subject: How To Know When To Close Your Business [print this page] Its a subject that no one likes to address, but in the current economic climate its extremely pertinent. The reality is that most markets have changed, and if you're not profitable at the minute, then unless you can do something radically different, it could be a long time before you will become so again.
Here's the deal - face your fears, look them right in the face and they will disappear. Don't run from anything, meet it head on and make decisions frequently and with conviction. Please see below a quick checklist of some of the things that you should consider when planning the future of your business -
Put your figures together, and know just how good or bad your picture really is. Its only when you do this that you can start dealing with reality in your business. How much is coming in, and going out each month? Are you making money or losing money, and if so how much?
Is the position that you see yourself in long-term or short-term? If its short-term, do have the desire or the funds (you will preferably have both) to stay with your business, and manage it back into good times. If its a long-term thing is the question of whether or not you close your business more of a "when" rather than an "if".
What will be the impact of technology in your business niche? Will it lower the profitability of your produce, will you be able to compete with online vendors, is your USP (unique selling point) sustainable?
Are you effectively marketing your business right now? Without question, you will have invested a ton of time, money and energy in your business venture. Before you make any rash decisions it is absolutely vital to establish where the hidden jewels may be in your business. Do you have a valuable database of customers that you're not marketing to properly, or could be marketing to better. It doesn't need to be solely the product that you're currently offering. When people buy from you, especially when they buy from you consistently, they're much more likely to buy from you again in the future - even if its a different product.
So find out what they want, and offer it to them.
Figure out what you really want and go for it. Set big goals, set timescales, milestones and go for it with every piece of energy and will that you have and you will succeed.
As Winston Churchill wisely put it - "Real success means being able to go from one failure to another with no loss of enthusiasm."
Ultimately, you can only learn more by doing more, and the more you do the closer you get to becoming successful. Learn the lessons buddy and put it into action.
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