Rebounding from business setbacks

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Hone your ability to “maak ‘n plan”. Use this simple do-and-don’t checklist to guide you when things go wrong!

Do

  • Remember everything is temporary, even this.
  • Revise the plan with the new information and adjust goals and actions accordingly.
  • Communicate the why, what, and how to all stakeholders – be transparent.
  • Ask – so what can we do? Invite input and give it a try!
  • Look for the people who have your back (suppliers, customers, staff) – and have theirs. 
  • Pause before acting. The difference between reacting and responding is in the pause.
  • Harness lessons learnt in other tough situations.
  • Remember that change also brings new opportunities.

Don’t

  • Panic – your business needs you to lead from the front.
  • Choose the wrong survival reaction - fight, flight or freeze. The latter two won’t help.
  • Overthink it – action is always better than paralysis.
  • Forget to care for yourself and your people. 
  • Forget your loyal customers – loyalty is a two-way street. How can you help them?
  • Rush – agility is vital, but haste is the enemy of logic, resulting in mistakes and poor decision making.
  • Play it too safe – a calculated risk is just that, it’s not a gamble.

“The comeback is always stronger than the setback.”

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