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10 Ways to Overcome Business Failure

Are you a business owner and are worried about failing?

This may help you. Continue reading.

Adopt a Forward-Thinking Attitude

Before you plan out your business, start with a vision. Write the vision down. Use it as a map to create your business plan.

Even if you've already started your business, you can still look ahead. What outcomes do you want for your business? Where would you like the company to be in the coming months and years?

Conduct Frequent SWOT Analyses of Your Business System

A SWOT (strengths, weaknesses, opportunities, and threats) analysis is an examination of the internal and external areas of your business.

Manage Cash Flow Efficiently

Without consistent cash flow, your business will eventually dry up and die. You need to have money coming in, or you won’t be able to pay expenses. First, have a cash flow forecast so you know what money is coming in and out. Remember, this is only a forecast, but it will give you insight into your financial future.

Believe In Yourself and Prepare for the (Inevitable) Bad Times

When you’re up against unexpected personal trials that breed stress, your mind becomes muddled. Your self-esteem could take a tumble, affecting the way you see yourself.

Perseverance, Determination, and a Positive Mindset Reign Supreme

Running a business isn't easy. If anyone tells you otherwise, they’re lying. According to The Small Business Administration, roughly half of businesses fail within the first five years. However, you can survive in the business world. Embrace the warrior mindset and refuse to become a number in the statistics of business failures.

Keep Your Customers at the Heart of Your Business

According to Gartner statistics, 80% of a company’s revenue comes from 20% of its customers. Loyal customers are the success stories of your business. Involve them in your business strategies, marketing campaign planning, and new product development. Share their case studies, consider their points of view, absorb their feedback (both good and bad), and make them feel important.

Embrace Failures as Short-Term Setbacks

Most of us were taught that failure is bad. Therefore, when we fail, we are tempted to throw in the towel and give up. But successful people use failure as stepping stones to climb out of their troubles. Understanding their struggles will boost your motivation when you are faced with failure.

Set Smart Goals and Develop Achievable Strategies to Attain Them

Write down your goals. This will give you clarity and make it easier to work towards achieving them. Use the SMART goal-setting method to keep yourself focused:

Invest in an Advisor or Mentor and Draw From Their Expertise

Find a business mentor or advisor to guide you. Draw from their pool of knowledge and personal experiences to help your business grow. According to a survey carried out by Sage, 93% of medium-sized businesses credited their mentors for helping them succeed.

Take Sensible Risks and Step Out of Your Comfort Zone

Taking a sensible business risk is not gambling blindly without considering the consequences. Think carefully, weigh the options, and test them out.

Don’t take risks when your emotions are running high. Be objective, and discuss your plans with colleagues, friends, or family. At the end of the day, you’ll have to take sensible risks and step out of your comfort zone with your business. But before you do, make the most of your wisdom, knowledge, and experience.

Thanks for reading!

Renee VanHeel

Take my short free assessment to identify what business fits you most. Click here.

You can also call or text: 858-472-7295 or Book a 15-minute free business consultation with me.

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