Are you constantly wondering if it is time to let your business fold? There are quite a few signs that a business may have reached the end of the road. When it is no longer viable to keep the doors open, it is time to consider options for wrapping up the business and, hopefully, moving on to bigger and better things. If any of the following situations apply to your business, it could spell financial trouble in the near future.
Annual Revenue Projections
Achieving annual revenue projections is one of the most important factors in ensuring a business remains viable. If the business is consistently missing the mark and it is causing you to tighten your belt to the point of suffocation, allowing the business to fold may be the best route to take. Many business owners end up pouring their own money into a venture, hoping against hope it will turn things around. This strategy often ends in tragedy, so know when to walk away.
Personal Health & Wellbeing
Health issues that begin to develop when a business is struggling could stem from the stress of running the business. There is no point continuing to push yourself to ridiculous levels of physical deterioration if there is a good chance the business will fold regardless of your efforts.
If your business has reached the stage where the ship has lost direction, it may indicate the mission statement has been abandoned. Sometimes this happens due to complacency and lack of commitment to the mission statement, but often the business just isn’t capable of moving forward in a profitable way. If you let the business fold now, you may get out with enough assets to start over.
Investment in Your Product
If you are the only champion for your product, it does not bode well for profits. A business cannot succeed without customers who have a want or need to be fulfilled. When you are confident your product has been marketed in the best possible way, but the demand just isn’t there, allowing the business to fold will give you the freedom to pursue more profitable ventures.
Working endless hours or not being able to sleep due to the stress of trying to keep your business afloat is another common red flag. When the thought of starting the working day fills you with anxiety, it is time to question whether letting the business fold is a better way to face the day. Starting anew could relight your passion for business and allow you to achieve the level of success you deserve.
Considering Filing for Bankruptcy
If the thought of filing for bankruptcy is constantly on your mind, consider making enquiries with a bankruptcy lawyer who empathizes with what you are going through. H. Lehman Franklin, P.C., can help you if you are a business owner based in Georgia. Reach out to our team at 912-764-9616 or email us at firstname.lastname@example.org today to find out more.