How do you cope with failed business or bankruptcy?

[Highflyer]

10 things you should do to save a failing business

1. Change your mindset. ...
2. Perform a SWOT analysis. ...
3. Understand your target market and ideal client. ...
4. Set SMART objectives and create a plan. ...
5. Reduce costs and prioritize what you pay. ...
6. Manage your cash flow. ...
7. Talk to creditors, don't ignore them. ...
8. Organize your business.

 

[Abibatabosede]

Failure is one of the risk of business which one needs to prepare for. It widened your horizons by learning something new from your mistake and correcting it by using a different approach to putting back the business.

 

[Cybersec]

I think it is best to unwind, just as you have said you took a vacation. It is a terrible feeling when one lose a job or business due to different circumstances. It best to take some alone time from it all and then begin to focus your energy on the next chapter of the story.

 

[Jonaville1]

Sorry about your business. It is not always easy managing one with a bad partner. But it seems its all a blessing in disguise, as you are now working in a bank. If ever you are interested in venturing into a business again, I'm sure you will know what to do now. It is all part of experience.

 

[Kiwi]

You can’t control everything in your work environment, but that doesn’t mean you’re powerless even when you’re stuck in a difficult situation. It is a terrible feeling when one lose a job or business due to different circumstances. It best to take some alone time from it all and then begin to focus your energy on the next chapter of the story.

 

[Seun4luv]

Adopt a Forward-Thinking Attitude. Conduct Frequent SWOT Analyses of Your business System. Manage Cash Flow Efficiently. Believe In Yourself and Prepare for the (Inevitable) Bad Times. Perseverance, Determination, and a Positive Mindset Reign Supreme.

 

[Rejoice]

Sincerely, it is not easy handling a failure in one's business. Anytime I experience losses that are too much, I reduce the way I reinvest and then come up with better successful strategies so that I can start all over again.

 

[Ifective]

It is very important that one venture into a business that one can handle well to avoid failure. However, no matter how experienced you are, your business might still fail due to external factors. Therefore, coping with failure in business or bankruptcy is done by starting all over. Keep persevering. Failure is a lesson to do things right the next time

 

[Ehizzy1]

Its not always easy because i have been into such situation before and what i actually do is that i have to first take steps in changing the plans i have for the business, and also starting new models and ways so that i can make more money from the business , i guess this are some of the methods i actually use for the business i think

 

[Kane]

When a business fails, you can do two things: one, close the business and liquidify the asset, which will stop you from making further losses. Two, inject more money by seeking a new investor. By doing this you will have chances of growing the business

 

[Ibrahim1]

That's good getting another job but it's not a good idea forgetting the first one you doing, but if I were you I will divide my salary into two because I won't just let my first business go just that way then use half of my salary to take care of my business then the remaining half will also be divided into two again, I will use half for my family and the other half will just be kept Incase anything happen along the line but will be the only one, maybe with my wife or any of my children who love that kind of business will also join me to run it this time around

 

[Marfav]

Sometimes bankruptcy is not the end of your financial struggles but it does allow you to start over. While bankruptcy will help put an end to the debt problems of your business, that does not mean will end your financial struggles. Being bankrupt isn't the finish of your issues.. There are so many things to do right after the bankruptcy proceedings. You need to be aware of these tasks because it will help you cope with the after effects of this financial situation. The incredible thing about experiencing bankruptcy is it can give you a new beginning.

 

[Shahzad Ahmad]

It is your business not a job . Failure is a part of business. It teaches new idea and make business strong after some time. You should not leave business while bankruptcy existed. You should continue your business despite of fail. We know many business man failed initially but they became successful with the passage of time. So keep it mind, continue your work on it properly.

 

[Rimsha kanwal]

So sad! This hasn’t happened to me before but I have people go through this a lot. My best friend’ Business closed due to bankruptcy. He lost his collateral and had to start over. Though at first he was always depressed and turning to an alcoholic but with time he moved on. He went for therapies and fortunately for him he was able to get another loan to start up and he’s doing fine no work

It's a shock to the system when failure happens, but I learned it's not the end of the world. If anything, it's a launching point for even greater success. Several years ago, I had just gotten married and was riding the wave of the sale of my startup. Little did I know that the wave had already reached its crest. I literally went from millions in the bank to broke in a matter of days. It rocked me to my core, nothing in my life till that point had hurt so bad.

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If my business fail Totaly I'll simply go for a job and start earning money by giving extra time to my job, then after saving enough money I'll again try to stabilize my business with that saved money. Then with my backup plan I'll start hard working for successful business.

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It is your business not a job . Failure is a part of business. It teaches new idea and make business strong after some time. You should not leave business while bankruptcy existed. You should continue your business despite of fail. We know many business man failed initially but they became successful with the passage of time. So keep it mind, continue your work on it properly.

Not everything in life and business goes exactly as planned. That's because outside forces are constantly at work, creating situations and choices that lead us toward success or most often putting roadblocks in the way. Sometimes, even internal forces sabotage what we are capable of achieving.

 

[Quert]

Try develop a financial plan, at some point during the process its important that you develop a financial plan , create a budget and set a financial goal for the future. It will give you a fresh start without the pressure of creditors, and should it be put in a place where it could give you a stable life after bankruptcy.

 

[WhiteHouse]

Set aside some effort to recuperate inwardly. Business disappointment is frequently sad, and you won't get over it in a day. So in the event that you have quite recently missed out on a major thought, fizzled on your item dispatch, been terminated by a major customer, or declared financial insolvency, realize that you won't feel brilliant and merry for some time. Attempt to be content with your little triumphs as you attempt to get up from a tremendous disappointment.

 

[Sarfraz Ali123]

The most common reasons small businesses fail include a lack of capital or funding, retaining an inadequate management team, a faulty infrastructure or business model, and unsuccessful marketing initiatives.

 

[Axad. Mrb]

My business was closed due to other reasons not exactly bankruptcy, it was not earning good anymore. I had to take a vacation to forget everything. My friends said that it may be traumatic to lose a business due to a bad business partner. To ease the pain my wife gave me a cassette tape recorder to play with. Fortunately, that recorder taught me how to write songs and it made me feel better. After some time I applied for a job in the bank and I was employed again and could have a new start forgetting the traumatic events.

Not everything in life and business goes exactly as planned. That's because outside forces are constantly at work, creating situations and choices that lead us toward success or most often putting roadblocks in the way. Sometimes, even internal forces sabotage what we are capable of achieving.
It's a shock to the system when failure happens, but I learned it's not the end of the world. If anything, it's a launching point for even greater success. Several years ago, I had just gotten married and was riding the wave of the sale of my startup. Little did I know that the wave had already reached its crest. I literally went from millions in the bank to broke in a matter of days. It rocked me to my core, nothing in my life till that point had hurt so bad.

 

[Zevin]

When your business fails or is on the verge of bankruptcy, you can either shut it down completely or try to bring new investors. If your business collapsed due to mismanagement, having new investors can help your business regrow. However, if the business failed because the idea was wrong, there is no option other than liquidating it.

 

[Smithkid]

Whenever situations like this happen, the business owner needs to motivate and encourage himself. He should not feel like a failure. He should not be downhearted but rather meet those with such experience before and seek advice from them.