Business Failure Can Lead to Success!

Business Failure Can Lead to Success!
August 3, 2015 North Jersey Marketing

Ask Lourdes

Volume 2 Issue 9

Business Failure Can Lead to Success!

By Lourdes Cortez

You can ask any successful person and they’ll tell you that when a business fails it could wind up being the greatest lesson on the road to future success. They learned what caused their business to fail and have found resources to make sure those mistakes are not repeated in their now successful business.

What can you do to become a success in your next venture? Start with asking yourself some basic questions. Do you want to stay in the same industry as before? If not, what other industries could you see yourself working in? What can you do differently the next time around?  What challenges did you have before and what can you to make sure it doesn’t happen again?

Next, look into similar businesses in the industry you want to be in. What sets them apart? What service or product do they offer that really grabs a prospective customer? Then think about how your new business could make what you offer new and different.

Dig down for additional information from valid resources. The internet is a great place to do research. Read articles from well-known general business sites and those that focus on your industry. Find out what is being predicted in the near and long term.  This can give you an idea if you are on track in founding a new business.

Now you should explore where you want to have your business. Do you need office space, a manufacturing plant or will a website alone be where you want your business to live? Or, do you need a combination of a bricks and mortar space as well as a website?

Perhaps having a business partner could help you to achieve success. Before going into business with anyone you need to have them vetted. A potential business partner needs to make all their financial information available to you. And you should expect that they too will want to know all about your finances. It is also very important make sure you and your partner can work together and share mutual goals.

Make sure technology plays a part in your new business. There are great off the shelf programs along with

internet based tools that can handle your bookkeeping, track inventory, and allow you over time to see trends within your own new business.  Take a look at your credit rating. A failed business usually does hurt it, but a new venture is the time to start building your credit rating back up. You can do this by making sure your new business is profitable and that you pay all your bills on time.  This will help in getting loans in the future! Customer complaints are never fun to get. However, the ones you got from your old business can give you great feedback about what you need to change in your new business. Now you have a chance to make sure your new customers are more than pleased with the products or services you will provide. Sometimes failure is the greatest success you can have. This is because it does teach you, if you choose to learn, what not to do next time. And, lets you build on the strengths you did have in your last business. Lastly, the willingness to try and try again, may be your greatest strength in your new venture.

Lourdes Cortez, President/CEO of North Jersey Federal Credit Union, hails from Paterson. In 1984, she began her career at North Jersey Federal and served in several roles.  In 2004, she was promoted to VP of Operations and soon thereafter became Senior VP and in 2005 was named President and CEO.

In February 2014, Cortez was appointed to the Board of Trustees of William Paterson University in Wayne, NJ. She also serves on the boards of the Workforce Investment Board of Passaic County, and Visions Academy Charter School in Newark, and as President of the Board of the Boys and Girls Club of Paterson and Passaic. Cortez is the chairperson for the North Jersey Federal Credit Union Foundation and assistant treasurer for the Board of Directors of the Executive Women of NJ.  She has volunteered for numerous organizations including La Casa De Don Pedro, the March of Dimes, Eva’s Village in Paterson and the American Cancer Society.

As the first Latina CEO of a credit union in New Jersey, Cortez has been honored by NJ Biz magazine, which named her one of the “Best 50 Women in Business” in New Jersey. Other awards include: the North Jersey Regional Chamber of Commerce, 2010 Star Award in Business, the 2010 Salute to the Policy Makers Award from Executive Women of NJ, the 2012 Women of Achievement Award from the Girl Scouts of Northern New Jersey, the 2014 Woman of Influence award from Commerce and Industry Association of New Jersey, and is a 2014 honoree with the Hispanic Business Council Scholarship Foundation of NJ.