asked in Business+Finance by (120 points) 1 6
How to recover in business if you fail?

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7 Answers

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answered by (707 points) 2 3 17
Whenever you are facing difficulties and failures in your business all I have to say is keep moving on and fight your way through it. It is common that all businessman have their business fail sometimes and it goes the same for you. Now if your business failed, spend some time rethinking what was happened to your business, re-think your actions, your plans, and objective for your business. Try also to evaluate your performance or on how you manage your business. Do you spend enough time to support your business? have you always put your 100% effort into it to make it grow?. Having some time to evaluate your work could really help you to find what's wrong with your business and it leads you to find an answer on how you can make it a success whenever you start your business again.
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answered by ELITE (3,008 points) 2 6 13
Most times business failure is been experienced with new start up business which to an extent it is understandable. If you are determined and passionate about the business the recovery process will not be hard to achieve.
Every business is expected to have it master plan that deals with different aspects that will make the business prosper,  it your duty to revisit and review the plan to know the parameters to adjust. There are certain parameters that we put in business as a test run parameters,  for instance if you are into productiion of goods,  you may to do your packaging very well cos if it fails business will fails,  if you are into service rendering,  your advert needs to rugged and fast reaching your targets cos poor advertisement can kill business.
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answered by LEGEND (6,078 points) 2 10 28
It is normal for a business to fail sometimes because like others, it seems you are just starting and learning a lot from everyday experience. You are prone of making wrong decisions and lots of mistakes, but those will able to help you to survive the next time you plan to start a business again. If you started a business and it fails, you will already know what had happened. You need to take note of what you have done. if it fails, it is normal. Every business fails, but failing is still painful. You just need to refresh your mind about the pressure that is putting you and think of the ways to start again if you want to start again. This time you will be careful for sure. You will use your experience and the changing the decision this time or having a lot of plans, like what is the Plan B or Plan C just in case Plan A is not applicable.
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answered by VISIONARY (9,003 points) 6 10 19
More than 80% of businesses started are bound to failed because of different problems and it always better to study a business critically before indulging in a business but still sometimes it still fails.

When a business failed the first thing is to write down why it failed and start working on those failed areas.

Fight the urge to be depressed or demotivated and start all over again but with the mindset of correcting the initial mistakes.

Get in touch with successful business owners and try to asked questions and get a bit of knowledge from them,test out every idea first before fully executing it.

Get feedback from customers and try to work on the complaints and improve on the areas that really needs improvement.

Start all over again and pray to God too.
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answered by LEGEND (6,076 points) 6 9 22
Well, the failure of business is not the death of that business, but rather it's should be seen as learning period for success of the business to be achieved. Surprisingly, failure is necessary for business successes. And so, if your business has failed, it's the perfect time for you to learn from the failure and make the needed corrections for sustainable success.

First of all, you have to dare to change the business model that failed. Changing the model would offer you the opportunity to evaluate the old model and what went wrong with it. Try to get professional advise from those who have been in the line of business. These professional will guide you on what you need to do to get your business moving again.

Finally, take action based on the advise received from these professionals, and trust in God that this time around success would not elude you.
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answered by ELITE (3,005 points) 3 10 14
One thing thaty mentor always tell me about business and opening one is that there are always going to be challenges that we will face when we start, but what matters at the end of the way that we push to overcome the challenges. One of the challenges has got to be how to penetrate the market. Business failure has occurred as a result of the business owners not understanding the need of doing better market research. When you notice that your business is failing, always try to bring up better incentives even at a loss at the beginning which is one way to boost the prospects of your products or services.
Another way to overcome failure in business is by asking the right questions and getting a mentor in that sector that is ready to assist you in everything that you want to achieve. Once you have someone that has got the experience, then you are sure of rising again since his/her experience will go a long way in making your business rise again.
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answered by ELITE (3,210 points) 4 8 18
It's very easy to state a few causes and label them as problems and solutions proffered to a failed business. In reality, it isn't that simple. The runnings of a business no matter how small are complex. No outsider can fully understand a business without being on the inside. What am saying is, you can't give recommendations on how to revive a business if you've never been in a business.

Drawing from the above, it is of my opinion that subjects like this should be forwarded to professionals in the field.

But from my little experience, recovering from a failed business is highly dependent on the factors that crashed the business, or even the factors the business management failed to employ in their operations. A business also has to have a research and development model to stay alive. The world keeps evolving with new innovations everyday, you won't want your business stuck in an old model for too long. In saying so, moving along with modern trends is also an important factor.

Above all said, the most important factor that will keep any business alive is the proper execution of money management system.

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