Businesses are like marriages. There are ups and downs. Lots of them. The key to great marriages is learning to move forward after having knockdown drag out fights — no matter how many pie plates are broken.
You may not have the same degree of passionate fights in your business that you do in your marriage, but there are problems every business must face along the way. You must be able to move on from the problems in order to keep your business moving towards the success you’ve worked so hard for and so richly deserve.
Regroup
Gather information. Get the facts. Find out how much damage has been done, where the project stands, what can be salvaged, and what must be scrapped. It’s a painful process that often feels like picking at open wounds. It is, unfortunately, necessary if you want to salvage the investment.
Recover
Allow yourself a few hours to let it all sink in. You may even need a few days before you are recovered enough to view the problem from a rational mental place.
Once you’re there, and time is somewhat of the essence in many real estate investment projects, it’s time to get back in the thick of things and make decisions about where to go next (especially since step one was all about getting the facts about the project).
Revisit
Go back to the original plan. Find out what went wrong and how you can move forward. Set new goals. Create a new plan. Take action.
You don’t have to reinvent the wheel. Find out what is needed to make the investment work and change your plans according to your new reality.
This is a learning opportunity. Even if there is no one to blame for what went wrong in the project (stuff happens sometimes) there is almost always something you can learn from the experience and/or how you handle the experience.
Renew
Now that you’ve gone back to the drawing board, set new goals, and come up with a new plan to make it happen, it’s time to renew your commitment to the project and a positive outcome. Sometimes negative things actually bring about a result that’s beyond anything you’d have ever imagined in the beginning.
Mistakes, misfortune, and bad luck happen all the time. No matter how much you prepare there are times when things are not going to go according to plan. Be ready to make changes, adjust, and continue moving forward when these moments occur and your business is sure to thrive.
