Have you been struggling with your business lately? Or it looks like all your great effort to achieve success is a strenuous attempt? At that point where you have put all your energy to make sure your business thrive, seeing it fail can be an unpleasant experience.
Meanwhile, you’re Not the only one in this shoe. In fact, Studies shows that 30 percent of new businesses failed during their first two years of being open, 50 percent during the first five years and 66 percent during the first 10 years. Due to mistakes that can be avoided.
However, failure should not be the reason to stop trying out new ways to achieve success, failure is the engine that causes growth, that causes new birth, that causes unbelievable things to happen, if we did not give up.
One of the big differences between a successful business person and the unsuccessful is the acceptance of failure. If forests don’t burn, if old trees did not dry out and the new trees grow, there is no way to have a new and healthy forest.
As a business person facing developmental challenges, you should be more concerned about how you can use your experience as an opportunity to grow instead of blaming yourself and accepting failure.
This article will be revealing 5 secret weapons to help you bounce back from business failure as an entrepreneur.
Change your mindset
The first thing to do is to change your mindset concerning whatever experience you’ve had in the past. You want to try again, so you must have the mindset of success. sometimes, you go through the same pain because you haven’t been able to digest what happened in your first trial and get your priorities back on track.
Take your time and consider the moment you failed as a time to think about what happened in the past. Where did you go wrong? Did you underestimate your market? Was it your approach? Did you spend too much or try to grow too quickly? Did you lack support or guidance? Use all this and look into mistakes you’ve made as valuable lessons for improvement with the next business.
Create a new business plan
Once a business plan fails does not mean you can’t have another one that will be more effective for your business to succeed. Your business plan goes a long way and it reflects on how successful your business will be.
While creating a business plan, financial management is one of the most important aspects to consider for a business’s success. you must strategize wisely on ways to finance your business without overspending. In fact, Studies have shown that over 29% of startups failed because they ran out of money. The financial aspect of your business plan is very important.
However, Your startup is your baby while your business plan is the foundation that will determine how successful your business will be. you should be ready to brainstorm ways to have a strong business plan to avoid future pitfalls.
Encourage collaboration among your employees
The impact of your employees has a lot do in the success of your business. How do you handle your workers? And how often do you encourage collaboration among them?
Encouraging good communication amongst your employee can help them reach out with valuable suggestions and feedbacks which can help your company from the pitfall. The way you handle your employee will affect how they will attend to your customers. And building a bad reputation with customers is the beginning of business failure.
As a matter of statistics, for every single customer, you add positive value to, they tend to share the good news with 10 other people; referring them to your brand. Likewise, if you neglect your customer’s perception, it can serve as a downfall to your company.
Besides, a 2013 study by market research firm Harris Interactive, showed that 85% of customers whose service needs are not met will retaliate against the company. No wonder why a lot of car shipping carriers spend so much on their customer service optimization just to make sure that all their customers are brought to satisfaction at every single point of interaction.
Re-evaluate your target market
When it comes to building up a successful business, another thing to consider is to choose the right product and the people to sell the product to. Not everyone wants to buy what you’re selling.
You’ll need to ask yourself some questions on how to evaluate your target market. Who is your target audience? Who are the people that are interested in your product or services? Think about whether you could have better success by focusing on a new target market that your products better serve.
The better you define and describe your target audience, the better you can craft marketing that appeals to the audience’s characteristics and lifestyle, but once you get this step wrong there is a tendency of wasting your time, effort and resources.
In fact, a study shows that 42% of startups failed because there wasn’t a market for their offering. Once you see that the rate of demand for your product is low, then you’ll need to re-evaluate your target market to bounce back from business failure.