Starting Over: Recovering and Moving Beyond a Business Failure or Wrong Job Selection
Stuff does and can always happen as it relates to your business. How do you prepare for a mistake and turn towards a fresh start? Recognizing that there are factors sometimes beyond your control (Covid ect) is important in gaining the confidence to do something new.
Knowing when to say when is also critical. Starting a business is a highly emotional experience and can taint your sense of reality. Understanding that the market may have changed, competitors or market conditions may make it impossible to succeed. Once you understand what you are up against, making the decision to pivot or transition is critical.
Setting goals and following the critical milestones for your business will help you make a termination decision. This highlights the importance of a strong business plan. Now that you have come to the realization that things need to change, take the next steps towards planning what is next.
- Did competitors with more resources enter your business?
- Has consumer confidence wavered for your services or products?
- Has the cost of operations exceeded your ability to generate a profit?
- Can some of your business models be re-leveraged in a new business model?
In some cases small tweaks to the business model may help you overcome key challenges. If not, do not hesitate to pull the plug and stop investing money and your emotional energy in a business that is destined to fail.
Let Job-Lander assist you in assessing your business situation. We can test your business processes and thoughts about sales forecasts and costs.
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