{"id":2894,"date":"2017-08-09T16:18:00","date_gmt":"2023-10-18T16:18:45","guid":{"rendered":"https:\/\/www.salesforce.com\/?p=2894"},"modified":"2023-10-18T17:35:48","modified_gmt":"2023-10-18T17:35:48","slug":"recover-from-small-business-setbacks","status":"publish","type":"post","link":"https:\/\/www.salesforce.com\/ca\/blog\/recover-from-small-business-setbacks\/","title":{"rendered":"3 Strategies To Recover From The Most Common Small Business Setbacks"},"content":{"rendered":"\n

If you talk to almost any successful small business owner, they\u2019ll be quick to admit to a few setbacks along the way. Here\u2019s what sets them apart, though: instead of suffering the ultimate failure \u2014 having to shut the business down \u2014 they turned what could have been a defeat into an opportunity to learn and grow.<\/p>\n

No one wants to dwell on setbacks, of course, but confronting them doesn\u2019t have to be an exercise in negativity. In fact, successful entrepreneurs constantly evaluate risks and put the necessary plans in place to deal with the worst when it happens. Those strategies mean small setbacks don\u2019t have to feel like big ones \u2014 and, better yet, you might be able to avoid some of them altogether.<\/p>\n

Depending on what kind of small or medium-sized business you\u2019re running, setbacks can come in a varieties of ways but there are a few that are pretty common. Start with the examples outlined below and you\u2019ll start to see patterns and tactics you can apply to your company.<\/p>\n

1. A Major Client Walks Away (Or Switches To A Competitor)<\/h3>\n

Without warning, just when you thought there was a good relationship and a potential long-term source of revenue, customers can make decisions that are completely out of your control. Maybe your point of contact took another job or got transferred and a new person was put in their place. Perhaps another firm approached them with a special offer or deep discount in order to steal the account. Or, if the customer is going through hard times, a budget freeze might be in effect, including purchases on the products and services your company offers.<\/p>\n

Customers in some of these situations might come back eventually \u2014 or they might be gone forever. Particularly for newer companies, this can feel crippling because it\u2019s not necessarily a setback they\u2019ve brought on yourself.<\/p>\n

The Recovery Plan: Even if customers walk away, there\u2019s one thing they always leave behind: data. This includes information about their ongoing needs, sudden pain points, the way they make purchases and factors that contribute to a deal closing. If you\u2019re using products such as Sales Cloud<\/a> to capture these details, they don\u2019t have to go to waste or remain dormant. Pull out what\u2019s relevant to identify how your marketing team could nurture demand among similar customers in another region. Use what you\u2019ve learned about the buying cycle for customers in that sector or industry as you fine-tune your pitch deck and approach new prospects. And, if possible, keep the conversation going with your old customer — touching base occasionally and demonstrating how much you know about the things that matter to them. This may increase your odds of regaining their business at a later point.<\/p>\n

2. You Launch A New Product Or Service — And It Flops<\/h3>\n

\u201cAll that hard work, for nothing!\u201d That\u2019s what it probably feels like, at any rate, when the response from customers to a new offering suggests you\u2019ve tried to fix something that isn\u2019t broken, or your marketing approach makes it difficult for them to commit to a purchase. In some cases, new products and services are integral to a small business\u2019s growth plan, and become the basis for how they\u2019ve raised money from investors or received loans from a bank.<\/p>\n

Developing new products and services doesn\u2019t just take money, either \u2014 it also takes time to come up with something newer or better. All the more reason to make sure you use that time wisely.<\/p>\n

The Recovery Plan: Although it\u2019s a bad sign when a product or service flops within your existing customer base, that doesn\u2019t mean there isn\u2019t an addressable market for it elsewhere. Marketing Cloud<\/a> can help ensure awareness is high via all the relevant touchpoints such as your web site, email, social media and more. Maybe some of the \u201cNos\u201d you got initially can be addressed with fresh content that provides a more compelling business case to give the new product or service a try. If it turned out that what you\u2019ve launched was priced too high, or perhaps not bundled with your other offerings effectively, a new marketing campaign could give the product or service a second lease on life.<\/p>\n

Even the best marketing won\u2019t salvage a dud, but SMBs need to make extra efforts in this area, given they\u2019re often up against larger and better-known competitors. Use marketing automation not only to make this job easier, but to get insights about customer behaviour. That way, even if you have to scrap your latest offering, the insights can be applied to the next one you create.<\/p>\n

3. Your Star Employee Moves On<\/h3>\n

Small businesses may start with one person, but they rarely grow without some other key players who contribute to the early successes. With the right training and development, a talented team can do great things \u2014 at least until some of that talent decides the grass is greener somewhere else.<\/p>\n

Although offering a higher salary or some other perks may keep great people around a little longer, there can be legitimate reasons that have nothing to do with the employer that cause people to choose a different path. This can cause near-instant panic in some cases: what if customers don\u2019t want to deal with someone else? How will things continue to run smoothly without their expertise? What if finding a replacement takes a long time \u2014 or is impossible given other factors going on within the business?<\/p>\n

The Recovery Plan: If the employee is leaving on good terms, go beyond a traditional exit interview. This is where any updates to your CRM that had been overlooked in the past could be made, filling in blanks that would otherwise come up later. If they left without warning and with sore feelings, focus on ensuring your existing business doesn\u2019t erode. Tools like Service Cloud<\/a> can give insights into how to prevent complaints or problems from the star performer\u2019s customers from piling up. They also help with a potential productivity lag, by using service issues as a way to cross-sell or upsell within an existing customer. This may not completely make up for the loss of a talented team member, but it can be a helpful way to keep the ship afloat as you use the data in Sales Cloud and Marketing Cloud to determine the best ways to proactively reach out and re-introduce your firm to the rest of those accounts.<\/p>\n

When you\u2019re running a small business, setbacks come with the job. They only turn into failures when you don\u2019t address them and put a recovering plan into action.<\/p>\n

Learn how Salesforce\u2019s CRM solutions can help your small business with our ebook, \u201cHow a CRM Helps Your Business Grow.\u201d<\/p>\n

\"CRM<\/img><\/a><\/p>\n

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When you\u2019re running a small business, setbacks come with the job. They only turn into failures when you don\u2019t address them and put a recovering plan into action.<\/p>\n","protected":false},"author":1,"featured_media":2896,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"sf_justforyou_enable_alt":true,"optimizely_content_id":"","post_meta_title":"","ai_synopsis":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"sf_topic":[1],"sf_content_type":[],"coauthors":[2],"class_list":["post-2894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","sf_topic-small-business"],"yoast_head":"\n3 Strategies To Recover From The Most Common Small Business Setbacks - Salesforce<\/title>\n<meta name=\"description\" content=\"When you\u2019re running a small business, setbacks come with the job. 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