Knowing when to give up in business

[eldavis]

While consistency, hardwork and determination plays a major role in business growth, knowing when to give up is also equally important. Most business owners today find it hard to know when to give up on a lost course or being consistent and hoping everything we be okay. When should a business owner give up in a business that is not working?

 

[Starmix]

You can sell your business, at least there is some amount you could start for a business all over again and make it shine, unlike the one you sold. You have to be smart.

 

[SHAHID987]

This is very important to analyze the situation and do deep calculation of your profit and loses. When it appear that after all your innovative ideas and hard work, you are facing marked loss on monthly basis. Then this remain the time to close the business to prevent further loss.

 

[Starmix]

Give up only when senses that your business has no chance to get back on its feet. But if the business shows signs that it could serve then proceed to its development because your business did not give up on itself.

 

[nomad]

When your losses and debts are more than you can bear, you need to understand that's the time when you should give up your business. I am saying this based on my personal experience.

 

[freelancermaria]

Sometimes, it might be time to consider closing down your business if you have been experiencing more losses than profits for an extended period. You may have put in a lot of effort, but if it seems like nothing is working out, letting go might be the best option.

 

[Sanjeev]

When you don't have enough money to pay salary to your employee, you must realise they your business is not working anymore.

 

[Shavkat]

If we used all the resources and the business is still struggling, then it is high time to shutdown the business.

 

[bestwriter]

When profits do not generate for whatever reason that is the time to think of winding it up.

 

[Sanjeev]

When profits do not generate for whatever reason that is the time to think of winding it up.

One can think of new technology, new products, new market etc. it not compulsory that you have to wind up. You can analyse it by yourself.

 

[Ratine]

Mostly when the business owners feel that the business is strained very much such that not being in the position to pay for its cost of operations then it's the high time to hault the business.