Moving Forward: Facing and Overcoming a Business Failure

“Life is a series of experiences, each one of which makes us bigger, even though it is sometimes hard to realize this. For the world was built to develop character, and we must learn that the setbacks and grieves which we endure help us in our marching onward.”

— Henry Ford, Ford Motor Company Founder

As a business owner it is undeniable that you will hit a roadblock; sometimes it is so large that it rocks your business to its core. But I would argue that it is how you choose to deal with that setback that determines your true abilities as a business owner. It can be a pivot point for your business if you allow it to be.

So when your business hits that pothole, how do you deal with it? How do you find the inspiration to move forward? And how do you learn from that mistake so your business can grow and get stronger?

Accept Failure

Strong business owners never want to quit. They don’t want to give up because that perseverance and determination is what made them the success they are today. However, the truly smart ones also know how to listen to their heart because deep down they know when something isn’t working.

The sooner you accept failure, the sooner you can move forward. Turning a blind eye to the mistake or pretending it’s not there only allows the problem to grow. By confronting it and accepting that you have failed, you can begin to heal yourself and your business. You have the power to take a horrible problem and transform it into a turning point. It’s up to you to grab that power.

Process and Heal

Once you have accepted failure, give yourself time to process and heal, but set a deadline. Whether it is a day or a week, stick to that deadline and then move forward. Wallowing in failure never helped anyone.

During the healing process, it is natural to blame other people or circumstances for your failure. It is natural to feel doubts about your abilities. You are human and it is okay. But as you move forward, turn to your family and friends to build you up. Turn to your mentors and trusted employees to help you look at the setback with fresh eyes. As painful as it is, analysis is going to be the most important part of overcoming your setback. There is something to be learned from this experience and now is the time to do it.

Create a Plan

You have identified the problem, now what can you do to fix it? What can you do to make sure it doesn’t happen again? What can you do to take back control of your business?

Figure out what went wrong. Identify what caused the problem. Look at what you can do to make sure it doesn’t happen again. Can you change your process? Do you need to put new processes in place?

Business and life are filled with ups and downs, but it is how you work through those downs that will lead you to success.

We can’t be the only ones who have faced down failure. If you’ve overcome a major setback, we’d love to hear what you did to rise above it. Drop us a comment below.

Written By Erika Towne