My Business Is Failing. How To Deal With Business Failure. digitalbloggers.com /business/my-business-is-failing-how-to-deal-with-business-failure

Written by Sean Doherty

Once you make the realization my business is failing you need to figure out how to deal with business failure. Iunderstand the damages failed business attempts can cause but there are some really great things to be learnedfrom failure.

So you're telling yourself my business is failing, well the good news is odds of success increase amongentrepreneurs who've failed at least once. The reason why is because failure provides knowledge and experience,but it's how people react to failure that creates future success stories. So lets take a look at how to deal withbusiness failure. I've laid out some things to remember, a little advice, and lastly action steps you should be takingbelow. Enjoy the value, put it to use, and create your future success.

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Things to Remember When "My Business is Failing"

Failure is great for learning

You learn from business failure by looking back on your plans and actions to figure out what caused you to fail. Thistime of retrospection will provide you with answers and help you avoid making the same mistakes in the future.Learning from failure is vital for entrepreneurs, it is where we gain the much sought after experience and wisdom ittakes to be successful. Failing without learning is a sure way to never experiencing success. Knowing how to dealwith business failure is not possible without learning from each failure.

Failure gets easier every time

Knowing how to deal with business failure will naturally become easier and easier every time you experience it. Aslong as you learn from each failure you will evolve into a more capable person and business leader. It will becomeapparent to you that failure is not the end of your ventures, you will understand that you can and you will survive.Understand failure will happen and you can come out of it better and more motivated than before.

Some Quick Advice on How to Deal With Business Failure

Set some time aside and acknowledge the pain

Failure hurts and the bigger the fail the more it will hurt. Don't try to cover it up or hold it in, doing so will lead you toa disastrous meltdown later on down the road. Talk about it, tell people you trust "my business is failing" and ask foradvice, often times we can't see our own shortcomings and an outsiders point of view provides the essential insightwe need. It will help to set a specific date or time and allow yourself to wallow in the pain until that date. Then whenthe day you set comes you move on, don't extend your pain any further. The day you set is the day you decide to getback on your feet and leave the failure behind you, no excuses.

Fail fast and recover faster

With each failure, there are many lessons. The faster you can learn those lessons and implement them on your nextproject the faster you can recover and get back on the path towards success. One step beyond the point of failurethings will turn a corner for you in the right direction so try and take that next step as fast as possible. If you can viewfailure as an opportunity to launch from you will be able to stay optimistic and create success much faster than manyother people.

Don't let it define you2/5

Failure is something that happens. It happens more than once and it happens to every single person so do not letyour failures define you. Let the actions you take to move past a failure ultimately define you as a person. It mayhelp to call it something else, label your failure as a stepping-stone, a lesson, or a necessary step to success.

“Winners are not afraid of losing. But losers are. Failure is part of the process of success. People whoavoid failure also avoid success.” - Robert T. Kiyosaki

Action Steps-This Is What You Need To Be Doing Now

Review your goals

Ask yourself were your original goals S.M.A.R.T. Meaning were they Specific, Measurable, Attainable, Realistic, anddid you have a specific Time Frame for achieving them. If you need to redefine your goals then do that first. HavingS.M.A.R.T. goals will give you a clear direction and the ability to track your progress, encouraging you to achievemore and take new action. The S.M.A.R.T. goals acronym comes straight from Tony Robbins, it is proven forsuccess by him and the people he mentors.

Rework your strategy/business plan

Figuring out why you failed is the first step to redeveloping your strategy. After you answer the question why mybusiness is failing you can redevelop your strategy on how to deal with business failure. Your new strategy should beclear on what to avoid, what you need to add or change in your business plan and have a time frame for eachmilestone in your new business plan.

A lot of people are able to put together great ideas and create a plan for what they want to achieve but have noapproach on how to get it all done. A common mistake in creating a business plan is most people are not honestwith themselves when it comes to their ability to execute their strategy. Do you have the resources, knowledge,willpower, and time to fulfill your promise to yourself and execute the strategy you created? If you can't execute thenyou need to go back and rework your strategy.

Appreciate your small achievements

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At this point, you've redefined your goals and developed a new strategy on how to deal with business failure. Nowyou should start working on your new strategy by completing the smaller tasks that are necessary to achieving thelarger goals. At the completion of each small task go ahead and celebrate a little bit, this means you are on your wayout of the "my business is failing" panic and you are starting to succeed again. Appreciating the small achievementswill help you stay mentally positive and motivated, both of which will help you rebuild quicker.

Conclusion

Ultimately don't be afraid of failure. It is inescapable in life so embrace it as an opportunity for growth, creativity, andnew success. Being able to embrace and acknowledge your failure and then move on will make you much morerespectable and determines the person you become. It's almost certain that all the people you respect and admirefailed at least once before they succeed, you might even admire those people because of how they overcame theirfailure. Be like those people, have resilience and you will succeed. Admitting my business is failing and certainlyknowing how to deal with business failure will vastly improve your value because it provides you with a key qualityeveryone is looking for, experience.

Take further action-If you're looking for more how-to knowledge and advice on creating or improving your businessyou can send me your email and I'll get you started on a 7-day video series that was created by my mentors Stuartand Jay.

Author Sean Doherty - My Business Is Failing. How To Deal With Business Failure - top of page

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