Are you going to fail? Unsurprisingly, the answer is yes. Regardless of your business or marketing prowess, everyone can expect a time of failure in their life. Not everything will go as planned, and there will be setbacks. So when you fail, and again you will, how you respond to the failure is crucial to preventing it from happening again. So what exactly do you do when you fail?
First thing is first: take stock and evaluate the situation. What caused the failure? Perhaps it’s something as simple as poor client relations, but more then likely your failure is the sum of many little decisions or missteps you took. Pinpointing 1 specific reason can be hard to accomplish and dangerous to your future. Take some time to really plot out where everything when wrong, and evaluate the root cause of your situation.
Once you’ve identified the reasons for your failure, it’s time to take the introspection a step further. Ask yourself based on the problems you’ve pinpointed how you can improve or change your business practices. What have you learned from the situation, and can you implement steps to avoid a similar event in the future?
Finally, take the root causes of your failure, what you’ve learned from the process and the steps you identified to fix it and being to implement change. Whether you start slowly with one step at a time or completely demolish your business model, actual implemented change is key to changing behavior and habits, which in turn will help you avoid making the same mistakes in the future.
For every failure you encounter as you run a small business, you must learn to evaluate, assess and implement positive change so that you aren’t doomed to repeat the same mistakes again and again. If you do, you will slowly begin to see your company turn around. That failure that seemed so big at the time will being to shrink and recede in the distance as you begin to grow and make positive changes inside your business.