BLOGS


Success, failure and greatness go hand-in-hand. Most business owners understand that the road to success is not a linear one. It resembles a rocky mountain with dips and ridges, ascents and descents. If you keep your eyes and ears open to what you read and watch, you’d see that the correlation between failure and success is a recurring theme.

It requires a particular way of looking at things in your life and steering your thoughts in the right direction while sowing the seeds of success to reap the rewards at a later date. Here are six ways that you can overcome strategic failure in your business to achieve your goals.

Strengthen your support network

Surrounding yourself with friends, family and mentors that can be supportive during hard times can prevent feelings of isolation. You might feel alone in your job, but having people around to make you feel loved and essential outside of work can keep spirits high. These people can also be great outlets for advice or processing critical decisions.

Manage cash flow effectively

Without consistent cash flow, your business will eventually dry up and die. You need to have money coming in, or you won’t be able to pay expenses. First, have a cash flow forecast, so you know what money is coming in and out. Remember, this is only a forecast, but it will give you insight into your financial future. Use the estimates to project likely sales and expenditures, so you know how much you’re likely to have in your bank account.

Take time to reflect

Think about it, no matter what you do in your present; nothing will change the past. Do not channel your frustration and anger in a negative way. Keep your composure and channel your emotions and feelings in a positive manner. This will help you to motivate yourself to try again.

If you allow your failure to cloud your judgement, you will be demotivated, and your lack of reflection will not help you overcome your emotion.

Take responsibility for your actions

Take full responsibility for your thoughts, actions and reactions because you were involved, even if you were not the cause or source. It is so easy to blame everyone and anyone. Do not worry about anyone else; they must take responsibility themselves; you cannot force them. The
biggest fear is being caught out or being found out. As soon as you say, ‘it was me’ ‘I did it’ ‘I am responsible’ no one can ever accuse you of it.

Improve through feedback

Creating feedback loops that help individuals and the organization internalize knowledge is the critical next step. As leaders of change, this is when you know you’ve reached the finish line. It’s not when you throw a strategy over the wall, but when the strategy defines how you work every day. When that happens, you can start the next curve, begin looking into the future, and think about how to improve things from there.

Take a step-by-step approach

The final strategy for overcoming your fear of failure is to start small, achieve positive results, and build on that momentum. You may have the expression “go big or go home”. Many people have used this expression to justify taking massive action or taking no action at all.

In some scenarios, this is a wise approach, but for many startup entrepreneurs, it is better to begin with smaller goals. Goals such as setting up your website, launching a crowdfunding campaign, or acquiring your first customer, and then gradually building on those successes.

Your fear of failure in business is normal; however, that doesn’t mean it’s something you want to continue to carry around with you. Put these six strategies to work, and you’ll quit panicking of failure and give yourself the confidence boost you need to accomplish those big goals that you have on your list. To learn more about how to achieve success in your entrepreneurial journey, follow me @…