Bouncing back from business setbacks

By John Corban

Setbacks are an inevitable part of a business. A challenge can feel discouraging when they happen unexpectedly. However, the ability to recover, learn, and stay motivated during tough times often separates resilient business owners from those that struggle. Below, I explore some common examples of setbacks, like financial losses or losing a valuable team member and offer strategies to bounce back while keeping morale high.

Example 1: Losing money after finishing a project

One of the toughest situations for a landscaper is realising that a project ended in a financial loss. Perhaps the job had challenging elements to estimate, and the result was a loss. It can be very demoralising, especially after so much time, effort and risk has gone into the project but let us look at how to make this event a positive turning point in your business future.

Letting the loss work against you
If you get upset or angry with yourself when you see how much time the project took, realise the financial loss and accept it. If you keep stewing on it, it will only continue to affect the way you run your business and you will not benefit at all. In fact, focusing on the loss will cause you to continue making unnecessary mistakes. Instead, take a breather. After an exhausting project, even a short reset (a day off, a slower week) can help you recharge mentally.

Turn the loss in your favour:

1. Conduct a review: Look at the numbers and identify exactly where costs went beyond estimates, and what you were under-pricing. Make up a spreadsheet with labour and material costs to see what you underestimated.

• Adjust your quoting price list: Go to your pricing list and make some changes based on the under-pricing discoveries you made. Place a buffer of a 10-20 per cent markup to protect against underestimation in areas where you know you might get caught like crazy paving.

• Improve processes: Go through every step of the planning and execution of the project, and highlight what was missing or could have been implemented better to improve results and the time taken. Use this as a template for your next project.

• Stop rushing quotes: It is responsible for a portion of underestimating. Instead quote less jobs and do it slower.

• Set clear boundaries early: Make sure clients understand what is included and what is extra.

• Celebrate completion: Even if there was no profit, acknowledge the team’s resilience and what was delivered.

• Focus forward: Remind yourself that this project is done. The next one will be smarter and stronger by treating the experience as an investment in learning.

Example 2: Losing a great team leader

Strong team leaders often become the backbone of a business or project. When a valued team leader leaves your company, it can leave team members feeling uncertain or even demotivated, and you feeling the pressure to take on more work yourself.

Letting the loss work against you
If you get upset or angry, or think ‘oh not again’, your feelings and actions will not be supportive to your other team members, nor help you to make better decisions.

How to bounce back:

• Hold a team meeting: Thank the leader in front of the team and highlight specific accomplishments. Acknowledging the team leader’s impact helps the team process the transition positively rather than focusing on the loss.

• Provide closure: It helps everyone process the change instead of ignoring it or only seeing it as a loss.

• Keep morale up: Stay positive and upbeat, and let the team know they are all fortunate to work together and do the work they do. Encourage every team member.

• Give responsibility to another team member: If you have a team member you believe is almost ready to step up, start giving them some responsibility.

• If your team members are not ready to step up: Let them know you will find someone to replace the team leader over the next few months, and that you will all work together to ensure you are ready for the next team leader.

Setbacks in business are not signs of failure; they are stepping stones to growth. Losing money on a project teaches you to refine processes and pricing. Losing a team leader opens doors for new leadership to emerge. What matters most is how you respond. By embracing challenges as learning opportunities, building resilience, and keeping morale high, businesses can bounce back stronger than before.