3 Ways to Rebound From Financial Mistakes In Your Business
At some point in your career, you’re going to make a few financial mistakes in your business. We’ve all been there, but it doesn’t make the sting hurt any less. The truth is it sucks when you know you’ve made a few financial mistakes you could have avoided.
The good news is financial mistakes are a part of running a business. None of us are perfect and most of us are learning things as we go along. I was recently watching an interview with Tony Robbins where he talked about how he’d made a ton of financial mistakes in business and had been on the verge of bankruptcy several times. I’ve heard many other business people I admire say the same thing time and time again.
Now, if they can make financial mistakes and come back from them then we can too. Here’s how to rebound the next time you find yourself making some financial mistakes in your business.
Find the lesson.
I consider my rebrand to be one of the biggest financial mistakes I’ve ever made in my business. Not because it didn’t work out (it did just like I thought it would), but because bit off way more than I can chew at once.
I’d crunched all the numbers before embarking on this huge project, but what I didn’t do was account for how much time it was going to take out of my schedule. I tried to go about as if everything was business as usual.
I got sick. I was stressed all the time. I was dropping the ball on client work. I was breaking even the first two quarters of 2015.
Now I’m adamant about not taking on too much. In fact, I regularly look for things to get off my plate so I can focus on the important stuff.
Stick to your money practices.
There are several practices that I have in my life as they pertain to money. These help me remain calm and bounce back from financial mistakes in my business.
One of those practices is to work hard at cultivating an abundance mindset. It may look like reading an inspirational book. It may look like meditation. It may even look like practicing gratitude or going to yoga. These things always work in helping me overcome any mistakes.
The point is that I have certain bumpers in place that help me bounce back when I’m feeling stressed about financial mistakes. Take the time to determine what those practices are for you.
Stop feeling sorry for yourself.
One of the reasons I am so fascinated by money is because of how psychological and emotional it is. We tend to give ourselves a really hard time whenever we’ve made financial mistakes. Often times, it’s because we feel like our own self-worth is determined by our finances.
First, nothing could be further from the truth. Second, this attitude doesn’t help you overcome financial mistakes. That’s why I often times have to coach some of my money mindset clients through the act of cutting themselves some slack. It’s only through this compassion that you can clear your eyes and see the opportunity to fix things.
When you stop feeling sorry for yourself, you are also able to get out of your own way and make a plan. I’ve seen it happen time and time again not just in my own life, but in the lives of coaching clients as well.