It would be unjust to deny the fact that to start a business takes much of a deal and to sustain one despite losses takes even bigger than that. Whenever one put a stake in the business, it is likely to go in both ways. It could either turn into a fortune or may drag one into an abyss of financial crises, which sometimes may make someone go into irreparable loss in the form of finance, stress, and health as well.
But is it always a loss when it seems like a loss?
The answer to this may drag one to come up with many other questions in mind, but more often those who sustain financial losses and don’t give up are the ones who come to know better lesson, develop clear judgment and end up in having experience which is likely to catapult them into prudent approach regarding business that was requisite to make them able to turn the tables and make their business profitable. We spoke to Lina Kennedy, owner of Alexandria Professional and creator of Comforté, an all natural period cramps relief product and she spoke in depth on how to turn a sinking ship around, as she’s very familiar with the business journey.
Then what exactly matters when one goes through the negative end of the business?
Although, the means of finance varies for businessmen and so do their bearing strength to have a loss. But behavioral scientists have concluded that beyond both the means and bearing capability, the reaction to loss is what matters the most. The approach may not turn the table at once but gives enough mental endurance to withstand the negative curve of the time right after which positive curve is about to meet more often unless one gives up far earlier to have it seen.
A study across the successful businessmen lead the researchers to the conclusion that most successful were never those who didn’t have a loss to face but who faced that with solid footing and perseverance at their ends.
What must be done to keep business afloat during a financial crisis?
While dealing business in desperate times may need desperate measures but that does require to accept what has happened and settle down with the fact to move on and devise recovery plan which must entail the strategy to tackle the difficulty with wits. One must get itself ready to exhaust its means or get indebted by collecting the balance from clients to keep business afloat and yield better gains. There may have cuts in the plan where you might get the assets of the company let go to aid the plummeting resources necessary to keep business running. Sometimes, you might have to become more flexible with your rules over business policy to get temporary relief and keep the business intact.
What to gain after all?
The error bigger than the error itself is to consistently repeat it over again, certainly implies that when something is wrong there lies the need to change the course to get it correct and the course of changing it often becomes the cause to change the lives too. There is a cliché that what didn’t kill you makes you stronger and so is what happens even in business crises as well that at the end of the day remains what one had to gain anyway irrespective to the price paid.