Why It’s Important to Learn from Failed Strategies in Business
Failure isn’t an easy thing for most people to accept. While we all fail at things in life, not everyone bounces back from failure the same. Therefore, in order to move your business forward, you must learn from failed strategies.
What is Failure?
Failure is defined as the inability to meet an expectation or a lack of success. While many read too much into failure, if you take the opportunity to learn from that failure, success is usually right around the corner.
3 Lessons You Should Learn from Failed Business Strategies:
Accept help
Plan
Reassess
Why You Should Accept Help & Take Advice from Others
No matter how long you’ve been in the healthcare business, there is always something new to learn. Seeking guidance from others, asking questions, and having people you trust who can help you when you need it and offer sound advice is crucial to your success.
While you may know everything about the healthcare aspect of your business, those who have failed in the past have learned that it takes a village. Your village can include an accountant who will help assess your financial state, a lawyer to help with logistics, and a healthcare business coach who can help you work smarter, not harder, and plan your exit strategy.
Plan for Every Outcome, Failure, or Success in Business
Those who have had failed business strategies in the past have spent time reassessing the lessons they can learn. While knowing how everything will play out as you run your wellness business is impossible, most have learned that preparing themselves for best- and worst-case scenarios is crucial to their long-term success.
You must make sure that your business is equipped to handle failure. For example, do you have an emergency fund or a cash reserve? A backup marketing strategy? A way to increase traffic and implement updated strategies when change is needed? As a healthcare business coach, I can help you prepare for the worst, learn how to cut back on business costs when necessary, and ensure you know how to evaluate the profitability of your business.
Reassess Your Business Strategies Consistently
Another major lesson learned due to failed strategies was that healthcare business owners should reassess their business strategies on a consistent basis. The healthcare business changes daily, and it is crucial to stay on top of your business strategies and, more importantly, be willing to change them whenever necessary.
This is also beneficial when things you planned may not have worked as expected. Whether that is scaling back, adding a new revenue stream, or an accidental splurge. By keeping track of everything, you can identify what’s working and what isn’t anymore. There is always room to bounce back.
Every successful wellness business owner has experienced and learned from failure. When someone learns from failure, they develop the mindset that allows them to push forward. Even from a young age, we are pushing ourselves forward. Think of a little kid who learns how to ride a bike, a teenager who learns how to drive, or a boxer getting knocked down in the ring.
Business is no different; what we choose to learn from our failures will set us apart from the competition.
-Dr. Jennifer Bonde