Running a business isn’t easy. Every decision carries a risk, and not every move will work out the way you hoped. But here’s the truth: many seasoned business owners have come to accept that failure is part of the job, and often, it’s where the biggest growth happens.
At our recent TAB Member Event in York, we held a panel called ‘My Favourite Failures’, featuring TAB members Claire Sutherley, Graham Bell, Garry Davies and Tina Keeble. These are four leaders from very different businesses who opened up about the setbacks they’ve faced and the lessons they’ve learnt from them.
It was honest, raw, and surprisingly uplifting.
Why failure feels personal (but isn’t permanent)
As a business owner, it’s hard not to take failure personally. When something goes wrong, especially if you made the final call, it can knock your confidence. That’s something every one of our panellists touched on.
But what became clear is that failure often teaches us more than success. It forces us to re-evaluate, to slow down and ask the questions we might have skipped in the rush of growth. And perhaps most importantly, it reminds us that our instincts are often right if we’re brave enough to follow them.
“Face the fear and deal with it early. It’s often not as bad as you think it’s going to be.”
Whether it was a hiring mistake, a misjudged partnership, or trusting someone they shouldn’t have, each of our panellists had a moment where they had to face up to something difficult. And every one of them came out stronger.
As Mags Fuller, FD of TAB (UK), put it:
“Failure or just life is often the catalyst for positive change.”
It’s a simple truth, but an important one. The bumps in the road are often what push us to rethink, refocus, and realign.
Trust your gut, but ask the right questions
Several panellists talked about decisions they regretted, usually because they didn’t listen to their gut. There’s wisdom in intuition, especially when it’s backed by experience. But instinct should never replace due diligence.
When it comes to hiring, for instance, a good CV or a confident interview isn’t enough. One panellist shared how costly it was to bring in someone who didn’t align with their company culture. It was a hard lesson, but one that changed the way they approached recruitment for the better.
You don’t have to go it alone
Another recurring theme from the panel was this: “I wish I’d found TAB sooner.”
When you’re leading a business, it’s easy to feel like you have to have all the answers. But the reality is, nobody builds a business entirely on their own.
Trying to manage everything alone rarely works. And often, the people closest to you—whether in your personal life or in the business aren’t always the best people to ask for support. You need fresh perspective, honest challenge, and advice that comes without bias.
That’s the power of being part of a peer board. It’s a space where business owners can admit they don’t know everything, ask for help, and learn from each other’s mistakes before making them themselves.
There’s huge relief in realising you don’t need to have it all figured out on your own.
Learning to let go
Sometimes, the hardest decision is the right one. Ending a relationship, closing a department, walking away from something you’ve invested time and money into… It’s never easy. But one of the most powerful takeaways from our session was this:
“Making a hard decision can feel like a massive weight has been lifted.”
Clarity often follows courage. And with support around you, it becomes easier to face those decisions head-on, knowing you’re not alone.
Final Thoughts
Failure doesn’t mean you’re not cut out for business. It means you’re in business.
Every successful business owner has a catalogue of things that didn’t go to plan. What sets them apart is how they responded by learning, adjusting, and moving forward.
At The Alternative Board, we don’t pretend to have all the answers. However, we do know the value of real conversations, honest reflections, and learning from others who have been there too.
If you’re the kind of person who wants to make a difference and help other business owners grow through the highs and lows, we’d love to talk to you about becoming a TAB facilitator.
Because failure isn’t the end, it’s often the very beginning.
