Failure Isn't Fatal

I deal with business folks every day who are facing failure. My advice: Look for the silver lining because it's there. I’ve learned to ask that they consider what they can do now, to face the reality of their dilemma. From my 45 years of experience in debt management, it has been proven to me that if one reacts positively when challenged it will serve to turn failure into satisfaction. Yes, lemon into lemonade. Rather than run and hide if failing, take forceful steps to meet and satisfy both yourself and your creditors.

Entrepreneur's article by Robert Jones, Failure Isn’t Fatal, grabbed me. It's emphasis is how, when failing, one can and ought to perform with integrity. Jones says creditors should be notified and paid back as much as possible. Realize that you were not the only one taking a risk in your business. So were your suppliers. Your integrity in providing some return to your creditors serves to garner their future confidence in you. Debt settlement is far more acceptable to a creditor than the five cents on the dollar he might get from your bankrupt estate in six months

Besides paying creditors, pay some back to investors. This is so they will be happy to again work with you on your next venture. Recognize too, you may have been the biggest investor. Then, you and other investors are able to retrieve some compensation for future endeavors, rather than having spent such funds for bankruptcy protection. Doing this alone is folly; you can’t fight fire effectively without calling the fire department.

Remember, you are a product of how you react when challenged. React creatively using proven strategies and you’ll obtain a creative outcome. 

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Jim Herst is president of Performance Source Inc., a nationwide strategist organization serving business managers with credit restoration and payment systems in addition to designing cash flow processes.  An anonymous phone call to me will be handled confidentially as together we discuss solutions that can be like a breath of fresh air for you. I don’t need your name, just your story; reach me toll free 800/883-5080.