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How to Get Through a Collapse of Your Business

Estimated reading time: 2 mins

Business failure is something that affects different people in different ways, but whatever you’re feeling right now, it’s important to deal with this situation properly. You can make things even harder for yourself and the people around you working for the company if you handle its closure in a messy and incoherent kind of way. So rather than letting that happen, you need to be smart and get through this one step at a time. Read on to learn more about how you can do that.

Conduct Yourself With Integrity Until the Very End

It’s important to be upstanding and retain your integrity even when things are falling apart for your business. If you start acting irrationally or taking things out on other people, you will only damage your own reputation and your ability to bounce back later. Clearly, that’s not what you want, so try to be aware of how you’re conducting yourself and how it might be perceived by others.

Do Things Properly and by the Book

There are many things that you have to get done when making your business insolvent. It’s up to you how you approach this, but it’s important that you don’t break any rules that could make a bad situation even worse for you. It’s a mistake that many people make without even realising what they’re doing. Get business insolvency advice and listen to what the professionals are saying. It’s best for everyone that way.

Talk About Your Feelings

Talking about what you’re going through and what you’re feeling is never a bad thing when you find yourself in these kinds of situations. Rather than simply bottling up and expecting things to take care of themselves, you should talk to someone close to you and open up about those feelings. It’s much healthier to do that and it might even make you feel a little better.

Don’t Let One Failure Get You Down

Sure, this failure is going to be difficult for you to swallow. There’s no doubting that fact. However, you don’t need to let one failure completely knock you off track in your career. There will be other chances that come your way, and your career certainly isn’t over just because this one particular project didn’t go the way you wanted it to.

Find a New Opportunity as Soon as Possible

As soon as the process of winding down the business has been completed, you should try to start looking for new opportunities so that you can get back out there. Wallowing in your own misery won’t solve anything and it certainly won’t help you, so why do it? The sooner you get back on your feet, the better.

There’s no doubt about it; dealing with the failure and ultimate collapse of your business is not easy and it never will be. But that doesn’t mean that you have to be tarnished forever by what’s happened with this business. Of course, you need to learn from your mistakes, but then you need to get back on the horse.

 
This post is part 16 of 16 in the series Coping with Defeat

About the author /


Simon is a creative and passionate business leader dedicated to having fun in the pursuit of high performance and personal development. He is co-founder of Applied Change, a Business Change consultancy based in the UK. Simon is also an Ambassador for Gloucestershire business. Simon is an Associate Member of the Chartered Institute of Professional Development.

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