Let it Go: When to Pull the Plug on Your Business
When tough times hit, business owners have to make difficult decisions. Despite investing time, money and Herculean efforts, sometimes you need to close your business. In his latest Huffington Post article called “When to Pull the Plug on Your Business,” attorney and author Jack Garson explains that you need a solid and objective means of making the difficult decision of whether or not to close up shop.
Garson warns of certain pitfalls that can cloud good decision-making. He urges business owners to consider why they’re in business in the first place. He adds that by planning carefully, businesses can often stay afloat during tough economic times, but it’s not without instilling prudent practices and managing staff intelligently.
Other factors to consider when contemplating shutting down a business include:
Is the financial risk of staying in business greater than the potential rewards?
Is your business outdated?
Sometimes an entrepreneur needs to take a break in order to gain perspective.
The decision to shut down a business can’t be an emotional one.
With logical analysis and sold decision making skills, you should be able to choose the best option for you and your business.
You can read Jack Garson’s entire article “When to Pull the Plug on Your Business” in the Huffington Post.