Starting a business is a risky venture and managing the business is another challenge that is faced by all business owners. It is somehow fixed that one in five businesses do not last for up to five years after creation. However, failure in a business is just a step to the ultimate success of that business. It comes in the form of challenges or lesson or a chance. Like any other endeavor in life, which entails that you practice before you can become perfect, there is also that need for you to practice in business before you become a master in it. So when failing, see it as a stepping stone towards your business perfection. All failures are not the same but being persistence is the key because when we quit it becomes a disaster. Success is nobody’s birthright yet every day fear keeps us away from achieving success. Do not be afraid to take risk because for every risk taken, it draws us closer to the next innovation or opportunity to improve on our business. Turn your failure into stepping stones that lead to success in your business instead of seeing failure as a threat. Failure is a requirement and not just a possibility in achieving significant success in business. Below are some steps to take in order to grow a business in failure:
Accept your failure
Failure is valued and accepted in most culture in business practices because it is assumed that when a business that is failing comes back to life the owners most have learned resilience, humility and the mistakes that cause the failure and it will never be repeated. When succeeding, it is normal to be excited. Most often success is celebrated but, if failure is the key to success then it also makes sense to celebrate our setbacks as well. Instead of punishing yourself mentally, it is important you instead reward yourself knowing that you are a step closer to your success. Stop filling your thoughts and emotions with the negative things that come along with failure. To attain your personal goal, to reach higher heights, to change impossibility into possibility, you must be ready to embrace failure and think big. In order for you to learn from failure, you must start by accepting it because when you reject them you won’t see the positive part of the failure. When you accept and talk about your failures to somebody it liberates you and enable you embrace new ideas that will change your business positively. Try to earn the trust of the customers by talking with them, assuring them that you are not going out of business. Admit to them that you have failed in some aspects and that the problem is being resolved.
Do not Panic
The thought of losing your business is enough to paralyzed you. In case your business is failing, you don’t need to panic because you cannot focus in such a situation. You don’t need to focus on the ‘what if of the business’ but you need to focus on the ‘what now about the business’. Once you realize that your business is failing, always remember that you still have time to turn things around.
In your business you need to reframe failure because no business is without mistakes. To make mistakes is human. You need to look at the situation you are going through in your business from different angles. Get honest feedback from family members and friends and seek help or support even from those who have not been supportive from the beginning. At this stage of the business, you need to listen carefully, gather information and then combine everything to try to come up with a complete picture of what is happening and why it is happening. You also need to control your every emotion toward the expression of people.
While trying to develop a new perspective, you need to be open to new ideas that will help transform the business. Write a plan of action when you feel you must have gathered enough ideas from others. After developing a new business plan, it is important you give copies to everyone in the company. Also, you need to detach anything that is not helping the business to grow.
Bring back the focus
To be able to avoid feeling as a failure, you need to embrace the new path and focus on the business once there is a new plan of action for the business. Clear every pitiful thought in your mine that brings you back as to why the business didn’t work as planned. Decide on how you will move forward and write a new plan taking into considerations the lessons learned, and try to remain ambitious as you were at the start of the business. In this way, you will not feel like failure is final; you feel like you are having a rotation on your path to exploration. You need to be daring and encourage your employees to be hard working, creative and innovative in their way of thinking. If you must have a long-term success, then you and your employees need to stay calm.
Conclusively, some people spend years dwelling on mistakes that has cause their business failure instead of accepting mistakes and move on. When we make mistakes, we need to adapt, fixand keep going.