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Benefits of failure in business

Benefits of failure in business

Clear Light Capital Blog - December 20, 2013 - 0 Comments - by

It’s fantastic to taste success and equally important to acknowledge and celebrate the stepping stones to those successes too.

Talk to anyone successful in business and they will tell you that the challenges and tough times are where the learning lies. To welcome success you will need to roll the welcome mat out for failures too.

Over a decade ago we started and ran a café in Buderim called the chopping Block. We realised that the best ingredients list needed to include our mistakes. Trial and error with costings, menus and suppliers meant there were plenty of days we ate our ‘failures’ for dinner (lots of leftovers!). we were focused on finding the next win and that meant constantly recreating our offering throughout the seasons to captivate our clientele and cultivate our bank balance. Over 12 months this approach increased average customer spend by 30 per cent and our customer base by 65 per cent.

By saying no to the fear of failure you are joining a league of business owners and entrepreneurs who have done the same.

“Failures are reality checks” – Gerry Harveyof Harvey Norman

Treat failure as feedback and it will become leverage for the changes for the better. If the first menu in the café didn’t sell, and we had kept it, well you can guess where that would have led.

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