#12 What NOT to do When Things Go Wrong
At some point, every business owner encounters a sticky situation. Whether it be a client dispute, a misunderstanding with a business partner or landlord or difficulty with a supplier, it’s inevitable that things go wrong sometimes.
Having spent the first 12 years of my career in litigation and dispute resolution, I know all too well the loss and heartache that can follow these situations getting out of hand. Sadly, many of the situations my clients found themselves in could have been avoided if they had known how to handle things differently.
In this episode, I share 4 things NOT to do when things go wrong in business. I talk about staying objective rather than getting emotional and taking things personally and discuss what can go wrong when situations are ignored. I talk about making sure you surround yourself with a team of trusted advisors and how they can help you navigate through difficult situations to find resolution.
I also discuss the importance of having a solid strategy to work through a dispute and share an example of what this might look like in your business. Every business is different and there is no one size fits all approach, but if you stay calm, objective and seek to understand, in my experience, most situations can be resolved quickly and quietly.
As I always say, prevention is better than cure. Unfortunately, some circumstances are unavoidable but you can certainly be prepared to know how you will navigate through those difficult situations.
Topics discussed and where to find them
[0:49]: How many times, clients have ended up in situations where they lose their business or families but things could have been different if they had the knowledge of how to handle the situation in a better way.
[2:06]: 4 key things that you should not do:
Don't get emotional. Taking some time to respond to the situation rather than react to it straight away.
[3:22]: Don't take it personally. Things go wrong in business so it’s important to stay objective.
[4:00]: Don't ignore it. Having a calm and measured conversation with somebody who has an issue can quickly resolve a situation
[5:10]: It’s important not to miss critical timeframes and contract obligations
[5:40]: Don't go it alone. Have your team of advisors around you help you when you need them to.
[7:00]: It's helpful for business owners to offload sticky situations to their lawyers and advice team so they can ask the probing questions and offer support to help resolve the situation.
[7:55]: Most situations get resolved by being calm, seeking to understand the issue and then putting a path in place to resolve it.
[8:20]: Strategy becomes really important when situations don’t resolve easily
[8:50]: Have a solid strategy in place to turn to when things go wrong.
[10:05]: There is no one size fits all approach but develop an approach that works for you. Over time, you'll become more confident going into unpleasant situations and they will take less time to resolve