In case you didn't know, I write several short posts like this each week on Instagram - check them out @diegofooter. Let's talk about the elephant in the room: knowing when to pull the plug on your business. Yeah, it's about as fun as a root canal, but sometimes, closing shop isn't failing; it's making a smart, tough decision. When might you want to call it quits? These reasons are very personal and tie closely to your context. I can make a case in any of these situations for going in either direction - closing or not closing. There are no correct answers.
Business/Financial Reasons:
World Events:
Now, don't keep a business alive because:
Remember, knowing your "why" is crucial. If your business no longer fits that "why," it might be time to peace out.
Whenever you start a business, you should know exactly why you are doing it. You should think about this and write it down up front. You should do this as a family or with all relevant decision-makers involved, like business partners. If the business no longer fulfills the why, then move on.
It's essential to revisit your why over time because we change, and life changes. Adapting your why to these changes is perfectly fine, but you want to adapt it in calm times when you aren't overly emotional in either direction.
If you don't have a why, then you are just working and moving aimlessly in a direction. Small businesses are highly personal and driven by our why. Know yours.
Diego P.S. If this will resonate with someone, please share it. Did you know I have several podcasts?Carrot Cashflow here. Farm Small Farm Smart here. Farm Small Farm Smart Daily here. Thanks for reading! I would love to hear your thoughts. Just hit reply and type away. I read every email. Not enjoying Seeding Thoughts? No problem, unsubscribe here. If you didn’t enjoy the email, maybe Instagram is your thing. Follow me on Instagram @diegofooter |
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