Company failure is NOT an easy thing to deal with.
When a company failure happens, it’s easy to get stuck in a place where blame is swirling around, nothing is getting fixed, and a general mindset of defeat is making things progressively worse. How do you overcome company failure failure? Being a leading Value Growth Advisor, KeyeStrategies put together a few steps to help get your company back on its feet and moving again.
When company failure happens (or is happening):
#1 Forgive
You need to forgive; forgive yourself, your team, the market, the circumstance– forgive it all. You can’t get over this failure until you’ve shed the weight of it behind you, and have a sense of acceptance about it. Whatever has happened, happened, and by accepting that you can’t change it, you are giving up your right to have a different past. Leaders must be firm and foster accountability, but they also must know when to forgive past wrongs in the service of building a brighter future. One of the most courageous acts of leadership is to forgo the temptation to take revenge on those on the other side of an issue or those who opposed the leader’s rise to power.
#2 Take inventory
Once you’ve come to terms with it, take a fearless, egoless, non-judgemental look at what has happened. Take a full inventory of the good, the bad, the ugly… what can you learn from the situation? What went right, and maybe more importantly, what went wrong? Try not to get caught up in protecting yourself or others, and likewise, you cannot treat the situation as a witch hunt. You shouldn’t focus on blame, or taking credit for the issue’s resolve; you must look at the situation as objectively as possible in hopes to figure out how to amend things as much as a possible. Rebuilding trust is also crucial. Trust can’t be built overnight. It requires time, effort, diligence, and character. Inspiring trust is not slick or easy to fake. Trust is like a forest. It takes a long time to grow and can burn down with a just touch of carelessness. But if you focus on these eight components with every action, you will foster trusted relationships—whether with employees, customers, suppliers, or fellow leaders—that will drive results and the bottom line.
#3 Plan for the future
Besides damage control, you must plan long-term into the future as well. What will you continue to do the same within your company to achieve success? What will you do differently based upon this failure? How can you ensure that this situation doesn’t repeat itself in the future? Set a plan going forward to act on these learnings. Taking the time to assess your company is essential before the company can move forward; during the recovery period every step and decision you make for your company is especially critical.
#4 Reflect
Finally, once you have completed these steps: have faith in your ability to lead. You would not have gotten to this point in your career if you were not capable of managing and handling the challenges that come your way, and overcoming company failure will make you a stronger leader in the future.
Company Failure is Avoidable.
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