I am getting calls on a consistent basis from business people who are considering closing their business because of the economic conditions. It’s absolutely real that these are the worst economic conditions in our lifetime. But what these business people are doing is making decisions based on fear, panic and emotion. They are not thinking it through.
When I ask them what their operating costs are they usually can’t tell me. When I ask them what their sales are they know “about” what their sales are. They really haven’t thought this through fully as to whether or not they should go out of business. What are the consequences of closing their business? Will they have debt? Will they have to file bankruptcy? What will they do to feed their families?
As one of my long time clients taught me: There is no such thing as being in the grey area of a business decision. If things are not black and white then you don’t have enough information.
If your business is on the brink of disaster, it’s time to sit down and evaluate exactly where you are. Can you reduce your costs to stop losing money so you can hold on until the economic recovery (when ever that may be…)? Do you have the will, drive and determination to continue on? Is it worth the risk?
Many things to think about. Make sure you are thinking clearly so six months from now you won’t regret your decision.
In my opinion, not only is it worth it to stay in business but it is the option you want to seriously consider. Besides, have you thought about who you are going to work for if you close the business or what your life would be like working for someone else?