“My business failed. Now what?”
You can recover and revive it, it's never too late!
It’s a line of questioning none of us want to consider, but the sad truth is that roughly one in five small businesses fails in their first year. After five years, data from the Bureau of Labor Statistics states that this number rises to 50%.
If your business is within the half which goes under after five years of operation, not all hope is lost!
Even incredibly successful enterprises have seen difficult times and recovered successfully—FedEx, American Airlines, Kodak, and General Motors have all made huge comebacks after substantial failure.
Below, we’ve explored a few ways to turn your business fail into a stunning recovery.
Work with an Online Business Coach. Online business coaching provides an opportunity for small business owners like you to evaluate your shortcomings, make necessary changes, and begin your journey toward business revival.
These Coaches are experienced, and they’ve seen plenty of business owners in difficult positions. Business Coaches know what works, and they’re experts at getting their Clients back in the game.
Collect and evaluate feedback. There’s nothing more valuable than gathering data from past customers, employees, or other individuals associated with your business. Often, these people may impart insight you wouldn’t find on your own, and it’s this valuable information which can lead to recovery.
Don’t take success into your own hands. One of the most common reasons for business failure is that the company’s founder is tempted to take on too much work at once. While it’s fine, and often necessary, for the founder to have a hand in all aspects of their business, even the smallest of operations will require help from others to succeed.
Gather a team you trust, then make collaboration and communication your priority.
Be open-minded. Admitting defeat is difficult, but the best way a business owner can recover from failure is to wield a willingness to recognize and acknowledge mistakes. By discarding notions of pride and stubbornness, business owners will have more clarity when examining their past mistakes and making changes to improve them.
A little humility can go a long way.
Above all, don’t lose hope. By learning from your mistakes and maintaining creative drive, embracing flexibility, and collaborating with a professional Business Coach, you (and your business) can be back on your feet in no time.
Get started today by scheduling an online consultation with a Business Coach—online sessions make it quick and easy for you to work toward business revival regardless of your schedule or location. Browse through our list of Online Business Coaches now.