How to Overcome Setbacks in Business

Setbacks in both your personal life and professional life are unavoidable. Given that it’s imperative that you prepare yourself for the unexpected. As a business owner, you can’t control every situation because there are so many different, moving parts. Charlie McCoy, owner of NYC barbershop Artisan Barber and NYC salon Orchard & Ludlow, has encountered a variety of setbacks and has a few tips on how to overcome them.

1. From the get go, make sure the vision for your enterprise is clear, not only to you but the people you will employ. Additionally, it’s essential that you have a purpose for pursuing this to remind you what you’re working so hard for.

2. Set attainable goals. Accomplishing goals will keep you going in the face of hardship.

3. Be malleable, be able to pivot and move accordingly when things change because they will and you have to be able to adjust. Having a vision and purpose for your business is essential. The reason being is that during the hard times that you will undoubtedly face, it’s helpful to have a reminder of the bigger picture. It will help you keep your mindframe positive and push forward despite the obstacles that will rear its head. Setting weekly and monthly goals and accomplishing them will give you something to look forward to constantly.

You’ll feel like you’re making progress even though you may be experiencing minor or major setbacks. McCoy suggests that “goals regarding revenue, hiring or customer acquisition will help you over the long haul with your vigor, as you accomplish the goals.” Being malleable in business is essential because things such as the economy or societal trends will be out of your control and can negatively affect your business.

Therefore you need to be able to pivot and adapt to all the changes so that your business can survive. This can mean adding new products to your product line or switching physical locations of your business or even adding a new service, anything that can generate new sales for you. McCoy’s businesses had to adjust to Covid-19 after being shut down for three months.

For him that three month shutdown allowed him to analyze the direction his company was moving in and its long term profitability. From this birthed the creation of a new Artisan Barber product line and the relaunching of his downtown Artisan Barber location into the unisex salon, Orchard & Ludlow. Lastly, McCoy acquired the European men’s grooming brand, Duke & Hyde, that gave him access to several hair products he didn’t have before. These business moves that he made allowed him to bounce back from an obstacle that could have caused a permanent shutdown of his businesses.