The Business Recovery Journey in the USA and Canada

We lost 80% of our income overnight because I focused too much on one big client, which was a very bad idea. We told almost all of our workers they were being let go just a few days after the failed contract talks with the big client. We told our landlord we couldn't pay for our spot when we met with him. I called all of my clients and told them what had happened.

Called my lender and investors.

I promised to pay everyone, even the owners, in the end. All of them were very understanding. My landlord paid to build a wall so he could rent out half of my old office and lower my rent. My creditors agreed to reasonable long-term payment plans. For 6 months, my bank let me make payments with only interest. And my investors didn't worry. We started over with a small crew. My bank account only had $100 in it, and I owed $600,000. We advertised to everyone we had done business with before, I gave talks, and one deal at a time, our business grew. We learned how much everything cost and kept track of every dollar that came in and went out. We did not take anything for granted. In just three or four years, we were bigger than ever and making a lot more money. We bought out our owners and paid everyone back. We were under a lot of stress, but we got through it and were more effective than I ever thought possible.You use what you learned from the event and don't let it change your life for the worse. You don't want to be old and feel bad about the risks you never took. The world is full of them. Think about how you can use what you learned in the next deal instead. People who start businesses and spend money don't always get it right. Sometimes they do really bad things before they do well.

Right now I'm working with someone who lost a huge amount of money on a deal. Everyone who had been through it and knew better told him not to do it. I hope that wasn't the case for you. In this case, he should have paid attention to people with a lot of experience who told him from the start that it was a bad move. This is why it's important to learn.

You lose two things if you get hurt.

the money and the knowledge of what to do right and what can go wrong. Not making the loss worse is not a good idea. Always use your mistakes to help you succeed.You can think back on everything you did to start that business and what you learned from it, both the good and the bad. A lot of us graduate from college with fancy degrees but no real-world experience or a sense of what's going on in the real world. Getting your knowledge is like getting a real-life degree that is useful. Introspection is important. Think about what you did well, what you couldn't change, and what you could have done better. While a baby learns to walk, they may fall a few times along the way.

See what happened as growth, even if the results were not what you were hoping for. Your work has to keep going for the progress to count, but you can change your path if you want to. No matter what results are achieved, every extra day spent is a sign of progress. So take a break, think about what you want to do, and then set out on a new path in any way you choose. There's no need to hurry.

If bad thoughts are going through your head let them go.

Long-term goals can't be taken away from you. It's possible that you had a flat tire on this drive. What needs to be done is to fix and keep going without damaging the remaining tires. Keep your personal life separate from who you are as a businessperson or woman. That way, you will have a better view (detachment). Don't push yourself. Right now is the best time to show you love and care.During this time, if you have any bills that you need to pay back, make sure you do so. Even if that means working out a repayment plan with your creditors to make sure they get every penny they are owed.

Now is not the time to hide under the duvet and say, "I want to forget about life.""What have I learned from this experience?" is now the time to answer. Some of the lessons may have been hard. Plus, what can I do to make sure I don't make the same mistake again?

You should also say that this experience was a success in reverse, because now, if there is a next time, you know how to approach any business idea with care and all the facts before you give away even a single dollar of your own money.