Always Be Humble Enough To Prepare For Business Failures

by PM Today / 1/10/2019 12:04:55 PM

Businesses thrive from growth, innovation, vision and leadership. They thrive from good financial handling, a good office environment, and a care for the customer. However, sometimes a company can thrive based on their negatives, not only their positives. This might sound counter-intuitive, so let us elaborate further. A company thrives when they can use those failures to learn, to grow, and they continue to steward a humble and attentive attitude to these problems.

Remaining humble enough to prepare for business failures can be a hard thing to do. It’s hard to admit that there’s a chance your company will take a misstep, particularly if you’ve made it thus far without anything in the way of real trouble.

But large firms can do it, so you certainly can. You cannot have your finger on the pulse at all times. Sooner or later, something is going to be a problem. This is why companies use their best instinct to prepare ahead of time, but sometimes going even further into this effort can be worthwhile. We would like to suggest the following advice, as this could help you get started in this spirit:

Acting On Insurance Responsibilities

It’s one thing to apply insurance to a potentially difficult outcome that could occur. For example environmental insurance from Argyll Environmental could be considered among this planning.

However, being insured doesn’t mean you can act with abandon. Improving safety standards, emissions, waste management and cutting your toxic output are all goals you must meet not only to verify for the insurance parameters, but also to ensure your important responsibility to the environment is taken care of. In the event of an accident, you will then have the funding to remedy the error, the proof to suggest you did all you could, and the knowledge gained to prevent that issue from ever happening in the future.

PR Nightmares

It only takes one tweet, one employee becoming vocal, or perhaps a misplaced advertising campaign to truly alienate your audience, and to gain notoriety. Social media callout culture is prevalent today, and it absolutely affects a large group of companies from week to week.

Be sure to apologize, and to have funding available to donate to charities you may wish to help.For example, if someone on your marketing team tweeted ‘You’d rather die than not eat our cookies!’ in a mistaken attempt to market your brand, you are likely to gain attention from anti-suicide or mental health groups. Crafting a deep apology, and donating money to suicide prevention networks might not ‘absolve’ you, but can be a step in the right direction to handling something responsibly.

Staff Turnover

Losing staff can hurt, especially if it’s because they see no upward mobility or disliked the office atmosphere. Offer goodwill packages to staff who leave, as this can not only help them leave on good terms, but also give you information about the deep specifics for why they left. This, in itself, can be useful.

With these tips, you’re sure to prepare for business failings in the most responsible manner possible. 

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