The BIG question we sometimes find ourselves asking is, “How do I bounce back from this business reversal?” We all find ourselves in this situation at one time or another. It’s something we prefer not to think about, but it eventually impacts all of us.
Some reasons for a business reversal are:
- A change in a client’s management team.
- Acquisition of a client by a competitor.
- A client relocates to a distant location.
- You loose a key client.
How did you get there?
One way to manage a successful turnaround is to know how and why you got there in the first place. Once you pinpoint the cause of the reversal, you should be able to find a solution that will help you rectify the current challenge and avoid the same problem in the future:
- Have you been too busy for new business development?
- Do you you need a new list of prospects?
- Are your clients demanding related services that you don’t offer?
- Have you fallen behind in the tech requirements of your industry?
Some strategies for bouncing back after business reversal:
- Call old clients.
- Upgrade your skills.
- Call on new clients that can utilize your current skills.
- Consistently devote 20-25% of your time to new business development.
One key to bouncing back: market research.
Once you’ve experienced a business reversal, the last thing you want to do is continuing to do more of the same things. Remember: the definition of insanity is doing the same things over and over, and expecting different results. As such, it may be imperative that you change course. But how do you know which course to take? You can start by doing marketing research, and possibly working with a business coach or new business marketing team.
Apply the Vector Principal.
The Vector Principal states that if you offer new services to a new group of prospective clients, you’ll encounter all the problems associated with starting a new business. The only way you can avoid these sorts of start-up problems is by growing your business through either of the following strategies:
- Expanding the services you offer to your existing client base.
- Expanding your client base through the services you currently offer.
The bottom line:
The way to bounce back is to manage change as you would anything else in your life: no more of the same old status quo. Frankly, that’s what put you in a turnaround situation in the first place. Here are some ways to help you get going:
- Take some time to contemplate or meditate on your situation and its solution.
- Make a list of 20 different ways to correct your situation. (Don’t stop at 2, 3, or 4, ideas! Keep going until you have 20 ideas.)
- Trust your intuition when it comes to choosing the right strategy.
If you have questions about any of the above, you can ask me. I’m always willing to help.
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