How To Recover From A Bad Business Decision

Nobody’s perfect. We all make mistakes. And, as a business owner, you’re certainly not immune to this reality. Along the way, you’ve likely made a lot of decisions for your company that didn’t exactly turn out as planned. In some cases, your decision may have made your brand look pretty bad.

Did you invest in a poorly-executed advertising campaign? Did you say the wrong thing to a customer in the heat of the moment? Did you begin a partnership with a less-than-reliable distributor? If you’ve answered “yes” to any of the above questions (or ones similar to them), the first step is to remember you’re not alone. Remember, no one is without fault. The second step is to realize that there’s always a way to recover from a bad business decision.

Take responsibility for your actions.

Own it. There’s no way to correct a mistake without fully admitting you’ve made one. The people your mistake has impacted will greatly appreciate the fact that you’re taking responsibility. Owning up to your bad choice is also a very important step in learning how to correct your path and make better business decisions going forward. As Insperity.com tells us, author Justin Menkes writes that truly great leaders accept ownership.

“Owning the problem communicates to others that your relationship is more important than being right,” states the website, based on his writings, “It also sets the stage for taking off the blinders and facing our flaws. While it’s not easy to own our mistakes, hiding or denying them can cause irreparable damage.”

Apologize for your poor choice.

Saying sorry goes a long way. In many cases, the people who are most affected by your bad business choice simply want to hear you apologize. It’s part of taking responsibility. But a sincere apology is also a declaration that you recognize you’ve done wrong and that you’re willing to take the steps to make good on your poor choice.

“If your decision hurt anyone else, the best thing you can do is apologize and explain,” says PositivelyPresent.com, “Don’t offer excuses or try to play down the situation in any way. Be honest and open with those you have hurt and explain to them what you realized…Once you’ve done that, it’s also important to apologize to yourself and do what you can to come to terms with your decision.”

Refocus your energies on the positive.

There’s no sense in dwelling on the past.  You can beat yourself up all you want for your bad business decision, but it’s not going to help your company. Once you’ve accepted responsibility and apologized to those who need to hear it, get on your horse and start galloping in a much more positive direction. Focus on the changes that need to be made to better your business and work towards making them. Don’t waste time feeling sorry for yourself.

“Whether you are recovering from a minor misstep or a more serious strategic blunder, once you have communicated the way forward, it’s time to refocus your energy on the power and promise of your company’s brand,” insists Insperity.com, “This step reinforces the message that no matter what has happened, your business remains unchanged in the areas that matter most.”

Does your business require funding to help remedy one of your bad decisions? Please don’t hesitate to contact Synergy Merchants to ask about our unique merchant cash advance program. Call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!