Business
Foolproof Steps to Help Your Business Bounce Back from a Major Setback
Foolproof Steps to Help Your Business Bounce Back from a Major Setback
By Michael Deane – Contributing Writer for Inland Empire Business Journal
According to a study by the U.S. Small Business Administration, about half of small businesses cease operation within 5 years. Entrepreneurship is an unpredictable journey. No matter how hard you work, you can expect to encounter a few setbacks.
It can be a major flaw in the manufacturing process, the loss of a big client, or a great economic disturbance such as the ongoing COVID-19 pandemic. What you do to deal with setbacks is what will define you as an entrepreneur.
So, to find success, first you need to push past the disappointment. Here are a few steps you can take to help your business recover from a major setback.
Stay Calm and Acknowledge the Problem
To help your business prevail, you need to keep a cool head. Usually, our first instinct is to panic when something goes wrong.
But, when you have employees that look to you for leadership and direction, it is even more important to keep a cool head. If you take the next steps calmly, your odds of success will increase.
If the setback is caused by a business mistake, it is key to own up to it. You will only make matters worse if you let your pride get in the way or if you go into denial. You should take responsibility, and you should also avoid blaming others or yourself for the setback.
Put The Problem Into Perspective
Don’t allow yourself to go into “the sky is falling” mode and start blowing problems out of proportion. Not every setback you encounter will put you in a grave situation.
In the grand scheme of things, how significant is the predicament? Is it a legal issue? Is it a brand image problem caused by product flow?
Is it a financial issue caused by the ongoing coronavirus pandemic? If so, take a moment to realize how many people are going through the same situation and find out if your government is offering any COVID support you can take advantage of.
Before you jump into crisis mode, try to evaluate the impact of the setback.
Put Effort Into Determining What Went Wrong
Before you can fix the problem, you need to determine what caused the setback. This requires objective evaluation.
Did your team fail to do enough market research? Was it because your customer service reps didn’t know how to handle the situation? Was it due to unclear language in your agreement with a client?
To ensure it doesn’t happen again, start laying out what you can change. For instance, if your contact center cannot handle increased call volumes caused by the lockdown, you may find a call deflection bot to be the best solution.
You may need to enlist the help of a professional or a company that specializes in certain business disciplines, such as PR, HR, taxes, finances, law, etc. When you determine the cause of the setback, you need to come up with a clear plan for what you need to do differently.
Reach Out to Trusted Advisors
When the going gets tough, don’t hesitate to ask others for advice and help. No matter the setback, you don’t have to deal with it alone. Look for a trusted advisor who can offer you some support, insight, and guidance.
You can connect with a business coach or a mentor, such as a SCORE mentor. You can also look for a business owner who has experienced a similar problem.
Whatever difficulties you are facing as a business owner, you can rest assured that there’s a seasoned entrepreneur out there who has suffered through the same setback. Talk through your problems with someone who knows what it takes to overcome such issues.
Embrace It as a Learning Moment
Setbacks in business may benefit you in the long run—as devastating as they might be. Consider the wise words of Malcolm Forbes, “Failure is success if we learn from it.” To improve your business, you need to look beyond the dismay.
Embrace the experience as a learning moment. For instance, the loss of an important customer may lead to a new customer loyalty program that will improve customer retention.
If the setback is caused by a bad hiring choice, it may lead you to realize that you need to improve your candidate vetting process.
Reset Your Vision
A setback is a comma, not a period. You can easily get off track when you are going at a rapid speed.
When a slowdown occurs, it is a great time to re-evaluate your vision and revisit your mission statement. The setback gives you that coma, the pause you can use to achieve this.
Why did you start your business? What do you want to accomplish moving forward? Business owners change and grow, and so do markets.
The problem is, their businesses often run on old ideas. This is a great chance to determine what you want to achieve long-term.
Celebrate Small Wins
Create small wins for yourself. This will help you regain momentum. But, don’t attach the win to the results of your actions. The steps you take are a win in themselves.
Non-judgement is the best way to face difficulties in business. It’s easy to get emotionally-tied to your entrepreneurial journey.
But you can prevent this if you avoid thinking of setbacks as failing or losing. You will emerge even stronger if you take advantage of the downtime.
Michael is a contributing writer for the Inland Empire Business Journal. He has been working in marketing for almost a decade and has worked with a huge range of clients, which has made him knowledgeable on many different subjects. He has recently rediscovered a passion for writing and hopes to make it a daily habit. You can read more of Michael’s work at Qeedle.
Honoring Visionary Leaders Driving Innovation and Community Impact
The Spirit of the Entrepreneur Awards Gala, held at the Riverside Convention Center, celebrated the brightest entrepreneurial talent across the Inland Empire. Among the evening’s finalists was Edward Ornelas, Jr., President & CEO of the Inland Empire Regional Chamber of Commerce, who was honored in the Social Entrepreneur category for his outstanding leadership and commitment to the region.
Although Ornelas did not win, the Social Entrepreneur award went to Cesar Navarrete, President & CEO of Children’s Fund, a proud Chamber member. “Being a finalist alongside such remarkable leaders is an incredible honor,” said Ornelas. “I am especially thrilled to see Cesar, a Chamber member, recognized for the transformative work he’s doing to improve the lives of children in our community. It’s a proud moment for us all.”
Another highlight of the evening was the recognition of Hilda Kennedy, President & Founder of AMPAC Business Capital, another Chamber member, who was awarded the Top Female Entrepreneur category. Hilda’s leadership at AMPAC, a mission-driven business lender, has been instrumental in empowering small businesses and fostering economic growth across the region.
“It’s amazing to see leaders like Hilda and Cesar being celebrated for their contributions,” added Ornelas. “Their achievements underscore the talent and dedication of entrepreneurs in our Chamber and across the Inland Empire. They are setting the standard for excellence and impact in their fields.”
The evening also featured the prestigious “Best of the Best” Award, sponsored by Best Best & Krieger LLP, which was awarded to Mauro Gomez, Chief Growth Officer of Anita’s Mexican Foods Corp.. Based in San Bernardino, Anita’s Mexican Foods has grown from modest beginnings into a leader in the food production industry under Gomez’s strategic direction.
The Spirit of the Entrepreneur Awards Gala continues to shine a spotlight on the transformative work of Inland Empire entrepreneurs, celebrating their innovation, resilience, and commitment to the community.
For more information about the Spirit of the Entrepreneur Awards, visit https://www.spiritawardsie.com.
For more details about the Inland Empire Regional Chamber of Commerce and its members, visit www.iechamber.org.
Business
Inland Empire Chamber President Edward Ornelas, Jr. Named Finalist for Spirit of the Entrepreneur Awards
Celebrating Leadership and Innovation: Ornelas Recognized for Advancing Business Growth and Social Impact in the Inland Empire.
Edward Ornelas Jr., President of the Inland Empire Regional Chamber of Commerce and owner of the Inland Empire Business Journal, has been named a finalist in the famed 2024 Spirit of the Entrepreneur Awards. Ornelas is honored in the Social Entrepreneur category for his remarkable leadership and vision in fostering business growth and development across the Inland Empire. The award ceremony will take place on November 21, 2024, at the Riverside Convention Center, celebrating the best of entrepreneurship throughout the region.
The Spirit of the Entrepreneur Awards, often regarded as the “Oscars of Business” in the Inland Empire, recognizes the innovation, leadership, and impact of outstanding entrepreneurs across various sectors. Ornelas joins a select group of 34 finalists, each representing the entrepreneurial spirit and resilience that define the I.E. business community. The Social Entrepreneur category highlights individuals like Ornelas, whose work goes beyond profit to positively impact society.
In his role as President of the Inland Empire Regional Chamber of Commerce, Ornelas has been a powerful advocate for the business community, connecting small businesses with essential resources and creating opportunities for growth. As the owner of the IE Business Journal, the only publication in the region dedicated solely to business news, Ornelas has provided a platform for local businesses to thrive by sharing their stories and promoting their success. His innovative, forward-thinking approach to marketing has earned him a reputation as a “visionary” and a “get-things-done” leader across both public and private sectors.
“I’m deeply honored to be recognized as a finalist for the 2024 Spirit of the Entrepreneur Awards. This nomination is a reflection of the incredible businesses and community leaders across the Inland Empire who inspire me every day. At the Inland Empire Regional Chamber of Commerce, our mission is to empower businesses and foster economic growth, and this recognition highlights the collective efforts of our entire community. I’m excited for what the future holds as we continue to work together to make a lasting impact,” said Ornelas.
Other notable finalists for the 2024 Spirit of the Entrepreneur Awards include leaders in healthcare innovation, green technology, and digital transformation. Each finalist, selected by a distinguished panel of judges, represents the best in their respective industries and contributes to the Inland Empire’s continued growth as a hub of innovation and entrepreneurship.
The Spirit of the Entrepreneur Awards is an annual event that brings together business leaders, community advocates, and entrepreneurs to celebrate the entrepreneurial excellence that drives the region’s economy. This year’s event promises to be a night of inspiration and recognition, showcasing the achievements of finalists like Ornelas, who continue to elevate the Inland Empire’s business landscape.
For more information about the Spirit of the Entrepreneur Awards and to see the full list of finalists, visit www.spiritawardsie.com.
The office is designed to support hybrid work and employee wellbeing
CBRE announced the opening of its new 10,159-sq.-ft. office suite on the ground floor of 4141 Inland Empire Blvd., in Ontario, Calif.
The office is part of CBRE’s Workplace360 program, which features innovative office designs and functionality, including in-office technology and a wider variety of collaborative spaces designed to support hybrid working. CBRE launched its Workplace360 program over a decade ago in its downtown LA office. Since then, the company has opened more than 100 Workplace360 offices worldwide, continually updating the program as work habits have changed over the years, especially with the increase in hybrid work.
“Our newly renovated space provides us with a great opportunity to deliver a collaborative, experience-driven workplace that supports hybrid work,” said Ian Britton, managing director and market leader for CBRE in Inland Empire. “Our Workplace360 office will also serve as a showpiece to help clients conceptualize flexible work strategies for their employees.”
The renovated office has several different work areas including focus, huddle, living, and conference rooms. The open-space lobby, known as the “Heart,” features a variety of seating and a communal space for collaboration. A large 86” media display with a speaker system welcomes employees, visitors, and clients and assists with onsite events.
New office technology, including touch-enabled video conference rooms, allows for hybrid work collaboration between in-office and remote employees and clients. Additionally, the Mt. Baldy conference room has Liquid Galaxy, a geospatial visualization platform set across large format curved screens providing a cinematic presentation experience. This room has an operable wall that opens to the Heart, creating an onsite event space.
A cornerstone of the Workplace360 model is its free-address approach, in which there is no dedicated seating. The free-address approach allows employees who are in the office on a given day to use any workstation or office.
The office’s design led by CBRE Design Collective, took inspiration from the Inland Empire’s orange groves and mountainous landscapes of Mt. Baldy. Images of Route 66 from local photographer VC Torneden features the role the highway plays in the area.
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