Turn Failure into Opportunity

All companies are concerned with failure and are hesitant to fail, but often it’s through failure that a company can grow and be stronger. History is filled with businesses that failed on their first attempt with a new product or service, but regrouped, went back to the drawing board, reevaluated, and came up with something that met the needs of their market. When your company is faced with failure, consider the following key points before starting over.

1. Listen to the explanation of why your product or service wasn’t accepted. If you can get past the initial disappointment and look at it as an opportunity to improve, the clients, potential customers, or businesses you’re pitching to will more often than not tell you why they didn’t like your product.

2. Don’t defend; ask questions. Put your ego aside for a few minutes and ask what would have compelled the client to purchase the product. Be open to criticism and suggestions.

3. Have the end goal in mind. Don’t be so concerned about who gets the credit or who’s going to look good. If the goal is to provide a product that will sell, don’t worry which department is the one that comes up with the winning solution or improvement.

Having passion about a product you’ve worked hard to develop is a valuable trait—but it’s not the only one that will lead to an abundance of sales. The ability to adjust to and adapt to constructive criticism is just as valuable. It will allow your company to see past a rejection and view it as another opportunity, as opposed to a final answer.

Steve Jones General Manager and Vice-President of the CodecSys Division Broadcast International Salt Lake City