I thought about this blog post for a long time.  I’ve a strong believer that it’s the business person’s attitude that goes a long way towards being successful.  My entire work is about helping CEOs, presidents and business owners become more successful.  But every once in a while, because of overwhelming conditions people can have the misfortune of going out of business.

This is a devastating experience that I would hope no one has to face but it does happen.

The first thing you need to do if you realize your business just isn’t going to make it is consult with your attorney and CPA/accountant to get all the necessary information and understand exactly what course of action you will need to take.

The next thing to do is to formulate a personal survival plan as to how you are going to keep yourself and the family fed and housed while going through this life changing event.  This is the time when you will find out exactly who your friends are.  Most people you know, personally and in business, will scatter and they will not be there for you.  In the wake of losing your business, as you put together a plan for survival, you must think about how you are going to provide the necessary income in the months ahead.  Don’t look to others or the government to help you because most of the time the help isn’t there and it’s just wasted energy hoping and wishing.  You need to be proactive to move your personal and business life forward.

But there are two points that I would really like to emphasize.  The first one is:  If your business is a victim of this recession, all is not lost.  You take with you years of experience and understanding.  You may feel depressed.  You may feel down and out.  But it’s not over.  You’ll work your way through the survival process.  Clear away the old debts and old problems whether by bankruptcy or by paying off the debt.  Although you will promise yourself never to put yourself through this again and never go into business again, it’s only a matter of time before you are back in business and back on top.  If you are a business person, it’s who you are.  It’s how you think.  You’ll find the lure of being in business too irresistible to not do it again.  Besides you can’t imagine working for someone else when it’s all said and done.

The second point is:  Do everything you can to get your business back on track if your business is not profitable or breaking even during this recession so you don’t have to experience the devastation that going broke creates.

I have created a free video series exclusively for CEOs, company presidents and business owners entitled, How Your Business Can Survive, And Prosper, In The Recession, that discusses various topics and business strategies on the minds of business people during this recession including How To Get In Action And Get Your Business Back On Track.  You can sign up for the free video series on my blog.