What To Do When Your Business Fails

Be fair, attentive, and customers
will return.

Failure, as in any other aspect
of life, happens to small
businesses. Pointing the blame
finger, helps no one, is fruitless.
More importantly, push away your
hurt feelings. Take solace in, the
fact that, your best efforts were
given.

Address the situation at hand. Go
to your creditors, explain the
situation.

"A failed business makes it hard
to look at the staff, impossible
to face creditors." You lowered
your eyes to the floor.

It's not going to be easy
explaining to creditors, employees
needing their pay-check that will
never come, or your mentor who
cheered for every success.

Muster the courage to disclose
it. Don't hide behind your
mentor, family, or the pit-bull.
Advise everyone that has a right
to know.

In time, people will respect you.
The, mere, fact that you stood-up,
and chose to face the people who
trusted you, speaks about character.

Tie-up the end of business, and move
on.

Take some time to relax, do activities
you didn't have time for. Read the
book you've been trying to for three
years, visit family members, or
start an exercise routine.

Later, when you're ready, analyze
why the business failed. Was it
poor business decisions, on whose
part? Were your finances managed
by properly? What part, if any,
did you play in the failed business?

You must be honest with yourself.
If you don't find the true causes
of why the business failed, correct
them, you will continue to make the
same mistakes.

A failed business requires you be
fair with all concerned, move on
with your life, and find out why
it happened. At some future time,
build a new business.