Money For Lunch – How Do I Know When It’s Time to Close Shop?

How Do I Know When It’s Time to Close Shop?

September 4, 2017 12:04 PM0 commentsViews: 6

 

There are few things more exciting in the life of an entrepreneur than opening and running a successful new business. The sounds of the cash register dinging and the complement of a happy customer are music to his/her ears, but all companies go through their ups and downs and very rarely will you find a business that got the perfect start the first time. So, the question on everyone’s mind is. “How do I know when it’s time to quit and start over?” There are a few signs that tell you it’s time for a change. Below are three of the more common ones.

The Original Motivation For Completing the Mission is Gone

 There are moments in life where some of us look at a situation and see a need that is greater than the environment around it is to meet it. We then have an awesome epiphany about how to meet the need and are equipped with what some consider superhuman abilities to set events in motion that will create a business to fulfill that necessity.

These people have a passionate motivation to help by using their business skills. It doesn’t matter what the mission is in life. When the one who spearheads it loses focus and no is no longer convicted to maintain the mission, that is to say they lose their passion, the mission is officially dead. Without the fuel of a passionate leader, employees will lose interest, quality will thus decline, and customers will soon follow suit.

 You Just Can’t Seem to Meet Your Annual Projections

 Most of us just can not afford to start a business out of our own pockets. We have to take out a business loan. With that said, if after 2 or 3 years, your business just isn’t meeting your company’s annual projections for profit, it may be time to quit and try another avenue. Let’s face it.

After meeting the need of the customer, the main aim of a business is to turn a profit. If you can’t do that, eventually your business will financially fail. As much as most of us would love to make the world a better place for free, it’s just not typically a viable option and if you wait too long, you could be paying for your mistake for the duration of your business loan.

 Your Health is Fatally Compromised

 One of the details a lot of us don’t think about when starting a business is our health. There aren’t many who would venture to begin a company while battling cancer or kidney failure. Life happens and it’s highly unpredictable, sometimes.

If you find yourself in a battle for your life and there is no one to carry on the mission of your company with the same passion you have, you might need to consider packing up and allowing the following time to be spent bettering your health or spending time with your loved ones. As unfortunate as it is to give up your business dream, to give up precious time with your family is even more so.

As the song, The Gambler by Kenny Rogers says, “You’ve got to know when to hold’em. Know when to fold’em. Know when to walk away. Know when to run.” That’s wise advice when it comes to business.

 

 

 

 

 

 

 

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