Anything that can go wrong, will go wrong.
—Murphy’s Law
We’ve all experienced Murphy’s Law at one time or another, and we all know what it feels like when things don’t go according to plan. In business, you can count on something going wrong on a fairly regular basis. There are so many cogs turning at once, it’s inevitable. The question you need to consider is not whether something will go wrong, but rather how you’ll handle it when things do go wrong.
Now most of the time, the challenges that arise are small enough that they don’t seriously jeopardize the future of your business, but sometimes there are major setbacks or obstacles that do pose a serious threat to business success.
It could be an accident, the break-up of a partnership, the loss of a major customer, a lawsuit, a death in the family, divorce or any number of other things that affect your life or business. In challenging times like these, there are to two things that can serve you well: perspective and preparation.
We are all faced with a series of great opportunities brilliantly disguised as impossible situations.
—Charles R. Swindoll
Your perspective is your point of view. It’s the way you choose to put your opinions, beliefs and experiences into context. At E-Myth Worldwide, we emphasize the importance of adopting a productive point of view about yourself, your business, your employees and your customers. Without this approach, all the challenges, obstacles, frustrations and annoyances that naturally arise in business will be exactly what they seem to be: problems. But with a productive point of view, all of those things become opportunities to do better, to learn more, to improve and transform your business.
If you’re a business owner who suffered an entrepreneurial seizure and started your own business but you operate it from the perspective of a technician, this concept is hard to grasp. That’s because the technician personality is focused on the work of business, not the results. Consequently, when things go wrong, it represents a problem that has to be dealt with, usually with great effort, pain and suffering. You find yourself working harder and harder, getting burned out, losing hope and feeling like the business you envisioned will never be.
Entrepreneurs know better. To the true entrepreneur, nothing is impossible and the world is full of endless opportunity. They work smarter, not harder. They don’t get burned out or disheartened—even in the worst of times—because they are constantly energizing themselves and others. And, they usually come out ahead of the situation primarily because of their productive perspective.
Hope for the best, but prepare for the worst.
—English Proverb
While it’s true that no amount of planning or preparation can account for everything that might happen in your life or business, that doesn’t mean you shouldn’t try! The good news is that if you’re doing smart strategic planning, you’re well on your way for preparing for the unexpected.
Strategic business planning is perhaps the single most powerful activity you can engage in as a business owner and it will prepare you in the best way possible for the unexpected. Strategic business planning includes things like having a clear vision for your company’s future, having an operating budget and a cash plan in place for at least three months out, making sure you have a cash cushion to draw from in times of need, and having a hiring and training plan in place for new employees.
In fact, when you plan for the future in these ways you can’t help but become more aware of the things that could possibly go wrong and disrupt your plans. Strategic planning will help you prepare for many eventualities that might otherwise have stayed off your radar. In some cases the challenges that arise may require you to rethink your goals and objectives. This can be a good thing because it entails reassessing and reevaluating your vision for the future, which can then help you determine what your next steps are. It can also help to ensure that you’re aligning the present conditions to serve the future you envision.
Below are some tips you can consider to help you handle when things go wrong.
How do you deal with the obstacles that come up in your business? How have you overcome them? Post a comment and tell us about it.
Dan B. says:
I run an IT support business and I can't tell you how many people I've worked for who have not prepared in any way for IT disasters. From hardware failure to human error... all sorts of things can bring a business' infrastructure to a grinding halt. When something bad does happen, it becomes a whole lot easier to convince the client that they need to have a plan for when things go wrong. It's just too bad it takes something traumatic to get them there.
Submitted Jan 26, 2011 9:30 AM
Matt C. says:
I think the idea of an "entrepreneurial mindset" is particularly important. There are always lessons to be learned, and you can always try to again with your new knowledge.
Submitted Jan 28, 2011 6:17 AM
frank u. says:
Submitted Jan 28, 2011 9:42 AM
Lisa S. says:
One piece of advice is NOT to allow yourself the indulgence of a Pity Party! I have seen small business owners who allow themselves to get overly upset about all the things that go wrong in their businesses and adopt a Woe is Me attitude. You are 100% right: any business can count on things going wrong on a somewhat regular basis. It's what happens! Being able to sit down, breathe, analyze what happened, and calmly think about the corrective course of action is all you can do WHEN (not if!) things go wrong! New entrepreneurs are more apt to make this mistake than seasoned veterans. They should be advised to adjust their mindsets from the get-go to EXPECT difficulties and to know that they are NORMAL. Adopt a can-do attitude from the beginning and know that even if you have to move from Plan A to Plan M, it's okay! As you also mentioned, looking for the opportunity in everything is also critical. Our biggest learning experiences sometimes come through our biggest challenges, and our character is forged as we choose to deal with those challenges with integrity.
Lisa
Submitted Feb 3, 2011 7:45 AM
don r. says:
2 franchises,both failed.Liberty Tax failed due to the franchisors greed and the territorial managers lack of integrity. ( Sold territory to anybody and everybody regardless of experience and background.) Franchisee was sold an unrealistic opportunity.For example, Its a 4 month tax season,while you are paying rent for 12 mos. I opened in a suburb,not a urban area.I followed the marketing plan and produced 50% of what was projected.Subsequently, I closed up and lost everything after 5 years. 200K was invested.Then I was sued for copyright infringement.Rapid anticipation loans,a bulk of my business is frowned upon by tax professionals and the IRS. It is good for welfare families with children due to the EITC.Try finding these customers in a middle class suburb. The mangers are told to sell the territories. They too are
encouraged to take on huge debt,purchased from the franchisor. What a scam.There is now a third franchisee trying in the same territory. He asked me to help him for $7.50 an hour. The second failed franchise was Jersey Mikes Subs. I purchased a turn key operation,with existing sales of 505K. Within 5 years, sales were down to 200k. Why ? The demographics changed.(Territory was now populated with Kosher eating families) No help there. I asked the franchisor for help, NONE. ( They opened a corporate store on the other end of town where brand new shopping centers were built.) Add to this the financial crisis causing high unemployment. BAM.....Closed the doors and walked away.
I studied the E Myth . Believed in it. ..Could not stop the bleeding. Now broke and in foreclosure on two properties at 55yrs old,with htree children under 20 yrs old. No B. S. Don R.
Submitted Feb 4, 2011 11:02 AM
Carla B. says:
Very Sad to hear this story and it makes very clear to me why one of the best small business groups in the NY area does not consider franchises a valid entrepreneurial pursuit. In fact they are dead set against them and basically tell you if you want to buy a franchise, their small business classes are not for you. I myself was very surprised when I read that e-myth considers franchises "entrepreneurial". Creating a new business that may be franchised in the future, maybe... but buying into one seems to playing either straight into big corporate pockets (cog in wheel) or little corporate scams. (selling to everyone) Studying and believing in things is good to a point. But believe in yourself and your gut first.
Submitted Feb 16, 2011 2:29 PM
|
International +1 541.552.4600 |
United States 800.221.0266 |
Valuable Articles • No Spam • Low Volume |
| Sign up for the daily E-Myth Insight email | |||
Follow E-Myth on Twitter