What To Do When Your Business Is Failing

Jasmine Powers · January 8, 2011 · Short URL: https://vator.tv/n/15b3

Why Giving Up Isn’t Always A Good Option

Fact: Business, like life, has it’s ups and downs. As many large companies and even more small ones shut down, slow periods in business may make you feel like you want to give it all up.

Fact: Giving up is an option. The old adage that giving up is not an option is a falsity. You could shut the doors of your company and return to the workforce or try your hand at another startup. Tristan Kromer of Grasshopperherder.com, shut down startupSQUARE.com and is currently working on FOUR new startups. He gave up one venture, but will succeed because of his unstoppable drive to pursue success as an entrepreneur.

Fact: You’re only a failure if you quit everything. My mom always says, “If there’s life, there is hope.” In business terms, much is the same. If you are still operating, there is hope that things can and will pick up. You have to determine how much and how long you will continue investing time, energy, and resources into your business. Returns are important, but quitting completely is a surefire way of never getting back your investment.

So now that we have the facts, what are some practical steps to help you get unstuck and move forward, while on the brink of doom?

1. Take stock. What you are doing and why? Is this your passion? Did some greater cause move you in this direction? Why are you here, doing what you do?

2. Decide. Outline the pro’s and con’s of both staying in business or closing shop. What’s holding you here? What does holding on cost you in terms of money, time, energy, and sanity? What is the return on these investments?

3. Opt for change. Much of your success will depend on your ability to adapt. What products and services are relevant to your customer NOW? How can you offer them? What can you drop in order to further develop what does work for you?

4. Get clear. Organize a mastermind group and involve others to help you determine what you need to do. Use Facebook Groups to pick your friends brains, of course without disclosing too much of your personal business or intellectual property.

5. Get coached. Consult a business coach, a mentor, or other professional service that specializes in your industry for ideas outside of your own. Living within the realm of your own limited thinking can keep you stagnant. Instead of investing in more inventory, invest in a service that can directly impact the progress of your business.

6. Become a book keeper. We’re not suggesting you take on accounting, as if you don’t already do some form of it. Instead, grab a writing journal and begin keeping records of plans and options on how to execute them. Living within your head won’t get you anywhere but concrete plans with measurable steps and timelines will motivate you to action.

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