Beyond Business Disappointment
Earlier this year something happened that I know every business professional has experienced. Simply put, I did not close the deal and win a piece of highly desirable business. Perhaps it was the stress of the larger events in my neighborhood since I live just 10 minutes from the nation’s capital, but before I went deep into the why-is-this-happening-to-me mindset, I knew I needed a different way to view this setback. After some introspection and talking with industry friends, here are three practices I highly recommend:
1. Always ask: Is there something I could have done differently? When this question is answered truthfully, I have learned that my price or lack of experience in an area might be the cause. Or maybe it had nothing to do with me, the potential client just went in another direction. Regardless of the answer, it is an important reflection point. Did I charge appropriately? Are there skills I should acquire? How can I cultivate more trust in a new relationship?
2. Ask the question which firm or person did you select? I know this may seem bold, but this is important knowledge on how your business and brand are perceived in the larger marketplace. Also, it provides informal research on who my competitors are, which signals if I am too low- or high-priced. Either way it is good to know which ocean you are swimming in and, yes, I still believe there will be enough events in a post COVID era where we can all thrive.
3. Send a thank you note with an invitation to engage. I get how odd this suggestion may seem, but I have found that one “no” does not always mean “no” forever. Therefore, if I want to cultivate a relationship with a business, I look at it as a long-term endeavor and always try to close any initial proposal with an invitation to engage with me by attending a speaking engagement, subscribing to the LaJoy Plans list serve, or sharing something from the blog they may find relevant. At minimum, attempting to continue the conversation—versus saying nothing—indicates that I am invested in a meaningful relationship.
Most importantly, I have decided to view a “no” as a “future yes.” After this particular contract did not come through, the team and I worked on a proposal for four events, I spoke at another event, and spent more time on some long-term business development planning which will only benefit future work.
In my view the best way to view any “no” or business setback is by answering this question: How do I move forward to the betterment of my business?
What I know for sure is that building a business that lasts is not about one contract but rather how one makes every interaction a moment for learning, leadership, and sustainable growth.
