News & Articles

How do you know when it’s time to close the business…

Being a successful businessman requires a number of skills and one of those is knowing when to cut your losses and close down an operation.
23 January, 2014

Warning signs come in many disguises but when you are losing money and those losses are steadily increasing it could be time to take action. 

In addition, if your turnover is slowing down and continues over time it could be a sign that all isn’t well. If all attempts to raise money have also failed, it could be that banks and other lenders have seen issues that you have failed to notice because you are so close to your business.

Finally, enjoyment is an often understated factor. If you cease to enjoy what you do, that will affect the running of your operation. Closing the business needn’t be the end of the world and you can always move on to something else but it’s important to identify the right moment to cease trading.