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Letting go of a business

Letting go of dreams, beliefs, and attitudes is sometimes necessary – but often very painful. Our cultures is all about  “making good”, being successful; one of life’s greatest challenges is knowing when and how to let go. ” It’s hard to accept loss or change and move on into something new, different and unknown.

It’s not just the thought of “failure” but one of “what will my friends, clients and family say”?  A small business owner that keeps putting money ( often borrowed)  into a business that is not profitable, with the hope that something good will happen is, in my opinion, a bigger failure then the wise person who know it was time to quit.

The signs that a business is in trouble are evident and hard to deny. Facing the fact that closing the doors may be a viable option, take some time and do the following:

  • today, stop putting money into the business
  • today, or as soon as possible, take some time away from the business. (one to two days)
  • make a list of all the issues that are causing your business to be unprofitable. Look at internal issues in your company as well as trends that are occurring outside of your company that are causing you problems. 
  • next to each issue listed, write what change you can make internally in your company to change that issue to a positive and the cost to accomplish.
  • next, look at the external trends that are causing you trouble. Look at each trend and determine if it is a long term trend or a short term trend.

With this self evaluation of your company, determine if you have the funds and the ideas to change the internal problems and if the trends are something you can change your company to follow.

This exercise will help you determine the future direction of your  company. If the answer is to close, then do it now and make plans for a change in your direction.

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“fortunate, indeed, is the man who takes exactly the right measure of himself and holds a just balance between what he can acquire and what he can use.”

Have a great day!

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