It’s the hardest thing to do. To make a decision to close a business, a new small business, or project, when it is ailing or failing. But sometimes it just has to be done.
I remember the sense of failure I felt when I had to close down one of my small businesses. I had been very excited in getting it off the ground, finding the necessary legal structure, obtaining an import and VAT license and starting to trade through retail outlets. But after trying for about two years to get that business up and running I was faced with a tough decision. I did my reflection. I did my calculations. I defined the problem. I diagnosed the underlying causes. And you know what, I had no choice but to close the business. Continue reading “How do you tell when it’s the right time to close a business?”
