Most of the entrepreneurs will relate to this – forming a great collaboration and then losing it all, one fine day. We all have gone through that one unpleasant day, when the dreaded mail finally arrives in the inbox – “stop updating stuff or stop the coding”. That is it – something is wrong; the client has no budget, or he/she would have opted for someone else. Time to breathe and ponder – the sky is not falling yet!
Losing an account is quite unpleasant, because of all the hard work put in on a long run basis and seeing no longevity to it. We are completely flustered at the incident, trying to cope with the fact that, we had seen something grow there. It is but a human nature to feel hopeless for a day or two, or even a week, in case the project was big and was paying very lucratively.
Stop Panicking, You Don’t Own All the Miseries
It is important to take a deep breath, first. You do not own all the miseries in the world. Sure, you have lost a promising project. But this would be the time to rewind everything in your mind. Think about what your business was before that project. Yes, it was still running.
If You Keep Building, They will Keep Coming
Businesses are such. There would be months of huge billings, red carpet rides and after hour parties. And there would be that unbearable slump. Meagre billing, cost cutting, living on mac and cheese kind of stuff. The important thing is, you need to keep building what you have started. The process is forever ongoing. The same is the story will all the big giants. They are constantly working, innovating, looking ahead.
Take a Break, Go Catch a Movie
Yeah, you have been ousted from the client land, and this is the perfect time to call it a day. Don’t start working on new plans immediately. Take a small break, go watch a movie or call it a day off. If you feel miserable staying indoors and working on the next action plan, start the same after watching a great motivational video. The one that talks about rags to riches. Killer success stories that pump in adrenaline.
Count on your fellow entrepreneur friends
The burden is more often offloaded when you share the setback with someone who is riding on the same boat. Friends who are into entrepreneurship and have seen it all. Chat with the like minds and share the frustration. New perspectives are gained and hope is reinstated. After all, nobody is getting out alive, not even your client.
Look at the bigger picture
It is quite normal that all of us tend to become ‘complacent’ after the business settles in with a comfortable number of accounts. This game is hanging on a balance, all the time. Once you look at the bigger picture and the long term goals, you will understand that everything is part and parcel of the game. The most crucial thing would be to go ahead, no matter what.
Express Gratitude for What Came By
Be thankful to the clients who have invested time and money to take the output from you. Thanks to them, your business could thrive for a while. Be grateful all the times, and definitely not build bad vibes with anyone in the business. You never know who is going to come back and knock on your door again.
Learn from Experiences and Projects
Take all the great learning from the project that went away. Sometimes, it couldn’t have been your fault. You would have been laid off as a vendor because the client wanted to spend the same budget elsewhere! Do not undermine the value of your services based on experiences. If you have indeed, screwed up somewhere, take the same as an important lesson and the mistake that will not be repeated.
Understand that any business, big or small, will be volatile. You simply have to rise up to the low tide and keep swimming.
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