WHEN IS IT TIME TO CALL IT QUITS ON A BUSINESS?
Building your own company is pretty hard, but as a lot of business owners know, shutting it down is even harder. And whether you’d like to admit it or not, it can be pretty tough emotionally.
Even though we all know there is a point in the future when it will be time to let go of our business, we may not know exactly when. If you think about it and are ready ahead of time, it will save you some pain for when the time actually comes. Here are some ways you can tell that you should probably bring your company to an end.
YOU STOP MEETING YOUR GOALS
After a while you should be sure you assess your company’s finances. If you see that you’re not doing too well or really making a profit, it may be time to consider doing something else or closing it for good. At this point taking out a loan or getting help would only end up hurting you worse.
It may be hard to think about, but continuing while you’re already not doing so well financially will only cause you more trouble. This could lead to personal debt which would be terrible; nobody wants to be paying off debt from their business out of their own pocket. This is especially true if you already can’t afford it.
A huge red flag is when you have to start using your own money for your business. This is definitely a sign that you’re not doing so well and may end up way worse. When it reaches this point even if there’s the possibility of the business turning around, you should take a break, maybe just for a while.
If you don’t really want to shut it down for good, take some time off and figure out how to make your company better. Then try restarting again and see how things go.
WHEN YOUR HEALTH GETS WORSE
Running a business and maintaining a life can be pretty stressful and exhausting. If you see that you’re starting to be unhealthy then you should really think about if your business is worth your health. If you notice any changes in weight, fatigue, anxiety, depression, etc. it’s time to think about other options.
If you start to hate going to work and feel yourself dreading waking up in the morning to do so, this is also a serious sign to consider what you really want and whether your business is worth your health and happiness.
A lot of us may even notice these things and feel as if it’s wrong to give up what they’ve worked for. Although it’s sad, your health should always come before your work. If your job is hurting you more than helping you, it’s a sign.
YOU DON’T KNOW WHY YOU STARTED IN THE FIRST PLACE
Have you ever sat and wondered why you started your company in the first place? Felt like it wasn’t such a good idea? This is a huge sign that you’re heading in the wrong direction with your business. If you start to feel like you don’t know why you started it to begin with, it’s best to let it go now. Feeling like this will only cause more stress which goes back to your health.
While you’re questioning yourself and your decision to create a company it may not mean that you feel hopeless in your current situation but that you’re not sure of what your goals are. This is also bad because this could mean you’re wasting your time, effort, and money.
Or it may mean that you don’t feel passionate about your work anymore. Without your passion for what you’re doing what else is going to carry your company on?
If you start feeling this way it may be time to give up the company simply because it’s lost its meaning. At least without worrying constantly and being left confused, you can take time for yourself to relax and not be stressed out.
YOU DESIRE YOUR SERVICES MORE THAN YOUR CUSTOMERS
Take the time to sit and think: is your company producing what customers really want? Or is it in business simply because YOU care for it, not others, and wish they did as well? If this is the case and you’re generally not making much business it’s probably time to call the quits.
If your customers don’t feel like they’re truly benefiting from what you’re offering, or don’t feel special to the business, you’re going to lose them. By thinking about what YOU want and what YOU want to happen, you’re losing customers because you’re not meeting their needs and wants. This may be from you getting caught up in creating the perfect company, but this is a one way ticket to your company failing.
YOUR MOST NEEDED EMPLOYEES ARE GONE
If members of your team that you’ve spent time putting together, start leaving the company there’s a reason. This may be a hint that things are going bad. This may also mean that employees weren’t feeling needed or felt as if their needs weren’t being met. Either way losing staff definitely means somethings wrong or you should take a second look at everything.
You may not realize that you’re the problem in the office and staff is leaving because of it. Taking the time to really look at the situation will help give you a better understanding of what’s wrong and what’s going on. Your employees may be noticing something that you’re not causing them to leave.
TAKING A BREAK DOESN’T WORK
This would be known as sleep mode which is basically when you pause your business and plan on starting it back up on a later time. For some businesses, this should not be their answer.
Some people think that when business is bad that taking a break is the answer. However this is rarely true. If you’re feeling like your company needs a break then you probably have outgrown the business and should let it go.
However some businesses are able to do this successfully and come back even better. If you take a look at everything going on, you should be able to decide whether it’s a good option for you. If it’s not take in the idea of closing up shop and preparing yourself. Think of the good times and move on to a better life.
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About the Author: Lalanii Wilson-Jones, MBA is a dynamic business leader based in Dallas, Texas who owns & operates multiple companies across several industries. Her range of talents and experience makes her an ideal candidate for strong economic partnerships all over the world, a great mentor and a great source of information that can change the mechanics of any sized company.
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