Not all ideas are successful in small business. At a certain point you might try launching a new product or service and it will flop. How can your small business recover from events like this?
Admit failure:
The first step, accepting that you failed, is often the most difficult, but you should never give up on what you believe in. Remember that success is often dependent on timing and luck. You may find that had you launched the same product a decade ago it would have been successful, but given the state of the economy, it was not. However the product flop should teach you some vital lessons, especially to be analytical, as if you want your small business to still have the possibility to thrive in the future you will need to learn from your mistakes.
Reflect on what went wrong:
There may not be one underlying reason for what happened but a concatenation of events that snowballed into your product failure. You may not be responsible for everything that went wide of the mark as some reasons may be random. However this does not mean that you should shrug your shoulders; do your best to identify the overarching causes and envisage what you could possibly do differently next time. It is important to understand the whys and hows if you’re going to learn anything.
Recognize your role and plan to do better next time:
Even if you were not entirely to blame for the product flop you need to recognize that you played a part, so that you can focus on what you can do to ensure your small business does not go through this again. Be frank, open and honest with your staff, hold meetings and discussions to identify weak spots and see how you can drive a new change.
Forgive yourself:
Accept that to err is human and take events as a learning experience so you can do better next time. It will not help to keep beating yourself up over what has transpired. Although there is no such thing as 'A for effort' in the business world, laying awake blaming yourself will not help you to move forward and better your small business.
Adjust and prepare for a brighter future:
You need to enforce change so this doesn’t occur again. There are many things you may need to do to correct mistakes, adjust your small business's prospects and plan for a better future. You could hire external expert help, you may need to discipline someone, install or invent a superior system, establish a less costly way of doing things or find a different vendor. There many be one or numerous solutions you need to implement. Take time to find the right one for your small business. Finally set your sights on a fresh horizon. Establish a new goal making sure that your plan is foolproof this time round.
