What do you do if your small business is struggling and you want to learn from your failures?

I'm a firm believer in the idea that you never really "fail" - you either win, or you learn (which is a win in and of itself). As business owners, we are always pushing to get the results we want, but it's important to remember that even if something doesn't pan out the way we initially planned for, that this is a GOOD thing because it presents an opportunity to explore and pursue a path that could lead to an even better outcome.

Yes, seek feedback. A few caveats here however, ensure the person you seek out does not stand to gain personally or financially from the advice and action they give and you may implement. I have been using "feedback is a gift" as one of my chosen business mantras I share with my small business training. Both to cultivate an environment where feedback is valued and to give permision for clients and customers to give us their feedback especially if its what we need to hear. I do this by reframing the question to "What one thing could improve your customer experience?" As well, customers who contribute to your buisness this way, by providing critical (not negative) feeback feel they have a stake in your success.

Get into your numbers! Conduct a thorough financial review to address challenges in your small business. Analyze cash flow, expenses, and revenue streams. Identify areas for cost reduction and opportunities for income diversification. Strategic decisions, like renegotiating with suppliers or adjusting pricing, can stabilize and foster growth in your business! The numbers in your business are only scary if you never makes sense of them!

Many small businesses struggle because they refuse to look at, or don't understand, their finances. Often there are some things you can do to help your financial situation quickly. For example, many business owners fall behind in sending out invoices or reaching out if a customer hasn't paid an invoice. I once had a client who realized she had $40,000 owed to her that she could collect if she could make herself send out invoices.

All of the above is good advice. I would add: 1. Sure up cashflow immediately. Buy time to implement all that is recommended in this article. 2. Remember the power of many small, incremental changes. Learn the 80/20 rule and don't look for one massive silver bullet. It is likely to be 5 or 6 small changes that achieve disproportionately high yields. 3. Don't be stingy spending money on top legal, finance and accounting professionals. Your bank will see this very positively. 4. Above all, don't panic. You've identified there are problems - so you are already half way there to fixing them.