Guest Article: How To Turn A Business Defeat Into Development
This week we are happy to hosts a guest article from the owner of Embleholics, Lee Adams. Embleholics is veteran owned business, and one we are proud to partner with.
How To Turn Business Defeat Into Development
Getting the most out of the bad situation is a skill to behold. Learning through defeat and coming out stronger every time is what matters the most in life as well as in business. A true leader never goes into a battle without a plan B.
Speaking of turning defeat into a development from an entrepreneurial perspective, the important habit of today’s managers is knowing how to motivate and lift employee morale during and in the aftermath of a tough period and financial hardship. Setting everything up even before the venture began and preparing for the worst scenario is the best way to overcome and recover from possible defeat.
Momentum loses battles, persistence wins wars
Perhaps the most important thing to know is how to look at things from a long-term perspective. Becoming more open-minded and understanding the bigger picture is essential here. Keeping your calm, not losing focus and knowing how to recuperate quickly will ultimately deliver, no matter how many times we lost and failed to achieve short-term goals.
Business today is affected by a number of different variables and it’s nearly impossible for anyone to account for all of them when in the planning phase. You failed because of the unforeseen circumstances? So what.
Instead of building anxiety over things not going well at the moment, try to get the most out of it. Try to determine why you failed and take that into consideration next time you’re planning short-term actions and when managing tasks of the project. Doing something imperfectly is always better than doing nothing perfectly.
Motivate and lead
If you have an entire team of people below you in the company structure, be aware that what you speak and what you do might even have a higher impact on the organization. Some of your co-workers are relying on you as a leader and expect from you to be the one who will lift the team in situations like this.
Be careful what you say in front of the others. Sometimes it’s wiser not to say what you really mean. I’m not talking that anyone should lie about anything. Real results and situation as it is must be presented to everyone so all employees must have a clear vision of company’s course and where you are at the moment.
However, knowing how to tell just enough truth that won’t devastate their morale, while keeping quiet on some things that will definitely make a seriously bad impact to your co-workers may go a long way in the terms of boosting morale and maintaining focus on things that are yet to come.
Make sure to give recognition to those who scored outstanding results even in defeat. There will always be people who outperformed even if the entire company failed this quarter. Give them praise or maybe small token items that will make them feel good in spite of everything. Presenting them with a challenge coin is always a good idea. If they nurture competitive character, they will know how to respect that.
Nowadays, challenge coins are not only exclusive for the military. Thanks to companies such as Embleholics, everyone is free to design their custom challenge coin.