How to turn it around when things go wrong in business

dont-give-upLet’s be honest now – running your own business is not easy. Like the saying goes “Nothing worth having comes easy”. For even the most successful entrepreneurs like Richard Branson and Alan Sugar there have been times when it has gone catastrophically wrong. How did they deal with this? They learned from their mistakes and took that knowledge and experience into their next challenges. So ask yourself what has gone wrong and what you have learned and then look at how you can find the confidence to move on.

So you made a bad decision, something unexpected happened or what you thought was a winner turned out to be much less than that. Now your confidence is low and you are unable to find the strength and courage to dust yourself off and carry on. What can you do to move beyond this and get back on the road to success?

Research and re-channel

Everything inside you may be telling you right now to give up, call it a day and find a job! Don’t listen to the negative voices – try and find a source of positive inspiration. Take a few days break and switch off whilst you try and channel the negative into a positive. Read, research, discuss and look for examples people who have turned their misfortune into success. This article outlines 5 really good examples of well-known people that have turned failure into success. Who knew that JK Rowling was once a struggling un-employed, single mother struggling to make ends meet? Sometimes to enjoy success everyone has to experience mistakes.

Analyse where it went wrong

You need to face up to the reality of the situation if you are going to improve it. It may be something as simple as spending all your money ordering the wrong stock, making a wrong decision on a product or being left with a huge debt from some-one who hasn’t paid a bill. They are not failures – they are lessons. By changing the way you do certain things this can be avoided in the future. Don’t bury your head in the sand and try to ignore it – face it, deal with it and move on.

Don’t be afraid to try again

Ask yourself what you really want? Don’t be paralysed by fear to try again. Many people find themselves stuck in this negative mind set with no way out. Perhaps it is worth talking to someone that knows how you tick – asking them for their honest (maybe brutal) opinion. Talk to someone that can give you that kick start to get you going again. Perhaps there are local networking events or local motivational speakers that you could go and visit?

Find your WHY

Your WHY is the reason you do this – for many it is family and kids, for others it is money, holidays abroad or a better life. Some of you may have worked for others for many years and it may be about you! Remind yourself of your WHY. Build a collage of it and stick it somewhere to constantly remind you of what you can do and why you are doing it.

Remember – nothing worth having comes easily and only you can turn this around!