Business, just like life, is full of ups & downs, mysteries, and hard work. Of course, in an enterprise, you get to strategize and anticipate the outcomes beforehand. However, we do face some curveballs without any estimation.
Do you know? There is only a 30% chance of the business standing by the end of the decade. Over 20% of the companies fail within their first year of inception. And, 30% fail within the first two years! It might sound disheartening, but that’s a fact!
Thinking from heart
People are so motivated to be a part of the final 30% that they fail to look at the logistics of their business. The term ‘failure’ is broadly defined i.e. if a firm no longer exists in a year’s time. There can be a completely valid reason for losing its existence.
Here are some of the takeaways from the business failures,
Know the right people
What most people don’t realise is their potential to reach out to the right professional for help. When the business begins to go south, you get to listen to 100 pieces of advice from tens of people. Even the one with no experience in the business world tends to offer suggestions on how to improve.
Instead of running around blindly, search for the right professionals at the right place. GetEmail.io is an email search tool that can validate any expert’s email address within seconds. Its Chrome extension to LinkedIn and Gmail lets you save time switching between different tabs and finding emails!
The key objective
Everyone tends to forget the initial thoughts and drives one had at the beginning of the journey because they are experiencing other situations during it. It is crucial that you spend time with yourself and introspect about why you started the business!
These simple-silly question clears your vision and lets your define the next course of action. Find passion while running the business. Do you like managing people or want to concentrate on the craft? One doesn’t have to be the company’s CEO to run a gym. It is okay to hand over those responsibilities to a well-skilled person and concentrate on coaching people instead.
The next course
When you’re failing to prepare, you are preparing to fail. Take immediate action at the first sign of things going bad. As you keep postponing taking action, you are only limiting the survival options. When unsure of how things are going wrong, seek a business health check from a professional.
The next best thing is to audit along with the accountant. Finances play the most significant role in building or destroying a business. Having a clear view of the finances aids you in making informed and wise decisions, as opposed to emotional ones.
Running a business is no child’s play. Being assertive and proactive while strategizing the next steps is critical. You can only manage things that are under your control. But when things go out of hand, it is better to learn from the mistakes and move on!