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What do you do if your business decisions are leading to negative outcomes?

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When you're at the helm of a business, steering it towards success is your primary goal. However, sometimes despite your best efforts, the decisions you make can lead to negative outcomes. It's a challenging situation, but it's crucial to address these setbacks proactively. In entrepreneurship, the ability to pivot and adapt to unexpected results is as important as the initial business plan. So, what do you do when your business decisions aren't panning out as hoped? This article explores actionable steps to help you navigate through turbulent business waters and get back on course.

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Avi Wolfson

Inspirational Keynote Speaker || I help students develop resilience and unlock their inner champion || Transformed…
Asif Iqbal, MBA, MAPM, CMBE

?? Multi-Award Winning Entrepreneurship Ecosystem Builder |?? Teaching Entrepreneruship, GBS-Oxford Brookes University…
Zac Goodman

When everyone is going left, look right ?? CEO at TSP | Follow me for my take on business and real estate

1 Assess Impact

The first step is to thoroughly assess the impact of the negative outcomes. Take a step back and review the situation objectively. Look at the areas of your business that are suffering and quantify the setbacks. Are they financial, reputational, operational, or a combination thereof? Understanding the extent of the issue is crucial before you can begin to address it. This assessment will serve as a foundation for your recovery strategy and help you prioritize the issues that need immediate attention.

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Avi Wolfson

Inspirational Keynote Speaker || I help students develop resilience and unlock their inner champion || Transformed lives of 300+ students || Best Selling Author
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If business decisions are resulting in negative outcomes, assess their impact to understand underlying causes and identify areas for improvement. Evaluate factors such as market trends, customer feedback, and financial metrics to determine the consequences of decisions. For example, if introducing a new product leads to poor sales and customer complaints, assess the reasons behind the failure, such as misaligned features or ineffective marketing strategies. By objectively analyzing the impact of decisions, you can learn from mistakes, adjust strategies accordingly, and make more informed choices to steer the business toward success.

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Asif Iqbal, MBA, MAPM, CMBE

?? Multi-Award Winning Entrepreneurship Ecosystem Builder |?? Teaching Entrepreneruship, GBS-Oxford Brookes University | ?? Innovating in Higher Ed | ?? Director, GEN UK
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Assess the impact of your decisions on various aspects of your business, including finances, operations, customer satisfaction, and employee morale. Identify the specific areas where negative outcomes are occurring and analyze the root causes behind them. Consider factors such as market dynamics, competition, internal processes, and external factors that may be influencing the outcomes. By gaining a comprehensive understanding of the impact of your decisions, you can develop strategies to mitigate risks, address challenges, and make more informed decisions in the future.

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2 Seek Feedback

Once you've assessed the impact, seek feedback from various stakeholders. This includes your customers, employees, and possibly even your mentors or industry peers. Their insights can provide you with a different perspective on what might be going wrong. This step is not about placing blame but about gathering as much information as possible. Listen carefully to the feedback and be open to criticism, as it could be the key to identifying the root causes of your business's negative outcomes.

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Asif Iqbal, MBA, MAPM, CMBE

?? Multi-Award Winning Entrepreneurship Ecosystem Builder |?? Teaching Entrepreneruship, GBS-Oxford Brookes University | ?? Innovating in Higher Ed | ?? Director, GEN UK
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Seek feedback from stakeholders, employees, customers, and other relevant parties to gain insights into the reasons behind the negative outcomes. Encourage open and honest communication to understand their perspectives, concerns, and suggestions for improvement. Actively listen to their feedback without defensiveness and demonstrate a willingness to address their concerns. Use this feedback to identify areas for improvement and make necessary adjustments to your business strategies, processes, and decisions. Incorporating diverse perspectives can help you gain valuable insights and make more effective decisions to prevent negative outcomes in the future.

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3 Analyze Decisions

After gathering feedback, take time to analyze the decisions that led to the current situation. Reflect on each decision's rationale and the information you had at the time. Were there warning signs you overlooked? Did you rely too much on assumptions rather than data? This critical analysis will help you understand whether these were one-time missteps or part of a pattern that needs correcting. Learning from these insights is essential for making better decisions in the future.

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Avi Wolfson

Inspirational Keynote Speaker || I help students develop resilience and unlock their inner champion || Transformed lives of 300+ students || Best Selling Author
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When business decisions result in negative outcomes, analyze the decision-making process to identify contributing factors and learn from mistakes. For example, suppose a company launches a new product that fails to generate expected sales. Analyze the decision-making process, including market research, competitor analysis, and customer feedback, to determine potential flaws or oversights. Perhaps insufficient market research led to misjudging customer demand or overlooking competitors' offerings. By analyzing decisions comprehensively, entrepreneurs can identify areas for improvement, refine decision-making criteria, and make more informed choices in the future, thus minimizing the risk of negative outcomes.

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4 Plan Corrections

With a clear understanding of what went wrong, develop a plan to correct course. This may involve making tough choices, such as cutting losses on a project or revamping your business model. Ensure your plan is actionable, with specific steps, timelines, and responsibilities assigned. It's also important to communicate this plan clearly to your team and prepare them for the changes ahead. A well-structured plan will not only help in resolving current issues but also prevent similar situations in the future.

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Mathew Essa

Creating A New World | Founder of Suvon Corp. and Projects | Serial Social Entrepreneur | LinkedIn Top Voice | 7th Globally in Entrepreneurship 2021 ★★★★★ | HEC Paris Delegate | Angel Investor | International Consultant
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This could be an ideal opportunity to collect feedback, combine it with a steering committee and implement an innovative pivot to better address your market pain-point(s).

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5 Implement Changes

Now it's time to implement the changes you've planned. This is where your leadership and management skills are put to the test. You'll need to lead by example and ensure that your team is aligned with the new direction. Keep track of progress and be ready to make further adjustments as needed. Remember, it's important to maintain morale during this time; acknowledge the hard work of your team and celebrate small victories along the way.

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6 Monitor Results

Finally, closely monitor the results of the changes you've implemented. Are they having the desired effect? It's important to have measurable indicators to track progress. If things are improving, continue to reinforce these strategies. If not, don't be afraid to go back to the drawing board. Continuous monitoring and being willing to iterate on your strategies are part of what makes an entrepreneur successful in the long run.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Zac Goodman

When everyone is going left, look right ?? CEO at TSP | Follow me for my take on business and real estate
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My father in law used to say - tell the truth, tell it fast, tell it now. In essence - be realistic. If something’s not working be humble, analyse and adapt. Do it quickly, it doesn’t pay to waste time.

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What do you do if your business decisions are leading to negative outcomes?

1

2

3

4

5

6

7

1 Assess Impact

2 Seek Feedback

3 Analyze Decisions

4 Plan Corrections

5 Implement Changes

6 Monitor Results

7 Here’s what else to consider

Entrepreneurship

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What do you do if your business decisions are leading to negative outcomes?

1

2

3

4

5

6

7

1 Assess Impact

2 Seek Feedback

3 Analyze Decisions

4 Plan Corrections

5 Implement Changes

6 Monitor Results

7 Here’s what else to consider

Entrepreneurship

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