Failure is not an option, it’s just a possibility…
To most entrepreneurs, our business is our baby. We’ve been anticipating for its birth and once it has taken shape it takes up the majority of our time in our life. We have put everything we have in it, spent every dollar in our savings and used every ounce of energy we have. Failure is just not an option but sadly, it is always a possibility. The good news is we can make business decisions that will cut down on the possibility of failure and help to mould the odds into our favour. In layman’s terms, we can take the necessary precautions beforehand, instead of dealing with the after-effects of failure.
The key to maintaining a successful business is momentum. We have to give ourselves achievable goals and reward ourselves when we reach those goals. This creates positivity and makes us feel good as we become more confident in our decision making. Confidence is very important and can separate a struggling business owner from a successful business owner. As Donald Trump talks about in his book “Think Big,” you can’t think big if you don’t feel confident. Confidence is the security that you have in the decisions that you make. When you feel totally comfortable in your decision making, you’ll have the confidence to “Think Big” and take chances with your company. That’s how companies grow. That’s how new strategies are developed. Simply put, “ Thinking Big” is the first step to innovation.
Here are some tips to avoid business failure:
Marketing is a simple way to stay competitive. If you’re not growing in this business than most likely you’re not competing. If you’re not competing then you’re losing, plain and simple. In business, you need tough love and you need to hear it like is. In most cases, people are putting their life savings into their company or everything that they have on the line for it. You can’t grow your company if you’re not marketing. You have to constantly put your name out there. I can promise you, that is what your competitors are doing.
Most people would agree that a marketing strategy is vital to the success of a company. According to the ABA, 1 out of 3 business fail in the first 3 years and over 50% after the first 4 years. We have to continue to market our company and constantly give it a pulse. Your marketing strategy is what will support and sustains all of the hard work that you have put into your business platform. If you don’t have people who need your service then you don’t have a business. The world is constant, time never stands still and life is constantly moving forward. Just as the sky is blue so is true that you will always have competition. If you didn’t, there would be no need for marketing. Business, by all means, is just like a numbers game. It doesn’t guarantee the win, but the business owner who never stops marketing and putting his company out there is usually the one who is successful.
-Corner the Market
Cornering the market is no easy task and by no means comes to those who remain idle. It comes from hard work, dedication, sacrifice and the desire to run your business in an unparallel way. It is learning how to leverage what it is your selling, (your product) to control your “Niche” in the market.
Once you have cornered the market means you will see your business reach a place of comfort. You can now take risks without the fear of losing business, at least to the point where it would affect your business negatively. Best way to do this, is to not do too much at once, stick to what your good at (your niche) and don’t’ make common mistakes.
Nothing is more common in this world than unsuccessful men with talent, persistence, at the end of the day will always be the driving force responsible for our success. Plain hard work and perseverance. Persistence is the most important tool when it comes to getting results. This is what draws the line between men and boys and success and failure. We have to always keep pushing forward. If you don’t show up, nothing happens.
Social Media, whether we like it or not is an integrated part of our culture. It’s the vehicle to everything. It’s how we shop, locate old friends, advertise, market, network and brand our company. Social Media is the ultimate word of mouth for your company and the greatest thing about it is that it’s free!
We have to protect ourselves and our company from online threats. Cybercrime is very real and like a thief scoping out a job, it is always there watching and looking for an entry of weakness. Hiring a cybersecurity professional is highly recommended. They also have online cyber security courses that you can take to learn how to protect your company. Take these courses and get to know how to make testing simple that increases your security breach.
We have to learn from our mistakes, but more importantly, by following these tricks we can avoid failure in business. We have to learn from other people’s mistakes. This is proof that we are paying attention to what other people are doing and more importantly, our competitors. We can’t be scared to take chances and make mistakes, that is how we grow. This is how we learn in our lives, by trying new things. With knowledge and the persistence to keep learning, we can prepare ourselves to make educated decisions. We have to keep educating ourselves so we don’t get discouraged by hard work. We are the driving force behind our success. The best investment we can make is in ourselves. Trust your gut, educate yourself, and don’t make common mistakes, make unique ones.