5 Business Mishaps & How To Bounce Back

Accidents happen, even to the best of us. However, when everything seems lost, you need to remember that each business accident is a lesson in disguise. The bottom line: It’s okay to get things wrong as long as you figure out how to make it right again. 

Below, we’ve compiled 5 of the most devastating and costly mishaps, and how you can use them to bounce back.

Your marketing lacks industry know-how

You’ve set up your business as an expert in its niche. You’ve carefully selected a team of knowledgeable professionals to establish your brand reputation. But when it comes to your marketing team, it’s easy to favour marketing expertise over sector know-how. However, it is a dangerous gamble. Your marketing communication gives your business a voice. The last thing you want is for that voice to misrepresent your business expertise. That’s precisely why specialist marketing agencies, such as Elite Lawyer Management for legal firms, exist. When your audience expects knowledgeable messaging, you need to reach out to specialists who combine expertise in both marketing activities and your unique sector. 

Your business went bankrupt

The pandemic has forced many struggling companies to go into administration. For an entrepreneur, going bankrupt sounds like the end of a dream. But don’t let it affect your long-term goals. Bankruptcy means that your company has become insolvent. If you are working as a sole-trader, there’s no legal separation between your finances and your business’s finance, in which case when you go bankrupt, the company ceases to trade. You can learn from past mistakes to start a new business. Additionally, you can use your experience to turn your mishaps into a bonus, such as building a reputation of helping companies pay off their debts. 

Your brand faced public backlash

The public isn’t afraid to express their opinions. Does a public backlash affect your brand beyond repair? Opinions are divided, but ultimately, it depends on how you handle the situation. 

Small brands need to apologise and find a way of restoring trust, such as by changing their strategies. Corporates, on the other hand, have such a large audience group that they rarely get to notice any difference in profit. However, sometimes backlash can lead to positive results, even for multinational brands. For instance, in 1985, Coca-Cola tried to introduce a new version, but the company was forced to restore the classic formula after 79 days. 

You’ve had a data breach

We want to pretend cybersecurity is getting better, but in truth, data breaches keep companies on their toes. In April 2019, Facebook's data set became exposed to the public Internet, affecting 540 million of records. What do data breaches teach us? They show that hackers are always working, and therefore companies can’t afford to relax. Suffering a data breach can be the wakeup call you need to protect your customers. 

You’ve had to recall a product

Nobody wants to discover their product is faulty. However, brands regularly need to recall their products, either because they contain harmful ingredients or because they are unsafe to use. When that happens, it’s essential to reassure your audience while taking care of affected customers. A public recall needs a public apology and a change of process to prevent future recalls. 

In the business world, one wrong can indeed turn into a right. Mistakes will continue to happen, even though we keep on learning from them. Yet, you’d find that the market is ready to accept your mistakes as long as you can bounce back and come back stronger.