In the business world, there are always going to be failures alongside the successes that entrepreneurs experience. Even with the best-laid plans, sometimes businesses can fail outright, and the loss of such a substantial investment of time, money, and passion can be a difficult experience to work through.
Scott Patrick Carson of Park City, Utah, is the founder and CEO of MRP.io. He provides a guide to help you get back on your feet and try again in the midst of a business-related failure.
Examining Your Internal Mindset
Immediately after experiencing a business failure of any sort, it is always a good idea to perform an internal evaluation, assessing your mental health. The first step in this process is to avoid the common mistake of taking failures personally and focusing blame on your own choices in an unhealthy way. At this point, you will want to lean on support from your friends and family, and possibly a professional in order to keep yourself on track mentally.
Lastly, acceptance is key, says Scott Patrick Carson. You will need to accept that your failure has happened; although you cannot change this fact, you can move forward and leave your failure in the past, taking only what you learned from the experience with you as you move forward, leaving behind the harmful negative thoughts and emotions.
The next part of the process is performing a rigorous financial evaluation in order to quickly assess how much, you lost, how much you have left, and if how the money was handled was a contributing factor towards what went wrong. Regardless of the size of your losses, it is important to keep in mind that your next business endeavor will have the potential to get everything back and then some: The best thing you can do to help yourself out in that regard is to have a concise financial record of your previous business.
Next, says Scott Patrick Carson, it is critical to communicate with and take care of the customers you had interacted with, with the intention of accomplishing three goals. First, you want them to be kept in the loop, both in terms of your previous business closing as well as what you intend to do next. Second, you will want to recompense them as best you can, as a little generosity can go a long way. Third, you need to thank them for their business and show appreciation, in order to reinforce customer loyalty.
Scott Patrick Carson on Next Steps
As you begin moving forward, you will need to take one last look back at your previous business and begin an objective analysis, pinpointing exactly what went wrong as well as how best to avoid these conditions the next time. From there, you can formulate a plan for your next business, as you begin the process of reinventing yourself, your company, and your brand. Whether it is a radically different approach, or a similar one to before greatly enhanced by everything that you have learned, the most important thing is to keep working at it steadily.
Scott Patrick Carson of Park City, Utah, is a worldwide leader in the distribution of medical aesthetic devices. With a highly developed insight and understanding of the industry, he has radically changed its course, as well as expanding the opportunities available for practitioners worldwide.