In life, sometimes we fail. And it’s the same in business.
Business failures are more common than most people think. In fact, only 78.5 percent of small businesses survive their first year. And that’s even without the COVID-19 pandemic in the equation. According to estimates from the Federal Reserve, the impact of the pandemic in smaller businesses wasn’t as bad as we feared.
You might have experienced business failures in the past and the end of the pandemic is still not yet in sight, but these aren’t enough reasons to give up. You can always bounce back and thrive during these difficult times. To do that, you must first let go of your past failures.
Here are 4 ways to let go of your business failures in 2022:
1. Embrace failures and use them to succeed
Keep in mind that most successful entrepreneurs have failed in the past, and some even made a lot of mistakes before succeeding. If your failure is something that could have been avoided, then you can take it as a lesson learned. If you’ve done your best and put all your effort into it and it still failed, then it must have been quite a difficult path. Not all is lost: This just means you have grown from the experience.
To fail is not only inevitable but essential for business growth. To succeed in business, you should be willing to take risks and accept the fact that you might fail. You can get over rejection and failures. The only time you can’t succeed is when you stop taking chances because you fear failure.
2. Accept that you can’t control everything and move forward
As a business owner or manager, you have to accept that there are things beyond your control. As a leader, you might feel that you need to take on multiple roles to make sure areas that need it most have more support. However, you need to realize that when mistakes happen, big or small, you can’t let it consume and discourage you from moving forward.
There is nothing you can do about past mistakes, but you can bounce back from any failure as long as you have the right attitude, develop necessary skills to avoid the same mistakes and look ahead to what’s still to come.
Assess your situation objectively so that you can understand what worked well and what didn’t. Make the necessary adjustments and improvements to move forward, making sure not to make the same mistake again.
3. Believe in yourself and prepare for the inevitable tough times
If there is anything that we can learn from the pandemic, it’s that no one is invincible. Even the most established and biggest businesses were not immune to the negative impact of the COVID-19 pandemic. You can’t control what happens around you, but you can be more confident and move forward if you are well-prepared to face unexpected challenges.
You must believe in yourself. Doubting your abilities won’t help your business. Instead, work on developing resilience and perseverance within yourself and instilling those values in your company culture too.
4. Surround yourself with the right people
You don’t have to deal with your failures alone. Speak to someone you trust if you have a problem. Seek support, and consider asking a business mentor or advisor to guide you. They can give you valuable advice and feedback and even connect you with the right people to help your business grow.
Only dwell on the failure long enough to learn from it, and then let go. Letting go of your business failures is an act of strength because you’re relinquishing the power it once held to bring you down.
Since there is no foolproof plan to avoid failure, move ahead with a ‘fail-forward’ mindset. Don’t let past failures hold you back. Know that mistakes are only temporary setbacks and can lead to growth.
Let’s welcome 2022 with open arms and leave our business failures behind us. We can always learn from our mistakes, but we shouldn’t carry them everywhere and let them define us. Instead, let’s define ourselves by our resilience and empathy: Skills true leaders possess.
Here’s to a happy and healthy new year for all.
In love and respect,