Amjad Khan posted: " Have you been making a series of losses in your business? Has it reached the point where you are seriously contemplating closing the business down? Would you like to know how certain you should be before closing down a business? If your answers to these "
Have you been making a series of losses in your business? Has it reached the point where you are seriously contemplating closing the business down? Would you like to know how certain you should be before closing down a business? If your answers to these questions are yes, then this article is for you.
You need to be very certain before you make this decision. Don't be too hasty to close the business. You don't know if small business loans can boost your ailing business. If finances are the problem, you can use small business loans to improve the business and get it unstuck.
On the other hand, you don't want to waste too much money on a business that cannot be revived. Therefore, you need to make the strategic decision to close the business at the right time. Closing a business at the right time will save you a lot of money and unnecessary stress. This article will let you know the possible reasons to close down your business, along with other things that you should do before and after closing your business.
Viable reasons for closing a business
The following are some common reasons why entrepreneurs close their businesses.
1. Inability to attain milestones
Another key reason why businesses shut down is when they cannot achieve specified growth milestones and metrics. At that point, the owner may feel that there is no point in keeping the business going. But you need to be sure that you aren't too hard on yourself and your business by setting unattainable milestones.
2. Lack of customers
Customers are the lifeline of a business, and if your business doesn't have enough customers or is losing them too fast, you might have no choice but to close the business. Find out why you aren't getting enough customers and do all you can to fix this. But if you can't win enough customers to sustain the business, it might be time to count your losses.
3. Bad economic situation
A lot of businesses get closed during a recession and other periods of economic downturn. So, suppose there is a recession or change of government with bad policies in a location, and you don't see things changing anytime soon. In that case, it might be prudent for you to close your business down. You can then reopen it after the bad economy, or political climate is over.
4. Expert analysis, financial data, and models show that you should close the business.
Statistics, trend charts, expert analysis can show the future of a business and let you know if you should close the business or not. The statistics don't lie, and they don't show any bias, unlike humans. So, pay close attention to your business finance and monitor everything carefully. Watch what the figures say and listen to the experts.
5. Terrible and worsening business debt
Many businesses have had to source for external funding to stay afloat, expand, buy equipment, meet urgent cash needs, and use cases. But it could get to a time when business debts pile up and become unsustainable. In such cases, the business often files for bankruptcy, assets are liquidated, and the business owners look for a way to pay up creditorsafter selling business assets.
If you are running a business that is an eternal sinkhole consuming business funds day after day with no sign of improvement, selling the business might be better for you. The thing is, the more funds you sink into the non-performing business, the more you lose, and in the end, you might find yourself with more debts and nothing to show for it.
6. Improve your failing business first to avoid closing it prematurely.
As a businessperson, you shouldn't run at the first sign of trouble. Many successful multinational corporations you see today had issues that the founders withstood on their way to becoming billion-dollar companies. You need to try some things to get your business out of danger before pulling the plug. Here are a few things that you should do to improve a failing business
7. Seek business funding
Small business loans and other funding sources might be the trick to getting your business unstuck. If you lack money to expand and carry out worthwhile business initiatives, seek business funding.
Dawn posted: " Street Car Today I want to talk about unforgettable experience. I have many when I think of it because in life there are so many opportunities where we experience good or not so good but those remains in our mind like a memory book. The moment you th"
Today I want to talk about unforgettable experience. I have many when I think of it because in life there are so many opportunities where we experience good or not so good but those remains in our mind like a memory book. The moment you think of it, like each page the incident or the experience unfolds one by one.
"Memories are timeless treasure of heart."
I am going to share one of them today with my friends here.
I was in Toronto, Canada in they year 1997 May timeframe when I had just started a parti-time cashier's job as I was new in the country and I was still looking for a job based on my education and my interest. Once you land your bill starts so its better to get going with any job that you get and that's how I ended up at this role. It was at Marche in downtown. My job was only on weekends because weekdays other cashiers would be there and hence I don't get a chance to work on weekdays but I used that time to apply at different jobs and give interviews etc.
I started my job a week ago and the problem was that I was always reaching my job late though I am always ahead of my time waiting for the bus but I only get it at 9 am and hence I used to be late. I got first time a warning from the manager saying, if I don't come on time he will fire me.
I was very stressed and not only that but I was very scared too as I was new in the country. I used to be at the stop at 6 am to reach 9 am and still I get the bus at 9 am from my stop. I was very frustrated and I asked the people where I was renting and they also didn't give me any proper guidance as they said go early and stand at the bus-stop.
That day after getting the warning from the boss for the second time, I was very nervous because my fear of loosing this job, then how am I going to pay the rent? How I am going to pay for my grocery, my bus-pass and so forth and all these worries were sitting on my head and I was getting tensed.
"We don't remember days, we remember moments."
This was my 2nd week's weekend and I decided I have to go early no matter what. As usual I got ready and went to the bus-stop and waited. There were not a single person around there except me and at times you will see some cars would drive by and people inside would stare at me. I used to get nervous because being a woman standing alone at the bus-stop early morning and Sun had to come yet. All the street lights were still on and in my mind I would say, You have to reach on time. You can't give another change for your boss to scold you.
I kept repeating in my mind and I saw couple people wearing jackets walking by the bus-stop. But I thought they must be going some other place so I didn't bother but when I saw frequency of people going increased, I stopped one guy who was passing by the bus-stop and I said, Excuse me please! do you know when the bus will come because I have been waiting since long time and I have to reach downtown by 9 am. Can you help?
Blue Night Service Bus
The guy seemed from Sri Lanka and how you will wonder but it's not a tough to recognize for people like us who are coming from India. If I say they have a different look, some will laugh but believe me, Sri Lankan Tamil person has a unique feature and they speak different type of Tamil language than people speaking Tamil in Chennai, India.
The guy looked at me and smiled, said the bus here will come at 9 am and if you want to catch an early bus then you can walk with me as on weekends, this area buses only starts at 9 am whereas, if we walk a half a mile, you will see there is Blue Night Network bus service that goes overnight. This was an enlightenment for me because first of all no one told me about this and now I was going to discover this blue night service bus which I will have to walk a mile now from my home but at least there is a hope.
I literally wanted to hold his hand and say thank you, but he was a stranger and I said I will walk behind you but thank you for your guidance because if today you were not here I probably would have lost my job. He smiled and walked in front.
"Sometimes you will never know the true value of a moment until it becomes a memory."
I reached the stop and what I see is all those people who were passing by the bus-stop that I was waiting at they were all heading to this bus-stop to catch the blue night service bus so they can go to their work.
I was so happy, so relieved, so tension-free that when I got in the bus I thanked the gentleman again and then I went and stood at one corner as the bus was crowded and seats were all taken.
As the bus was crossing Eglington station due to traffic the bus was stopping in between and this gentleman got down in between and then suddenly appeared with two coffee in his hand and offered one to me. I was surprised but he said please have it, you looked so tensed I thought I can at least do this because I don't know if I will ever meet you again.
Those words melt my heart and I accepted the coffee and thanked him again. After taking few sips when I look, this man disappeared and I kept on looking for him front of the bus back of the bus, inside and outside of the bus and I couldn't find him ever.
"People say that bad memories cause the most pain, but actually it's the good ones that drive you insane."
That day onwards I was always on time in fact ahead of my schedule and manager was happy too.
Even today when I think of that day, I tell myself if he had not shown the way to the blue night service bus then probably I would have lost my job. I was new and naive in that country and anyone could easily make out that I am new here and could have taken advantage of my situation but nothing like that happened.
I still remember that face but I never met him ever after that day.
Often we meet people in life for a reasons!
"Life brings tears, smiles and memories. The tears dry, smiles fade, but the memories last forever."
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