6 Unique Ways to Overcome Business Loss

“Success consists of going from failure to failure without loss of enthusiasm”. -    Winston Churchill (Former Prime Minister of the United Kingdom)

You started with a dream to start your own business. You had some specific goals and objectives to achieve. You wanted to establish the brand name of your company which you might have succeeded in. Today, there are many Entrepreneurs who stop their company because it is running in loss.

                 We all are familiar with the proverb; “try and try till you succeed”. Then why don’t we apply its meaning in our lives? Why do we lose hopes? Why can’t we keep an optimistic approach in life? Well, the answer to all these questions is FEAR. Yes. The human race is subjected to fear in all things. We fear the future and as a result of this we ruin our present.

Same implies in business. When you started your Entrepreneurial Journey, you might have faced many hurdles and obstacles in your way. Many people might have discouraged you and underestimated your potentials. Did you stop at this? Did you think they are right? No. Instead, you took the decision to prove all of them wrong. You wanted the world to praise your Entrepreneurship skills. Then why do you quit when you incur heavy losses in business?

Business is not as complicated as people tend to showcase it as. Belief in yourself, hard work, love your work, leadership, focus, knowledge, patience and an optimistic mind are among the key elements that contribute in the success of the business. Grand success comes only after great Failures. You will not know the significance of success if you haven’t experienced failure.

There are many reasons for a business to fail/incur loss:

• Poor communication strategy
• You are not able to reach out to your target audience in the appropriate manner
• There is scope of improvement in your product or services
• Your team is not working effectively or you need to recruit more talented and skillful people in your company
• You are not taking calculated risks
• You need to formulate a new marketing strategy for your business

You are not taking your competitors seriously etc.

Turning your business loss into profit is not impossible. Everything can be achieved if you have faith in yourself.

Ways to overcome business loss:

1.     Be optimistic: you can conquer the entire world with positive thinking. Keep telling yourself “NOTHING IS IMPOSSIBLE”.

2.     Nothing is constant in life: It is the golden rule of life. Everything goes through a change. In life, there are good and bad both days. There is no one who hasn’t faced a problem in life.

3.     Turn loss into positive loss: confused? It is very simple. Every failure that we face has some lesson hidden behind it. We should have the ability to identify it and make the most of it.

4.     Failure brings you closer to success: it is said that when one fails to achieve something, he is coming one step closer to his goal. Read the story of any successful Entrepreneur, you will find all of them had failed to attain their objectives initially. But they did not stop there. They turned it into a lesson and converted it to success.

5.     Don’t waste time worrying: “worry is like an armchair. It gives you something to do for the time being, but it gets you nowhere”. Firstly, you are facing heavy loss. Instead of doing something about it, you sit down worrying. Avoid this. Use that time for doing something about the loss. Think of ways unexplored and how you can achieve success.

6.     Motivate your employees: your team matters the most in order to succeed. If your team loses interest in the job, it will worsen the situation. Employees always inspire their boss. If you will have a tensed face, it will make the employees more nervous and insecure. Rather, have a smile on your face and hold your head high. Assure them the power of team work. Make them know how important their contribution is.

Institute of Future Education, Entrepreneurship and Leadership (iFEEL) is a residential Business School, established by the Global Education Trust in 2009. It is situated on five acres of lush green land at Lonavala. It is an AICTE affiliated residential business school that provides 2 years full time PGDM program.

Entrepreneurship Excellence Program (EEP) / Family Managed Business of iFEEL is a unique program which is designed keeping in mind knowledge, skills and the best global practices required to run businesses successfully in today’s time. Practical knowledge and tips from real life entrepreneurs help participants sail through ups and downs of business.

It has a 3 pronged structure; start, grow and turnaround. Contact iFEEL today and turnaround your business forever!!

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