Anyone with their own business knows that it is a journey with many ups and downs. And when you hit a down point it can be difficult to motivate yourself and maintain your enthusiasm about your business.

But if you take those low points, and regard them as ‘feedback’ as opposed to ‘failure’, they can become a powerful call to action. Feedback is crucial to any business – it keeps you on track, ensures your customers are happy, and provides you with valuable information about ways things can be improved.

Here are a few examples of how you can turn some common business ‘failures’ into positive feedback:-

  • You didn’t win a pitch
    Next time, prepare even better. If you were asked questions that you couldn’t answer confidently, then think carefully about what you would have said and rehearse these answers ready for next time
    .
  • A valued team member resigns
    Have you been guilty of ‘putting all your eggs in one basket’ where a team member is concerned? If so, this is the time to make sure you have a contingency plan for the future – and to make sure that bring yourself up to speed with what everyone else in the business does
    .
  • You didn’t win an award you entered
    Someone else was judged better than you – but that doesn’t mean you aren’t any good. You might both have been judged as excellent, but this year the other person was just slightly more excellent.
    .
  • You receive a complaint from a customer
    A customer complaint can be the catalyst that makes you look long and hard at the quality of your product, your customer service and your processes – and then improve them! And the way you deal with that complaint can have a very positive effect on your relationship with that customer – a complaint that is dealt with swiftly and fairly is likely to retain loyalty.

 

These are just a few examples of how you can turn a bad situation to your advantage. As long as you listen to your market/ customers and respond, then your business will keep moving forwards. The worst thing you can ever do is stand still.