Why Business Failure Is Powerful
When you’re doing well, it’s a lovely feeling. It’s proof that you’re hungry and that everything you believe in comes to fruition. Similarly, failure can become a powerful thing.
As a business we experienced the lows last year (and accept full responsibility for it), where a relationship with a lucrative customer (over a period of two years) turned sour. Invoices were not getting paid, the amount of risk was growing and communication came to a complete standstill. The end result was huge solicitors bills and the customer went into liquidation. We didn’t receive a penny for what was outstanding (and still had a host of suppliers to pay). Things were pretty bleak for The ID Group back in 2011.
The lesson learnt, we rested on our laurels, thinking that the successes and ongoing work was enough to keep us competitive and on top. We lost our edge and the unwillingness to adapt and change became a costly lesson, but one that we can now look back on.
A massive lesson learnt affects how you move on and adapt. A by-product of failure is to accept responsibility and the impetus to innovate and be smart at serving your market intelligently. If businesses don’t adapt and commit to initiatives to develop, they fail, it is that simple.
There are times for every business when things ‘get tough’, but in the words of Winston Churchil ‘never, never, never give up.’ If you never assume you’ve won, it keeps your feet on the floor, keep true to what you believe in and a clear focus for the direction you’re steering your business.