Tonight, we will discuss how business failure impacts all of us, especially business owners. Tonight’s blog is not about case studies or research. It is about my own experience, from me to you.
Options Through Failure
What a time to own a business or be a partner. A failing business, no matter the circumstances, is no easy task to attempt to overcome. When my first business was failing, I had no idea who to talk to or what to do. The truth is not a lot of business owners do. Who do you call? Where do you find someone to call? How do you know if they are the right person to help? Were do you even begin when your company is failing? Do you start with managing stress, or making sure your eating right? What about the people in your life? How is a business failing impacting your personal life? Does the insanity ever end?
I know for me; these were some of the questions I was wondering. I can only imagine how many business owners are thinking and feeling the same thoughts and emotions of hopelessness because of our current situation with COVID-19. Losing a business or starting to lose a business is no laughing matter. Especially when you feel all alone. There are no simple answers… HOWEVER, I have facilitated a rescue program for us, business owners, from my own personal experience. At the end of this blog, I will leave the link for you to look at.
The first priority to keep in mind is things do not always go as we plan no matter how much we plan. We are business owners, we solve problems. A failing business a bit more complex than what we are familiar with. A failing business is outside our realm of expertise. But that doesn’t mean you cannot learn how to rescue your business. In fact, you must know how to rescue your business.
The second priority is to recognize you are human, somethings are out of your control and all we can do is plan on how we are going to minimize the issue within reason. Again, how do you know were to start or how to plan? You MUST find someone, a practitioner, who can help guide you. Business recuse is a skill you do not currently possess. Your business is at risk of closure or a bankruptcy, you must not waste time. Start calling around. The courthouses may know a business rescue practitioner, the chamber of commerce, or SBA possibly. When AVPS rescues a business, we always ask who they have contacted because we want to know who else is out there to help failing businesses. We must work as a team to ensure we are using many different perspectives to solve complex problems.
The third priority is to ensure YOUR physical and mental health is staying consistent. Eat healthy, drink water, and get rest. Make sure you have someone to talk to 24/7. Your business may be failing, but this does not mean your life is over. It means things are changing and you must change to. There are solutions, there are people who can help and who do care about your business. You are not alone.
Until next time,
Paul Encinias, MBA & GCECL
P.S. DON'T GIVE UP