In today’s economic and fast changing climate, it is possible that even the best run business may fail. Your business is your creation, you gave it life and at the time of its creation it was the right thing to do. There is no such thing as a permanent guarantee. It’s not just the small business that may close down, look at the many large firms that have disappeared.
If you have to close a business, don’t take all the blame. It’s a learning experience and the lessons taught are among the most valuable you will ever receive. The lesson may show that you had some fault in the failure, a mistake you won’t make again, or it may show that the economy and changing times were to blame. In either case, don’t despair, take a week off then go back and review what just happened, make adjustments and start again.
You have to treat a business like a “thing” that you nurture and take care of; at some point in time it may have to be traded in.
Over these past many months I have shared ideas about how to start a new business, how to find out what is needed and how to raise capital to fund a business venture. Now may be the time to go back and review a few of those sessions.
As always, I encourage you to find a mentor to work with you on your new venture or, perhaps to help you decide that it is time to close your current business. Many opportunities still exist, they may look different that those of yesterday, but they are always there.
My job is to mentor and coach new and existing businesses and I am always eager to visit with anyone who needs help.
The business of life is to go forward.