Did you make an expensive mistake in 2014? Did you experience a setback in business or in a personal relationship? At some point, we all face rejection or failure and that's okay because at least we tried.
Now is a great time to bounce back while you still have most of 2015 ahead of you. I've reached out to people who have been there to get you some great advice for how to turn things around with your business, career or home life.
* The first step is acknowledging your situation. This is not an easy step. It's really easy to wear blinders and believe everything is okay.
* The next step requires searching for the root cause of what went wrong. “It’s usually not what people think it is,” said David Harkleroad of Chief Outsiders, a consultant to CEOs of small and mid-sized businesses. Usually, listening carefully to customers, team members and trusted advisors reveals a clue for how to course correct: “It requires listening to understand, not listening to respond.”
* Hone your network. If your business or strategy fails, your business relationships will become crucial. Your network should include mentors, future employers or team leaders who will give you a job, point you down the right path or give you the support to build back your confidence.
Kenneth Rader and his twin brother Josh Rader founded The Cereal Bowl in 2006. The fledgling novelty concept selling dozens of cereals for about $4 a bowl was unable to survive the 2009 recession when credit tightened and disposable income became scarce. But when the business shuttered, the Raders bounced back by using existing connections and applying learned skills in a new way. “Walking away was hard to do, but we made good relationships and gained mentors,” Kenneth says.
* Learn from your mistakes. Kenneth says running a business, particularly one that failed has given him invaluable business knowledge. “Mitigating risk is an important skill that we learned and use even in our current jobs.” Adds Josh: “You get that ability with failure to look back and see what we should have done, learn from it and move forward.”