When the business is at its critical stage, there are two things that business men do: cost cutting or loss cutting. I have explained in the previous article about the cost cutting and there are many ways to actually do it. However, if you think that the business can’t sustain itself anymore, then it’s best to cut your losses by closing your business. Here are some questions to help you weigh up your decision of possible business closure. 1. Surviving or Suffering? If the gross income that the business generates is just breakeven, then the business is not surviving but suffering. You may also adjust your price but if you are having a very limited resources, it will not promise a total business turn around. In this case, it’s best to consider of closing your business than to waste time, energy and money trying to revive it. Unless you see a business potential and you figure out a way on how to utilize that, then you may also give the business one more try. 2. Expectation ...
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