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Failure is a part of life, but it doesn't have to define you. In today's episode of the Financial and Lifestyle Freedom podcast, I'm going to show you how to bounce back from failure and turn it into an opportunity for success.

Hey there, my name is Annette Ferguson and I am CEO of Annette and Co, a UK based accounting firm. I am a chartered accountant certified  Profit First professional and small business growth strategist.

You know what, I know what it's like to fail. In fact, I have failed more times than I can count. But through those failures, I have learned how to pick myself up and bounce back stronger than ever. 

Top Tips on How to Bounce Back from Failures

And today, I'm going to share with you my top tips on how to do the same. So stay tuned because failure doesn't have to be the end of the world. 

1. Don't take it personally.

Failing in business doesn't feel particularly good, especially if you've put a lot into it. And that doesn't matter whether those failures are small ones or massive, great, huge ones. It's important to remember that taking risks often comes with failure and disappointment.

The key is not to take it too personally when failure strikes, instead, taking a few deep breaths and looking at the situation objectively, and trying to find out what went wrong, so that you can bounce back in the future.

While no one plans to fail, we can always come out of it stronger than we did before. Don't let failure stand in your way, use it as a valuable learning experience. 

2. Analyze what went wrong

Analyze what went wrong. As entrepreneurs, failure is simply a part of the journey. It's not easy to take a step back and analyze what went wrong after experiencing a setback in business. But it is necessary if you want to learn from it and to bounce back.

First, assess the cause of the failure by evaluating your processes, resources and execution strategies. Being objective and honest with yourself here is key as you can't get better unless you understand where you've gone wrong. 

3. Learning from those mistakes

There is an important lesson to learn in every single setback. Don't just gloss over your failures, sweeping them under the carpet hoping that you can forget about them. Use them as a way to understand yourself better and grow from the experience.

Taking time to reflect on what went wrong and how you could improve your strategy next time, will ensure that you are well equipped for new opportunities in the future. It is also helpful to take this opportunity to network and build relationships with experienced professionals.

You can get support for a variety of insights and you can get clarity so that you can plan more effectively next time. Learning from mistakes takes authenticity, courage, resilience and strengths which every successful entrepreneur must possess. 

4. Take action and move on

Once you've identified the fault lines, create an action plan to improve on them going forward and setting yourself up for future successes. Despite failure being daunting, and sometimes deflating. It can be a great learning and growth opportunity. Just as humans need lessons along our paths, so do businesses as well. 

5. Don't Give Up

Successful businesses tend to make mistakes and embrace them as opportunities for growth. Don't consider failure a dead-end, instead look at it as a launchpad for something different.

Many prominent companies have come out of defeats, possibly even significantly greater than yours and emerged victorious. The only way to get there is not to give up and keep trying until you have found your success.

Your business might have taken a stumble, but that doesn't mean you have to reach the end of the road. So don't despair. All you need is a bit of perseverance. 

6. Surround yourself with positive people

One of the most powerful tools you can use to help you bounce back from failure is ensuring your inner circle consists of positive people who know how to encourage you and cheerlead with passion. Choose wisely.

Getting the wrong kind of support won't just hinder your ambition, but it could lead to more setbacks. Make sure that people that surround you are offering optimistic guidance, the right attitude and tangible advice needed to put yourself back on track towards achieving success. 

7. Stay Motivated

Number seven, stay motivated. You wish to bounce back from failure in business? Don't get discouraged. If there's anything to be taken away from a difficult experience, it's that you're resilient, and have it within you to persevere with your mission.

Take what worked and learn what didn't for the better results to arrive next time. It's very important to stay motivated. Even the smallest improvements in the right direction will make all the difference in the end.

Consider speaking to those in your professional network who have been through similar experiences and benefit from sound advice and encouragement based on their experiences. Above all, remember that letting failure get you down is no way to succeed.  

8. Believe in yourself

Believe in yourself and that you can bounce back from failures in business. When times are tough, having self belief can be the difference between throwing in the towel and striving.

Believe that you are capable of persistently pushing through challenging situations, despite stumbling blocks and that you will eventually succeed. Remind yourself of your strengths, and think practically, about achieving the goals that can help you move your business forward.

With an unswerving level of confidence, no obstacle will become too large to tackle. Because like we said, after all, failure is part of small business, but it doesn't have to be its end. By learning from your mistakes, getting creative with solutions and being adaptable, you can bounce back from failures and put your small business on the path to success. 

Final Thoughts

Thank you so much for tuning in today to the Financial and Lifestyle Freedom Podcast. If you got value from this episode, I would love if you want to subscribe to this podcast in whichever player you happen to be listening in. It would also mean a massive amount to me if you were to leave us a review, again, in whichever podcast player you happen to be listening.

Reviews are the best way for other business owners to find our podcast and benefit from it, too. So please do leave us a review and subscribe and until next time, see you then.