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Three Things To Consider Before Closing Your Business

Like many entrepreneurs you may be currently toying with the idea of closing your business and this decision may have lingered due to your unsettledness. 

The first thing is, before you shut down that business, you must be able to say you gave it your best. 

The quote “tough times never last but tough people do” by Robert Schuller can be seen as cliche but in the real sense it is not.

Picture credit: Pexels

Just like a human, businesses may go through a hard phase which is not unusual. In fact, it is said that any business that survives its first five years will stand the test of time. The reason for this assertion cannot be far fetched as many things can be the cause of a business shut down in its early years.

Closing a company down is not the end of life itself, it can be for a plethora of reasons, ranging from the need to move on to greater things or other businesses, relocation, the death of a spouse, 

Shutting down business for most people occurs at the first sight of a problem, others do after a persistent reoccurrence like little to no cash flow, etc. 

Whatever the reasons are, here are three things you should consider before you shut down that business:

1 Exhaust all available options of solving the problems: There are challenges, yes, but have you done all that is within your power to solve it? Have you made that one call? Have you tried that one probable solution? Have you talked to your superiors/key industry players about the challenge?

Make sure you have exhausted all options relating to the problem your business is facing at the time before closing the business.

2. Review your plans for the business: Looking at the current challenge facing your business, you may need to consider the plans you had set out for the business’ success.

Go back to the drawing board, review your goals for the business. Join heads with your business partners to see if there exists at least one  way out of it.

You may need to take certain things slowly, you may need to increase the pace of other things, consider these things before coming to  the conclusion of a shut down of that business.

3.Consider people : Let the people who matter and are a part of your business know that you are considering closing your business.  People would include your business partners, employees, etc.

Picture credit: iStockphotos

You would need to hold honest conversations with everyone who is a part of your business. 

Aside from giving them a sense of belonging and closure, it would make them know they are highly valued and are an integral part of your business. 

Conclusively, the overall result should be in the business’ best interest. The question remains, would it be the best thing to do at that time for the business?

Above all, make sure that you take your time and think through the decision as key decisions like closing your business should not be spontaneous.

Written by Faith Paulinus

A Content Writer. Law Graduate. Social Media Manager.

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