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How To Handle Losses In Businesses In Nigeria

by Olusegun Egbeyinka

Are you a new business owner? If yes you might experience some losses one way or the other. This is not to make you discouraged but to strengthen and enlighten you on how to handle losses in your business. Yes, I know it can be painful after such loss because pain, which is what accompanies moments of loss, can be a powerful motivator for future success. In the same manner, it can become something one gets trapped into which, unfortunately, can cause a lifetime of suffering. In order to avoid a lifetime of suffering from business loss, take the pain as a push towards pleasure and more success.
The following are the steps you should take to handle losses in your business.

1. Communication
We are mostly surrounded by colleagues, friends, and family. You can get someone who is a great listener because a great listener is what you need most. Business coaches are more preferable because they know how to effectively listen. It is mandatory to have a business coach. Get one if you don’t have one yet!

Communication is one of the important things to do when faced with this. Communicate as much as you need to communicate about it. The listener must acknowledge your perspective i.e acknowledge how you see it. Make sure you keep talking about it until you feel good and have what you need from it to help your future.

2. Write down what you learned from the experience as firm policy to help create your future successes.

3. What business owner do you know that hasn’t at one time or another, felt the disappointment or something not going as intended? Make it your life’s firm policy to not agree with getting stuck in any losses. Most business owners have experienced some of these devastating losses and learning from those losses and moving onward is what defines their greatness.

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These steps above will make it better for you to handle the losses you make in your business. Don’t be devastated, stay strong and keep going no matter what happens and win, even when you lose, and you will win a lot more in life!

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