Failure is that one thing no one wants to dream about but it happens anyway. Failure or loss happens every now and then. It has discouraged, broken and completely destroyed people’s lives. It has also been a source of motivation and challenge for others.
Business loss can be a petty one or a huge loss which can affect one’s life time investment. However, it is important to understand that going through a business loss is never the end of anything whatsoever.
People have gone through much worse and still recovered from it. For example, Hitten Shah, co-founder at Kissmetrics said, and I quote, “We wasted $1,000,000 on a company that never launched”. It was painful. He learned his lesson however and decided to move on still. Hitten has since co-founded two very successful analytics companies with Kissmetrics and Crazy egg.
To read about the failures some entrepreneurs have gone through and the lessons they picked from them, visit www.buffer.com/resources/failure-entrepreneurs-12-successful-entrepreneurs-tell-us-the-biggest-lessons-theyve-learned/amp/
I, myself have had several really rough times in my entrepreneurial career. And I’m here to tell you today that the most important thing about business failure is what happens after. Yes, you’ve had losses and you can’t go back in time to change what has been done. So, what’s next? How do you get back on track?
I know that business losses can be really devastating. It can affect one’s emotional and mental wellbeing. However, the interesting thing about is that most people who recover from failures are usually really grateful it happened in the first place. Failures are the reason successful people are where they are today. If you’re an entrepreneur and you’re not ready for failure at one point or the other, then you probably don’t know what you’re in for.
I wouldn’t have been where I am today if not for the bitter experiences in the past. These experiences teach you, shape you and make you realize that you’re way stronger than you think.
Today, I’m going to be sharing with you several tips to help you get back on track after a business loss or failure. These tips are;
ACCEPTANCE: the first step towards recovering from a loss is “acceptance”. Yes, accept that it has happened. Accept it is part of running a business and finally accept that whatever led to the failure or loss is your fault. Yes, it’s your fault! It was not your employees’, not your investors’ but your fault as the business owner. This doesn’t mean you should start sulking and beating yourself up. It only means that you accept responsibility. It’s totally fine for it to be your fault. No one is perfect. Lots of people would probably make the same mistake if they were in your shoes so, quit pushing blames.
FIND THE CAUSE: once you’ve accepted, next step is to figure out what could have caused you such loss. Is it a decision you made without proper research or information? is it because you trusted the wrong people? Could it be misplacement of priorities? Could it be because you were trying to copy others? Was it because you were so focused on making things perfect before launching? Was it because you didn’t start at the right time? Was it due to wrong spending? Was it because you wanted to do it all by yourself? Or was it because you were being a jack of all trade? Whatever the reason, find out why it happened in the first place.
LEARN: learn from your failure. Failure is really a “failure” if you don’t learn anything from it. However, it becomes your strength when it makes you think and act better in the future. What lesson have you learnt that would help you in making the next business decision and taking the next step? Find that out.
MOVE ON: what’s next? How do you plan to pick up the pieces and move on? How do you plan to come out better and stronger? It’s time to plan carefully. Your plan could be based on correcting what led to the failure in the first place’ I will give you a few points to note to help you start over after a business failure. These points include;
Getting the right people on your team. By right people, I mean people of like minds. Get people who are willing, capable and fit to work with you.
Optimize learning. Equip yourself. Invest in yourself. Make proper research. This is very important if you want to build yourself and your business.
Focus on customer delight. Customers always come first. Understand what your customers really want. Make sure you’re satisfying their actual needs and not what you think their need should be. Consider your target customers before making any business decision in the future.
Spend smart spend on what really matters. Make a scale of preference in order of importance and follow it strictly. After a loss, the last thing you want to do is spending on things that matter less or things that are not vital to the recovering of your business.
Lastly, please do not be a jack of all trade. It never works. Don’t try to ride two horses at the same time. If you’re not excited about something, don’t bother doing it at all, talk more of investing time and resources into it. Focus on what you’re passionate about and do it well without divided attention.
Most importantly, don’t wait to fail before you learn. You can always learn from the mistakes of others to help you make better decisions in the future.
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