When is it time to close your business?
Stephan Le Roux (You need to hear the truth)
Serial Entrepreneur | Business Growth & Turnaround Specialist | I Diagnose Stagnation, Drive Scalable Growth, and Rejuvenate Brands with Hard Truths & Bold Strategies
Let me give you the short answer when it’s no longer fun and there is no passion left.
Knowing when to call it quits.
It is difficult to make such a decision, especially when the business is a source of income for people in their families. You started this business and worked long hours and dedicated your life to it, only to realize later that it’s no longer viable.
For most people, following through on their decision is difficult. When you get too emotional about the business and focus more on being right than making money, it’s game over.
We’ve all heard, choose a job you love, and you will never have to work a day in your life. But if you dread Mondays, it might be time to move on.
To accomplish this, you must be extremely disciplined. Understanding how long you can survive at your current rate is crucial. It’s OK to lose money, but losing everything and having nothing left to begin again is not acceptable and it does not make you a failure. It is important to remember that winners know when to stop.
In case you are running a business just to make money, then it is time for you to quit. You won’t win. Having a business is all about being crazy passionate about it and having fun! It is the only way you’re going to win.
The second aspect is money.?
If you can barely keep your head above water after you’ve been in business for a few years and profits dried up because people don’t want the products or services, you sell anymore. Or they’re getting them at a lower price, then you can profitably match. It is time to stop the business. You might need to consider whether it is worth sinking more money into a business that’s not generating the profits needed to survive.
If you have a lot of customers in sales but are losing money. Then there are other factors you should look at before closing the business. Most people quit on their business too soon and don’t allow the time for momentum to grow. We all become emotionally attached to our business, and it's understandable why entrepreneurs don’t find it easy to admit when they might be better off without their business.?
It might be time to assess the situation to determine whether you can or even want to turn it around. Do you still have the passion and are you still having fun?
Remember: You either got a business or a hobby. Businesses make money. Hobbies cost money.?
Then there is the transitional phase. If you are in a new phase in your life, take the time to figure out if running a business still aligns with your life goals. If not. There’s no shame in calling it quits.
Every business owner should have a comprehensive exit plan in place from a early stages. That includes not only what happens if the profits dry up, but also when other reasons cause the closure of the business.
It is incredibly important to consider normal business fundamentals. Do people still need to buy your products or services and is it still relevant? Can you change your business model to be profitable or seriously consider closing your business?
Some of the tell-tale signs are:
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Your business is constantly losing money.?
Profit is non-existent.
You can’t pay your bills or afford your basic needs??
Your business has been a sinking ship financially for an extended.
The decision to close a business can be hard wrenching. But getting it done will be less traumatic if you take steps to do it right, educate yourself and tap the knowledge and expertise of trusted professionals to make sure closing your business goes as smoothly as possible.
Nobody can run a business by putting money and effort into something that is not working, and that is sometimes the most difficult and important decision that any entrepreneur must make.
Contact me
Stephan Le Roux
+27820822798
https://2succeed.digital/
https://b4s.digital
https://bottom.co.za
https://stephanleroux.digital
Teacher,Nepal
2 年When the business down money, finished,the rent and shop buildings rent is higher,men power downing to work and our business disires is less and if we die in this time the business will be stop