You worked so hard to develop a proposal and present to a global brand, waited for two years to finally get approval for a partnership and just two years after you are settling into the partnership, you get a letter saying the brand is severing the deal.
At first, you are confused then later the confusion begins to metamorphose into frustration and you are just not sure of what had gone wrong or the things that led into the severance. Well, if this describes your current situation or a situation you’ve had to deal with in the past, here are a few tips that will help you bounce back and move on after a failed partnership.
Also, you might not have experienced this, but the tips below will help you prepare if you encounter such in the future.[Great Read: 3 Elevator Pitch Examples You Can Use as a Guide in Developing Yours]
1. Don’t Play the Blame Game
When a partnership fails, the easiest route to go is the route of playing the blame game and if care is not taken, you may end up hating someone or people that have been good to you.
Instead of playing the blame game, the better approach is to acknowledge your shortcomings. What were you supposed to do that you didn’t do? Did you fulfill your own part of the bargain diligently? Was there adequate communication? The answers to these questions will give you better insights as to where you might have erred while also providing you the opportunity to know how to build better partnerships next time.
2. Don’t Burn the Bridges
This is perhaps the most important point. It does not matter how strongly you feel, never burn the bridges just because a door of opportunity closes. Always bear in mind that opportunities are like buses; there is always another one coming. It’s okay to b upset but you need not allow your aggravation to take over the rational part of you. Keep your head high and maintain a positive spirit as much as you can.[Great Read: 5 Top Reasons Why Customers Can’t Find Your Business]
3. Remind Yourself That There are Better Opportunities Ahead
As stated earlier, opportunities are like buses, there is always another one coming. The fact that a door is closed does not mean that a million other doors are not opened or that if you knock other doors, they won’t be opened. The fact that a partnership failed does not mean other partnerships won’t work. In order to bounce back, you need to be open to trying again and give it your best shot.
4. Give Yourself a Break
A failed business partnership is very much like a relationship breakup – you need time to heal. Taking a break will give you the time to heal and more importantly, it gives you the time to come up with better ideas. So, if you are looking for a great strategy to bounce back from a failed partnership, give yourself a break so you can gain perspective.
Taking a break is also good for your mental well-being – it brings you to a place of calm. Do it often even without experiencing a failed partnership.
5. Embrace Innovation
As a business owner, one of the best things you can ever do for the success of your business is to become innovative. How does embracing innovation help you bounce back from a failed partnership? Well, most people are attracted to innovation. When people see how innovative you are, they will naturally gravitate toward you.
In some cases, you might not even need to reach out to others for partnership. Instead, they will be the ones reaching out to you and proposing to partner with you. For example, think about big brands like Microsoft, Virgin Atlantic, Apple and the likes. Chances are they receive more proposals for partnership than they can conveniently handle. Why? They have built brands that survive on innovation. If you work on building something phenomenal, you won’t have to chase anyone for partnership. They will come to you. How sweet can that be![Great Read: 10 Solid Ways to Make Your Customers Stick with You]
Thank you for reading! What is one thing you are taking away from this article? Kindly share it below.
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