4 Simple Ways to Regain Lost Business After Mishaps

The saying “to Err is human” is true to its very core. We as humans are bound to make mistakes and it is the committing of mistakes that makes us learn things and thus progress in the future. Moreover, this committing of mistakes does not have anything to do with our age, occupation or gender, rather the people of both the gender commit mistakes sooner or later in their life in different occupations.

One of the major occupations that are notorious for committing mistakes is being a business person. Business owners tend to take missteps, some trivial and some severe, which reflect in the business and sometimes the business is lost. However, the business history is full of examples where people have turned the odds in their favor and after missteps regained the lost business. In the following lines, I’ll be discussing with you 4 simple ways in which you can regain the lost business.

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Face The Music:

Success has many fathers and failure is an orphan. You’ll get to know about it when you’ll face loss in your business. It will be a time when people will be pointing fingers at you and bringing in to light all sorts of mistakes, which you made with your business. Let me be honest, it will be one of the hardest times you will face in your life, therefore, if you wish to regain your business, then instead of hiding in corners, you will have to step up and face the music. It will be hard, but it is the time when you will have to prove your mettle and show people that you can take failure as courageously as you enjoy happiness. Thus, if you stick up and face the music right after the setback, then you have surely selected the right course and it will help you regain your business.

Apologize And Take Ownership:

After facing the music and realizing that you have lost your business, the next thing you need to do is to apologize and take ownership. You need to apologize to other people who have suffered the loss along with you and because of you and you have to take ownership that it was your missteps that caused the loss. Believe you me that apologizing to people and accepting your fault is one of the hardest things to do as a person. But I’ll tell you that it is also a fact that all great people do these two things whence they realize that they have committed some mistake. Therefore, on your way to regaining your business, the second thing you have to do is to take ownership of the mistakes you have made and apologize to those who have suffered loss because of your mistakes.

Explain The Changes You Made:

Regaining your business means learning from your mistakes and making changes. Even after the loss, there will still be people who believe in you, therefore, in order to ask their support and cooperation, you will have to come up with a plan that tells them about the changes you made and how you are going to rectify for the missteps that you took in the previous venture. Therefore, by explaining your changes actually you’ll be gaining their confidence which you’ll need in an excessive amount of you need to set things right and regain what you have lost.

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Persist In Your Efforts:

This point requires no elaboration. Regardless of whether you have faced loss in your business or not, perseverance is the key to success. After the loss you will be emotionally down and out, however, it is the time to step up and exert maximum efforts and continue on exerting efforts until you see the results coming in your favor. Therefore, no matter how hard it gets, persist in your efforts and give it your best.

Now it’s Your Turn!

Have you ever faced loss in your business? What kind of time did you go through then? How did you recover from it and regained your business? Please share your insightful thoughts in the comments section.

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30 responses to “4 Simple Ways to Regain Lost Business After Mishaps”

  1. Jeanne Melanson says:

    Thanks for sharing these thoughts with us, Nate. I can’t really say that I’ve experienced loss like you’re describing where it affected other people, fortunately. But I do agree with what you are saying, that we need to face the music, make amends, and move on. Difficult but necessary actions. Take care!

  2. Amy Bovaird says:

    Last year was terrible for me! I gave away a lot of books because I knew people couldn’t afford to buy them and I wanted them to be blessed. I just took the loss. In my case, the loss only affected me. I got better as the year went on. The book I gave away was an devotional anthology in which I was published in. I paid full price and resold it. But this year, I am writing my own book. I am not giving them away. I hope this year is going to be a lot better as a writer.

  3. Misty Spears says:

    I’ve not personally experienced loss in my business yet, and hope I never do! But these are great tips if you ever do encounter it in your business. I see one of the big problems…and not even just in business, but overall…people don’t own up anymore. So much integrity and honor has been lost over the years and very few still maintain it. I think we all would do better in business and keep up with our own piece of mind if we would just own up to our mistakes or losses, and simply apologize for them. Stop running and hiding. Great tips Nate!

  4. Bonnie Gean says:

    I would think that loss in a business would affect vendors, workers, customers, etc… but the setback would depend on the initial reason for the loss. Some are easier to bounce back from than others would be.

    Making a wrong decision that affects many is one thing. Breaking the trust of your customers is entirely different. Some losses are irreversible.

  5. Karen Warren says:

    I so agree about taking ownership of problems – whenever a business does that I find that I trust them much more than if they try to dodge the issue!

  6. John Engle says:

    Hey Nate,

    You make some great points… you must be accountable for whatever took place, pick up the pieces and move on.

    I have not suffered a loss in business, but I do realize that anything can happen at any time; there will always be profit, loss along with ups and downs in any business… it’s how you handle it that counts.

    John Engle

  7. Awesome post Nate!!! Love these simple 4 ways to regain lost business…..great value!!! Thank you for sharing 🙂

  8. Thank you Nate, it’s a good article and good topic.

  9. Frank Joseph says:

    I make a lot of mistake as a business persons, sometimes i do a wrong research and create a fail business and sometime the story is too painful to tell… But since we are human and to err is a must. I learn to be positive always.

    Thanks for the tips Nate. We need it!

  10. matt insardi says:

    OWN IT!! Love it, so many people make excuses and no one cares. Just own it and move on to correct it. Thanks Nate!

  11. Jan Kearney says:

    Erred many times, I think it’s an experience when going self-employed. I think just being honest helps with recovery, although it’s very tempting to bury your head in the sand (done that too!)

    Great tips again Nate

  12. I love your blog posts! Taking ownership of a mistake is the best way to go. People make mistakes, it is how we clean up our messes that matter.

  13. great information as usual Nate. Thanks for sharing…

  14. Nate I have experience loss in my business it’s not easy to rebuild and even acknowledge when mistakes have been made. But, one positive thing is you can begin again, one can right those wrongs to rebuild trust with others and learn from passus takes. Thanks for sharing today.

  15. Esha says:

    You’ll win some and lose some. It’s all about moving forward in your journey even if you have had some setbacks.

  16. Ryan Biddulph says:

    Owning your business errors is the quick and easy way to be free of your business errors. Excellent tips Nate. Own it, fix it, be free of it, and mend fences.

  17. Great post Nate!
    I’ve had times when the online technical stuff has let me down. I’ve always apologised and explained, and offered something extra as compensation.
    Something I like to do is offer a choice to the customer if possible, because that conveys that you are trying very hard to make things right.
    Cheers, Gordon

  18. Yes to accept responsibility, apologize as needed, and move forward
    Objective writing – great post

  19. Hi Nate, I’ve been in business for many years now and have had some failures, but I can’t measure the amount of learning I have had from them, it is so immense. The reality is we can’t expect to get everything right all the time, but we should always look for the learning in our mistakes.

    Enjoy the journey.


  20. Hi Nate,

    I think mistakes are so incredibly priceless due to the learning it provides. I have certainly made mistakes and I did what you suggest, own up to it, apologize and share what I am doing to change it and, for goodness sakes, DO IT!

  21. Liz Delaney says:

    Mistakes seem to be a part of everyday life for me. Some more serious than others. But I have learned. I am also a fan of owning up to my blunders. People appreciate honesty, sincerity and explanation. It is also theraputic.
    Thanks Nate. Great post.

  22. Thank you ,Nate
    To admit a mistake apologize
    and talking about is I think the right way to go.
    Some people may be even happy that they are
    not alone making mistakes.

  23. Hey Nate,

    As I was reading your post here, I was thinking about two words: Tact and Empathy. Yes we all err in our ways as home business entrepreneurs but we also must not forget the people that may have been affected by our errors. We must acknowledge this, send out our apologies, and talk keep them posted on the changes we made in order to correct our errors. This is definitely what tact and empathy is all about! Thanks for the share!

  24. Merle says:

    I am sure many of us have been knocked down but we always get back up again and start again, but some great tips here. Thanks for sharing Nate.

  25. Nate,
    This one hits home for me. Just a few days ago I invited someone to hear about a brand new company. Almost immediately after this person eagerly agreed to come to listen to a call about this, one of her mentees posted on Facebook about how much money she was already making with this product. It was obviously NOT new and pre-launch. I felt quite embarrassed for having put my reputation on the line and promised something that was not true. I did apologize but it is not someone I see very often and the communication was in a short text.
    Dr. Erica

  26. Hi Nate,

    Great post again today. I guess my main business set back was when Google started all of their algo changes. One niche site I had for many years and stayed high on first page most of the time, suddenly dropped out of site and also was hacked about the same time. It’s back up and running but never has gotten back to where it was.


  27. Yes. Face the problem then find a solution. There is always hope.

  28. Edie Dykeman says:

    All points are good, but I especially like that we should take ownership. Too often, people are trying to point fingers at someone else rather than admit their part in the problem or failure.

  29. Kimsea Sok says:

    Thanks for sharing..! I think that today is amazing time to about the mistakes and starting over. Well, I would agree with you. Everyone tent to make mistakes, and sometime the mistakes made them failed down and not to able to start over again.

    I would admit that I have did a big mistake for my life, and it make me feel like regret and hopeless. However, it is not belong to my business, but it is belong to my private life.

    You know..? I feel like suck and down with that mistake, and I don’t what to next for my life. The world seem really dark, and I could not find out a way for my life.

    The weakness started from my heart, and it force me not able to do anything even my business. I gave up my job and my business. I became a jobless for almost 2 years because the problem

    Fortunately, I found one thing that reflect to my mistake. It is that….. You know..?

    Mistake is the most amazing thing in our life, without those we will point out something that correctly.

    We’ll never here…!

    So, forgive ourselves and start over is the best for us.

    Thanks for sharing..!

    • Nate Leung says:

      Hi Kimsea –

      You are very right my friend. Mistakes and failures can be our best friends or our worst enemies. If you allow failures or mistakes to hold you down, and you never learn from them, it can paralyze you. We all need to learn how to forgive ourselves and accept the face that mistakes and failures are apart of life. Thank you for stopping by!

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