Whether you’re new to the lower middle market or a seasoned veteran of small business, it’s likely some sort of professional misstep, if not multiple slips. There are ways to come back from a business failure, and in small business, it can feel much more drastic than it truly is. There are some things to keep in mind to help through the tougher times.
Keep your skills sharp
No matter your level of experience or expertise, it is crucial to continue to expand your skill set, especially as technology continues to evolve the workplace. Professionals that find themselves in a position after a failure in their business to stay up to date on trainings and development opportunities offered inside and outside their company and to prioritize growing and moving outside of their comfort zone.
Find a “career champion.”
There is a difference between a mentor and a career champion. While mentors provide us with support and learning opportunities, a career champion is someone within your company that can help you navigate the organization and advocate for you when you face a professional set-back. Those looking to rise up from a set-back ought to be flexible too. Being nimble and flexible is key to professional growth. The corporate ladder has morphed into the corporate lattice, which means that increasingly, careers can be multidirectional instead of focused solely on upward growth. To keep pace with business’ rapid rate of change, employees should think about their career as a multidirectional journey instead of a straight line and continually seek opportunities for growth and development.
Focus on your strengths
During a professional setback, it is too easy for us to focus on improving our weaknesses instead of highlighting our strengths. Reflect back on roles you had with previous employers that you felt you excelled in, delivered value to the organization and you were passionate about and use those themes to create your knowledge, skills and abilities going forward. Failures can be celebrated if the time is taken to understand and channel them in terms of ‘what’s next.’ Being able to take a failure of any nature and learn what you might do different and why is courageous and requires patience. The skills to manage through failure can be very valuable in an ever-changing world and can help our teams lead through ongoing complexity and vagueness. Be careful before you segment ‘failure’ in the trash bin. Continue to develop, promote and network. You’re a product and as such you need to continuously market yourself.
If the misstep or failure was something you never saw coming, or maybe a lesson you still don’t fully understand, SA Capital Partners is available for you to assist in figuring out what went wrong and how to adjust your methods in the future to avoid these mistakes again. Corporate advising is something our team feels very strongly about, and that’s why we have years of experience with business owners and entrepreneurs just like you. Reach out to us with questions and inquiries, and we’re confident we can help you to avoid these issues again.
About SA Capital Partners:
SA Capital Partners is an innovative financial services firm that specializes in mergers & acquisitions advisory and capital raising for lower middle market businesses. We aspire to give all the tools necessary to complete any transaction. SA Capital Partner’s financial services industry specialists provide comprehensive, integrated solutions to banking transactions. Our breadth of services and industry knowledge allow us to understand each client’s unique business needs. Our goal is to make all financial services available to every small business.