Business owners are told time and again that you have to persevere and never give up in the face of adversity. Things are not easy, and you may think it’s an uphill climb, but the view from the top is worth it. For others, however, it doesn’t feel like climbing a mountain; it’s more like traversing a mountain range–with an active volcano somewhere in the middle.
When things get too tough, is it time to call it quits?
Not a Final Farewell
You do not have to close the doors on your business completely and for good. Sometimes, all you need is a little break, especially when you’re offering a seasonal business. In other cases, however, you may need to look for someone who can buy a business in Utah so you can save your company’s name from bad press and bankruptcy. You may have to let go of the control, but at least the name will survive.
If things are going well, but you have outgrown your small office, you may still need to say farewell–and relocate to an area that is more strategic for business expansion.
The Long Goodbye
You have a business plan, which mentions how long you think it will take to earn back your capital and to pay bank loans. It would be nice if you’re ahead of your projections, but if you are years behind on your plan, you may be continuing operations and losing money despite the business making decent profits. If this is the case, consider a talk with your financial analyst or reinvent your products to improve their usefulness. At the rate you’re going, you might not be making progress and are just fighting in a losing battle.
You opened a business and consider that the proudest moment of your life. Even with your best foot forward, however, if you’re going in the wrong direction, you may still need to call it.