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Okay, you are ready to own the situation. With this mindset,you are ready to breathe calm and focus. Determine thecause of the problem. The reason for failure can be your lackof action or the wrong set of actions. Plan for correction:think of the actions you should be taking.Is the cause outside your area of control? Okay, then youneed to be creative and think about what you can do to turnthe situation in your favor or at the very least make the bestof it. Can you offer your product/service to other types ofcustomers? Can you change your product? Can you changethe ingredients, the production process or marketing efforts?At the very least, what can you do to reduce costs or retainclients? How can you hold on until a situation like Coronablows over?Don%u2019t know what actions to take? Talk with your coach,accountant or other entrepreneurs in your network. How didthey handle similar situations or what would they do if theywere in your shoes?In case you%u2019re dealing with a people situation, transparent andclear communication is important. Clients, partners, creditorsand staff members want to be updated, know why you%u2019re notsolving the issues, and what you%u2019re going to do about it. If youstay quiet and don%u2019t respond to their inquiries, they will feel evenangrier and take action against you.In your communication, be transparent about the cause. Don%u2019tblame others but take responsibility for the situation:ownership. Mention how you will handle the situation and inwhat time span they will notice results. Update them on aregular basis, especially when there are delays or other setbacks.Offer them a temporary or alternative solution if possible.I AM. MAGAZINE - HOW TO HANDLE SETBACKS3. Focus & PlanI AM. MAGAZINE - 464.Communicate