Most business enterprises have suffered serious setbacks due to the Covid-19 pandemic and now an exchange crisis which has led to multiple serious issues.
Many of us are forced to quickly change our business model to survive. The frustration of the current crisis is evolving with no signs of recovery anytime soon. Everyone experiences challenges – be it business or otherwise.
It’s how you react to those challenges that determine whether you will be successful. One thing is very clear. That is that you may not be the one who created the issue but it is you who has to respond to this for your own sake.
The past two years were not good for most businesses and most individuals other than a few lucky ones. Setbacks are common and can happen at any time.
Anyone can take a dive – that’s quite normal in today’s operating environment.
Sometimes we don’t know we are losing until the very end. And that’s not entirely your fault. What’s important is to foresee, anticipate and have measures in place to face difficult situations.
Natural reluctance
However, in our culture, there is a natural reluctance to share and openly discuss bad news or a looming crisis. You have to be a courageous professional who will even hint that there are major problems in the pipeline. When it comes to bad news, your colleagues are usually equally evasive.
With this natural human behaviour, seemingly out of the blue, someone in command raises the flag, “This simply isn’t working out and will end up in failure.” And everyone then latches on to it and starts fire fighting or working on mitigating action planning.
You can avoid the shock, and perhaps even prevent the setback from happening, if you develop the ability and the willingness to read the subtext beneath the surface. It’s best to consider everything in the workplace as symbolic – read between the lines.
Ask the question ‘am I impacted’? If you’re not invited to a meeting, ask yourself what that means. If you don’t receive a pay raise, ask what that could represent. If the boss is consistently impatient with you and acts as if you really get under his skin, ask yourself or a trusted colleague what might be going on.
If this looming setback can’t be prevented, don’t waste time in denial. Your first few phone calls or emails should be to those who’ve gone through similar ordeals. Those conversations can bring home to you that you’re not unique and that, yes, people do survive your particular kind of setback.
Even before the setback occurs, start thinking about how to deal with it from a position of strength and think seriously about all your options. Were you treated unfairly? Perhaps so - It happens. It may be your mistake or someone else’s but the damage is done.
Unfortunately, no matter how unhappy you may be, you gain nothing by blaming others or situations. Failure can be a springboard to success, but only if you are willing to put the blame aside and consider whether you may have inadvertently contributed to the setback. That’s the only way you can hope to avoid similar crashes in the future.
Steps to take
Everyone feels vulnerable after a setback, so it isn’t easy to ask for feedback, even from friends and allies. But this could be the single most enlightening step you take.
At the very least, doing this will let you know what people might be saying about you. And because you are in a crisis, you will find that people will be straight with you, even if they’re not directly related to your current career path. Much of the advice you get during this crisis might seem simplistic. And it is. On the other hand, your problem might seem very complex to you. But it probably isn’t. It all depends on how you process it and how you react. If you think the interpretations people give you for why you suffered a setback are simplistic, keep listening; they’re probably just cutting through all the psychobabble and giving you the truth. Going to more than one person you trust will help you eliminate biases and funnel through the best course of action.
Deal with the problem without delay
The last place where you want to be stuck is in your current problem. That’s why so many people get hyperactive after a setback. They become very enthusiastic and want to see fast paced movement.
They want change. They work longer hours, suddenly start planning better, learn new skills, build new relationships and execute things more aggressively. Activities like these allow their frame of reference to shift to post-setback.
You are not alone - you have plenty of company. Think, understand and realise that fear is usually a friend; it warns us to be careful. Fear becomes the enemy only when we allow it to control us.
If you’re becoming overly scared, call up someone who has been in your shoes and is now doing fine. You’ll learn a lot about failure when you have been through it but not be fixated on failure. It’s just one part of your professional experience.
You then become more insulated from such setbacks going forward. Those who are insulated from a setback mindset will navigate the turbulence better than a senior airline captain who has millions of flying hours under his belt.
Final thoughts
Focus on something you can do or fix, no matter how small. Break down tasks into manageable pieces, and complete them one by one. Then take time to appreciate each accomplishment along the way. If you do, you will make it through and come out on the other side.
The final step in coming back stronger after a setback is to look for the lessons. It is so easy for us to get overly emotional when we experience a setback. While it’s important to feel our disappointment, there is a difference between feelings and wallowing.
The former passes, the latter keeps you stuck. The best remedy is to look for the lessons without judgment so you can improve. Setbacks don’t have to keep you from experiencing success. They are simply a part of the ride in business and in life - Come back from a setback stronger than ever before.