Starting a business is terrific. Life as an entrepreneur, is many things. It’s exciting and breathtaking. But, it’s also challenging, and often, your life becomes a steep learning curve. Every day brings fresh challenges, and while starting a business is easier than ever, keeping it going can still be a struggle. Many small businesses find themselves facing severe setbacks, which could see them close their doors before their time. It’s often how you cope with these setbacks, even the big ones, that shows your strength as an entrepreneur. Let’s take a look at some things that you can do to help your business survive a big setback.
Expect Them and Have a Backup Plan
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It’s often the people that go into business, assuming that it will all go well, that fail to deal with issues well. These tend to be the people who throw in the towel. If you want to survive setbacks and challenges, expect them. Make sure you know what could go wrong at every time, that you keep the worst-case scenario in mind, and that you always know what your plan B is.
Take Your Time to Research Your Options
So, the worst has happened. In business, as in life, this is usually when we feel like we have no options. We feel like there’s nothing that we can do. But, that’s rarely the case. Don’t give up, take your time to research your options, to find out what help is available, and to learn more about what you could do next.
Try to Control Your Emotions
When things go wrong, it’s upsetting. If you’ve spent a lot of time, and money, getting your business going, it can be heartbreaking when it seems as though it might fail. You might think that you’ve wasted your time and money, that you’ve given up on another job, that you’ve put your families finances at risk and that you’ve personally failed. You might be upset, angry, frustrated, and a whole other host of emotions. Try to control them. This is a time to let your head do the talking, not your heart.
Prioritise Your Actions
There might seem like there are a million things that you need to do quickly, to save your company. But, accept that you can’t do them all at once. Write a to-do list and prioritise those tasks that are most important to your survival.
See it as a Learning Opportunity
This set back might mean that you need to learn more about the insolvent definition, or that you need to look into financial laws and regulations. You might also need to learn more about your business. You will certainly need to learn more about what went wrong and why. Why did this setback come to be? Was there anything that you should have done differently? Or any help that you should have asked for earlier? Whatever happens from this point forward, don’t just ignore what has happened. Learn everything that you possibly can from it and your time has not been wasted.
Put Things into Perspective
Is it that bad? If your business does fail, would it be that bad? Think of everything that you have learned, and all of your successes, think of everything that you have still got.