An entrepreneur’s motto is “if it ain’t broke, don’t fix it”.
In a time when business owners are being judged by how much they can earn, how they can spend their own money and whether they can manage their staff and their environment, it’s hard to ignore the fact that being a successful businessperson is one of the most important parts of your career.
But what if your business fails?
In the past decade, the number of business failures has risen dramatically and in some cases, has actually been on the rise.
In 2016, there were an estimated 30,000 business failures.
“There’s a lot of people who have said that they are going to give up on their business, they are not going to continue doing business with that person,” says entrepreneur and founder of the blog The Success Plan, Michael Pugh.
“But they may have just lost the ability to do that and that’s the key.”
And the most common reason for a business failure is not even being able to pay your employees.
It can be a lack of funding or it can be the inability to manage a complex project.
If you’re still unsure if you’re going to be successful, here are some key things you need to know about business failure.1.
It’s a long-term problem, and you have to deal with it until you’re no longer financially dependent on the businessYou might be able to survive a business setback for a few months, but you can never be sure until it’s too late.
If your business isn’t making money, it can lead to an inability to repay loans, buy new equipment or get any of the necessary funding.
And even if you don’t go bankrupt, the chances of your business being unable to pay its bills or the company you’re working for being unable as well is very low.
So don’t be afraid to put in the work, but do remember that you can’t always depend on what you’ve been given, so it’s better to take time off.2.
Your company will always have a bad reputation if you haven’t done enough to change the perception of itYou have to look beyond the fact your company has gone down the path of making money from the customers they have.
For many of us, it doesn’t even matter if we succeed or fail, because the fact is that people just want to buy what we have.
“It’s a huge part of the way people think about businesses and about people,” says Mr Pugh, who also runs the successful start-up company M&M’s.
“If we can change that perception of your company, then you will find that people are less likely to say ‘I’m going to buy that business’,” he says.
“People will actually say ‘well, I’m not going buy that, but if I had a chance to do this, I would buy that’.”3.
You need to keep yourself motivated and motivated to get back on your feetOnce you’ve put your foot down and stopped paying your staff and staff managers, it will take a while to regain confidence and you will need to work hard to get yourself back on track.
“You have a huge amount of time ahead of you, but when you start to think about it, it is going to take you a while,” says Ms Clements.
“And that’s okay.
That’s okay to do.”
Ms Cules recommends taking a step back, getting a cup of coffee and putting in the extra time.
“Just focus on what’s important to you,” she says.
Ms Cletsons advice is not only important for the people who are currently working for her, but for the business owners who might be facing a similar situation and who might have a similar need for direction.
“I really think that you have a lot more freedom to be flexible and to be able change and to adapt and be able do anything that you want to do in life,” she explains.
“So it’s really important that you just focus on your work.”4.
Your business can’t go on foreverIf you’re a business owner who has experienced a business interruption, there’s a good chance you’ve had to rethink your business strategy.
“At the end of the day, there is no magic bullet to business success,” Ms Cuesons advises.
“Every business has its own set of challenges and you’re not going out there thinking that if you just have a bigger and better website, you can create more revenue.”
Ms Ransford also says that while there are some things that are easier to change in business, others can be hard to adapt.
“For instance, the things that we were doing in marketing, marketing is always going to have to change, because we’ve got a website, and that website is going the way of Google and Facebook,” she said.
“When we started out, there was no such thing as Google or Facebook, so what we did was we just built a