When you open a business, online or through the traditional manner, what you want to achieve is success, nothing else. But what if luck did not go your way? What would you do? Closing your business and moving on may not be easy, but unfortunately, there are some instances that it is the only option you have.
Signals That It Is Time For Your Business To Close
When is it time for you to close up your business? The statement closing up business and more so bankruptcy may scare you, but if you do not take action the moment you feel that your business should be folded up, all the more you put yourself in huge financial trouble.
Putting up a business is like playing at casinos, it’s a gamble and it involves lots of risk, you may lose some, you may win some, and not knowing when to stop will just make you lose even more. Just to help you assess whether it is time to give up, read below:
Your Business Continuously Fails To Reach Its Annual Revenue Projection
If after a few years, two or three, your business is still not reaching its annual target and you are still left with an empty pocket, it is time for you to think about closing your business. This can prevent you from cutting losses.
One of the things you have to keep in mind is this, separate your personal savings from your business, your personal savings should not be used for your business affairs. If the money you allot for your business is all gone, maybe it is time to consider closing up.
Tip: This is only applicable if you know that you have exerted all your efforts to make your business succeed.
Your Health Is Degrading
If your health is already affected because of stress, problems and issues, maybe it is time to give up your business and focus on other things more important; your health. You would not want to get too ill because of all the effects of stress you get from trying to pull your business up which unfortunately is not moving even a bit.
Also, your business should not affect your relationship with your family, if it started to break your family, leave your business right away.
You Are More In Love With Your Products Than Your Customers
If you keep on trying to improve your product but not listening to your customers, it is time for you to stop as having a business is not for you. If you are seeing success with dollars and not the happiness of your customers, you are running and treating your business wrongfully.
Your Best Employees Are Already Leaving
If your best employees start to leave one by one, you may want to ask yourself, “is there anything wrong with me?”. One of the main reasons why employees are leaving is low morale. If your best employees are leaving, it is best to ask yourself if you are the problem and if you should even continue running the business.