What happens when we fail? We become embarrassed and start getting defensive. We will do everything just to not let our ego slip. Afterall, no one likes failure, right?
WE WILL FAIL
However, as Entrepreneurial Muslims, we should realise that as human beings, we are imperfect and are bound to fail in one way or another. Only Allah is perfect.
Failures are part of Allah’s great plan. They could be a blessing in disguise, preparing us for something much greater in the future. Or they could be an opportunity that was closed for us, only to make room for another opportunity, which is much better for us.
Allah is surely All-Wise.
DON’T BE AFRAID
We should never be afraid of failing. Failure indicates that we are actually moving forward. Instead of crying over it, we should rise up to the occasion, be patient and see this failure as an opportunity to learn and better ourselves.
TURN IT AROUND
Here are 3 important steps you can take to turn your failure into a fruitful and profitable outcome,
1. Turn to your team and discuss what happened in DETAIL. The purpose of this task should be to look for solutions, and NOT blaming others (even if it was their fault).
2. Learn from the experience. How can your company improve and perform better next time?
3. Look into the big mistakes that were made. What caused them and how can you avoid them if they were to occur in the future?
IDENTIFY THE PROBLEM
Every business has a front end which involves branding the big promise and a back end, the execution of the promise - And then you get all the people involved who are the owners and employees.
Failure in business usually occurs when one of these aspects are not optimally performing. Consider these questions when assessing where the problem lies,
1. The brand - Was your promise clear and attractive enough to excite people? Did your target audience see value in it? If not, then what was reason for it? How can you improve your messaging and branding to attract and show value to your prospects?
2. The execution - Did you deliver what was promised? Or did you bite off more than you could chew?
3. The people - How was the performance of the owners and employees? Did they understand their tasks and were they reaching peak performance?
MINIMISE THE RISKS
Here are 3 practical ways to minimise the chances of failure,
1. Constantly and closely measure your revenue and expenses. Use your analysis to review your business plan and to consider exploring new avenues.
2. Get into the habit of asking your audience and existing customers what their goals and struggles are, and always be willing to adapt to their needs.
3. And finally, don’t be so quick to fire employees. They might still have great potential to grow your business. If they fall short, let them know what was expected and train them to perform better, if necessary. Enable them to regain their pride in the company.
Failing once is great, but making the same mistake again and again is plain foolishness. The next time you fail, roll up your sleeves, discuss the failure and show that you care. Doing so can help your business to grow and become stronger, by the will of Allah.
To learn how you can start and grow a business online, feel free to PM us or schedule a FREE call at >>> http://bit.ly/EMCoachingCall
May Allah give you success in everything that you do.
Nabila Sara Ahmed
Fill out a simple application and we will schedule a call with you. You'll get premium coaching for your business from one of our Success Coaches.