Pulling the plug on a business is one of the biggest and most difficult choices an entrepreneur will make.
Bethesda, MD (PRWEB) December 03, 2013
When tough times hit, business owners have to make difficult decisions. Despite investing time, money and Herculean efforts, sometimes you need to close your business. In his latest Huffington Post article called “When to Pull the Plug on Your Business,” attorney and author Jack Garson explains that you need a solid and objective means of making the difficult decision of whether or not to close up shop.
Garson warns of certain pitfalls that can cloud good decision-making. He urges business owners to consider why they’re in business in the first place. He adds that by planning carefully, businesses can often stay afloat during tough economic times, but it’s not without instilling prudent practices and managing staff intelligently.
Other factors to consider when contemplating shutting down a business include:
- Is the financial risk of staying in business greater than the potential rewards? If your family’s nest egg is on the line, you need to consider the consequences of depleting your funds. By setting pre-determined limits, you should know when it’s time to walk away.
- Is your business outdated? If you offer a new product line rather than continuing to struggle with something that nobody’s buying, you could potentially rebuild your business.
- Sometimes an entrepreneur needs to take a break in order to gain perspective. Outside consultants or mentors can help provide much needed perspective.
- The decision to shut down a business can’t be an emotional one. Stuff happens, and as we were told as children, there’s never any use in crying over spilled milk. Instead, carefully consider where the company is going before making a final decision.
Beyond anything, Jack Garson advises that pulling the plug on a business is one of the biggest and most difficult choices an entrepreneur will make. With logical analysis and sold decision making skills, you should be able to choose the best option for you and your business.
You can read Jack Garson’s entire article “When to Pull the Plug on Your Business” in the Huffington Post.
For media interviews with Jack Garson on this and other business related topics, please contact Marc Silverstein at 202-716-9123 or at marc[at]onthemarcmedia[dot]com.