much-needed momentum.

Revisiting goals is a crucial aspect of maintaining progress and adaptability in any endeavor. Start by reviewing your existing goals to ensure they are still aligned with your current priorities, aspirations, and the evolving landscape of your industry or profession. Reflect on the progress you've made so far and identify any obstacles or changes that may have arisen since you initially set your goals. Based on this assessment, adjust your goals as needed, whether by refining objectives, setting new milestones, or realigning timelines. Regularly revisiting and updating your goals ensures they remain relevant, achievable, and motivating, helping you stay focused and on track toward success.

Take a moment to revisit your aspirations and assess the alignment between your goals, strategies, and actions. Reflect on whether your actions have been in harmony with your overarching objectives and the strategies you've devised to achieve them. Consider whether any disconnect between these elements may have hindered your progress or led to deviations from your intended path. By realigning your goals, strategies, and actions, you can ensure greater synergy and effectiveness in pursuing your aspirations.

No hay objetivos conseguibles que estén desconectados del entorno. Es una sana rutina el revisar los objetivos y analizar qué nos acerca a ellos y qué nos impide alcanzarlos, para poder "ajustar las velas". Me gusta revisar mis objetivos, observando diferentes niveles: Entorno, recursos, capacidades, habilidades, sentido, identidad... La vida es un constante baile de cambios, ya conoces el aforismo: lo único permanente es el cambio. Yo le quiero añadir una coletilla: "y el ser."

Adaptability is crucial in business. Pivoting allows you to respond effectively to changing circumstances and market demands, ensuring your continued relevance and success. By making strategic adjustments while staying true to your core values, you can navigate challenges more effectively and seize new opportunities for growth.

When your plan isn't working, it's time to make some changes. This doesn't mean starting over completely, but making smart adjustments to fit the market better or solve problems. It could mean adding new things to sell, trying new places to sell them, or changing how you talk about your business. The important thing is to be flexible and willing to change, while still staying true to what your business is all about.

Here are 3 ways to pivot: Identify Opportunities: Analyze challenges for hidden opportunities, adapting swiftly to evolving needs and trends. Diversify Revenue: Expand offerings, customer base, or distribution channels to mitigate risk and capture new growth avenues. Digital Transformation: Invest in digital tools and processes to enhance agility, optimize operations, and meet evolving customer demands.

In order to make a pivoting strategy that will pull us out of this zone of setbacks, we first need to identify what got us here. There will definitely be something we did that we were not supposed to do. So start with assessing what has worked till now and what hasn't. Once you have insights on what worked and what did not; your goals are clearly defined as well. It is time to make your game plan for the same. When you strategize give yourself some breathing space to adapt to situations that are out of your control. The better you plan at this level, the higher the chances of success. My go-to way for this is to get my team together create a game mindset, and make a flow chart where we think of all possible routes and plan for it.

When considering a pivot, conduct thorough market research to identify emerging trends and unmet needs. Moreover, leverage customer feedback to understand pain points and areas for improvement, guiding your pivot strategy effectively. Additionally, communicate transparently with stakeholders about the reasons behind the pivot and the anticipated benefits, fostering trust and alignment throughout the process.

Strategic pivoting involves carefully evaluating your current situation and making deliberate shifts in your business direction or approach to better align with market demands, opportunities, or changing circumstances. Start by conducting a thorough analysis of your business landscape, including market trends, customer needs, competitive positioning, and internal capabilities. Identify areas where adjustments are necessary or where untapped opportunities exist. Then, develop a strategic plan outlining the changes needed to pivot effectively, including setting clear objectives, reallocating resources, and implementing new strategies or initiatives.

Take the time to revisit your strategy and explore new avenues or approaches. Challenge yourself to think outside the box and consider fresh perspectives that may inspire innovative solutions. Embrace creativity and experimentation, allowing yourself the freedom to brainstorm and generate ideas without constraints. By daring to explore new possibilities, you can uncover untapped opportunities and chart a course that revitalizes your approach and propels you towards success.

En esta propuesta de revisión de objetivos, lo que para mi es el pivote sobre el que orbita todo es el "SER". Debemos responder a los cambios del entorno adaptándonos, sin duda, pero sin perder la esencia de lo que somos, incluso cuando queramos hacer un profundo reset. Tu identidad es lo que te hará atractivo o no a las personas que quieran ser tus clientes, si pierdes eso puedes hacer ventas, pero difícilmente tendrás clientes.

No conozco mejor estrategia que involucrar a todos los miembros del equipo. A TODOS. Suele ser la mejor manera de que se impliquen, que den lo mejor de sí, que se sientan que forman parte, que se les considera y necesita, que sus habilidades al servicio de la mejora son imprescindibles. Suelen surgir grandes soluciones, hay muchos casos en la historia que lo corroboran.

What skills and resources does your team need to execute this strategy? It is your duty as a leader to help your team identify what they will need to execute the game plan and make those resources available. You also need to strengthen your team in terms of EQ & mindset, this is where. you have to nourish them.

Beyond collaboration, invest in team development through training and skill-building exercises tailored to address current obstacles. Foster a culture of resilience by openly acknowledging challenges and celebrating small victories along the way.

Las empresas son sistemas, y no pueden existir al margen de sus elementos. Ya nos lo dicen las leyes sistémicas: Todo el que forma parte, pertenece. Por tanto, no podemos dejar al margen a nadie, hay que fortalecer el equipo. ¿Cómo? pues dando a cada uno su lugar, apreciando las aportaciones de cada uno y correspondiendo a ellas con equilibrio, reconociendo y agradeciendo lo que hubo y alineando a todos hacia donde se quiere ir. Un proceso de coaching de equipo pueda ayudar a dar consciencia al equipo de lo que está sucediendo y de hacia donde quiere dirigirse.

I like the isea of involving the team in decision making. This is definitely crucial to overcome crisis. Transparency is very important in order to keep trust between the organisation and the employees. Keep investing in the team so they would believe that the company will rise stronger after all theae challenges. It's important for the managers and the team leaders to be examples of strength, determination and perseverance.

How much can you invest in this strategy needs to be clearly defined. This would give your team the power to make informed decisions. When a company is facing setbacks finances need to be handled carefully, this one element alone can change the dynamics of the entire business. The business owner also needs to make a strategic decision here. Even if you are cash-rich at the moment, you need to be prepared.

Consider diversifying revenue streams and exploring innovative financing options like crowdfunding or strategic partnerships. Additionally, prioritize building a cash reserve during prosperous periods to cushion against unforeseen challenges. Regular financial assessments and scenario planning can provide invaluable insights for informed decision-making, ensuring long-term resilience and sustainability.

3 common things to do: Focus on critical operational needs, renegotiate contracts, and reduce non-essential spending to preserve cash flow. Seek short-term financing solutions like lines of credit or government assistance programs to bridge cash flow gaps. Develop forecasts, monitor key financial metrics, and establish contingency plans to navigate challenges effectively and ensure business continuity. Here are 3 unique things to do: Engage stakeholders in brainstorming cost-saving ideas to optimize spending. Mobilize financial support through crowdfunding or community initiatives, fostering loyalty and solidarity. Exchange goods or services with other businesses to conserve cash and access resources.

Hay varias asociaciones de expertos, ya retirados, que pueden aportar mucho. Esos seniors poseen un considerable conocimiento y experiencia que pueden ser útiles y valiosos. En las grandes ciudades hay varias de estas agrupaciones que ofrecen un gran servicio a un coste ridículo, no desdeñes esta opción.

Don't be afraid to ask for advice from people like mentors, others in your industry, or professional business coaches. They can see things from a different angle and give you ideas you might not have thought of. They've been through tough times too and can share what helped them. Remember, you're not alone—lots of people have been where you are and can give you good advice to get through it.

Here are different ways to seek advice: Cross-Industry Advisory Panel: Assemble a diverse advisory panel with experts from different industries. This allows for a wide range of perspectives and innovative solutions to your business challenges. Intergenerational Mentoring: Engage mentors from various generations to gain insights into evolving trends and market opportunities. This dynamic exchange fosters learning and adaptation to changing landscapes. Virtual Ideation Hackathon: Organize a virtual hackathon where participants from diverse backgrounds collaborate to brainstorm solutions. This collective effort promotes creativity, teamwork, and actionable strategies to overcome obstacles.

Externe Beratung kann frische Perspektiven und bewährte Strategien bieten, die intern vielleicht übersehen werden. ➡ Mentoren nutzen: Nutzung des Wissens und der Erfahrungen von Branchenexperten und Mentoren. ➡ Professionelles Coaching: Inanspruchnahme von professionellen Beratungsdiensten zur strategischen Planung und Krisenmanagement. ➡ Branchennetzwerk aktivieren: Austausch mit Kollegen und anderen Unternehmen, um neue Perspektiven und Lösungen zu gewinnen. Durch die Einbeziehung externer Experten können wir sicherstellen, dass unser Unternehmen bestmöglich auf Herausforderungen vorbereitet ist.

Seeking professional advice is crucial for achieving success in business. Consulting with experts in various fields can provide valuable insights, perspectives, and guidance tailored to your specific challenges and goals. Whether it's seeking financial advice, legal counsel, or strategic planning assistance, tapping into the expertise of professionals can help you navigate complexities and make informed decisions. By leveraging external expertise, you can mitigate risks, identify opportunities for growth, and position your business for long-term success.

Sin duda buscar a alguien externo a sistema que actúe como catalizador del proceso de cambio es una decisión inteligente. Mi recomendación, barriendo para casa, es trabajar con un coach de equipos. Es un profesional preparado para darse cuenta de lo que sucede y usar los recursos del equipo para resolverlo. Nuestro trabajo es alimentar la consciencia del sistema, hacer que TODOS se den cuenta de donde están y dónde quieren ir, y lo más importante, cuál es su papel en ese cambio.

When a business encounters significant setbacks and challenges, it's crucial to approach the situation with resilience and strategic thinking. First, assess the root causes of the setbacks and identify potential solutions. This may involve reevaluating business strategies, reallocating resources, or seeking outside assistance such as mentorship or consulting. Communication is key; keeping stakeholders informed about the challenges and the steps to address them fosters trust and support. Flexibility is essential; be willing to adapt and pivot as needed to navigate the obstacles. Lastly, maintain a positive mindset and focus on the long-term vision, drawing inspiration from past successes and lessons learned.

En ocasiones enamorarse de los objetivos es lo peor que se puede hacer. Hay que saber tomar distancia, sobre todo en los momentos difíciles, para entender si no se ha perdido el rumbo en algún momento, si ha cambiado el entorno propicio o ya no es el momento para esa idea de negocios. Al final, la mentalidad abierta te dará una perspectiva fresca, una actitud de flexibilidad, una verdadera predisposición a lo que hay que hacer, sin apegarse a nada, abriéndose a todo, un entorno VUCA que nos obliga a ello, no es una simple elección.

One thing I would do, is to keep investing, wisely investing in marketing. Staying visible, keeping good relations with the customers, keeping our cliens up to date.... all these are crucial things. It is definitely vital to manage financials, but this shouldn't be on the detriment of the company's visibility.

Here are 3 points to think about: Optimizing Operations: Review and refine business processes to enhance efficiency and resource allocation, ensuring maximum productivity and cost-effectiveness. Monitoring Market Dynamics: Keep a close eye on industry trends and competitors' moves to spot potential opportunities or threats early, allowing for strategic adjustments to stay competitive. Promoting Innovation: Cultivate an environment where creativity and adaptability thrive, encouraging your team to explore new ideas and approaches to problem-solving. This fosters resilience and agility, vital for navigating challenges and capitalizing on emerging opportunities.

Here's what you can do when your business hits a rough patch: Assess the Situation: Take a step back and identify the root cause of the setbacks. Plan and Adapt: Develop a strategy to address the issues. Be open to pivoting your approach if needed. Seek Help: Leverage your network or consider professional guidance from consultants or mentors. Stay Positive: Maintain a positive and resilient attitude to keep your team motivated. Learn and Grow: Analyze what went wrong and use it as a learning experience to strengthen your business.

Facing major setbacks and challenges indicates that change is imminent. In other words: You need to strengthen your team. If you need to make critical decisions quickly and/or if the team is struggling with decision-making, consultancy or mentorship could be beneficial. Clear communication is essential, whether with stakeholders or employees within the company.