3. Your product demand declines
You love your product and think it’s the best thing since sliced bread, but the market doesn’t feel the same way? Perhaps they used to love it but the relationship has lost its sparkle and they’ve moved on? It happens. In fact, it happens to some of the biggest and most successful businesses in the world (think Blockbuster, Nokia, Kodak).
In this situation, some businesses might be able to adapt their offering to regain momentum and meet new market needs. However, if you find you’re unable to adapt your offering, it may be a sign that it’s time to close the business.
4. Your employees are unhappy
Your team might have a different perspective and notice things you don’t see. So, if team morale is low or you have a high number of people leaving the business, it can be a clear sign of business trouble.
Here, however, closing your business isn’t necessarily the only option. The better alternative might be to have an open conversation with your team to find out what’s going wrong and try to find a way to fix things and get your operations back on track.
It’s hard to give up on a business you’ve poured your heart, soul and earnings into. However, there are signs to tell you when it’s time to consider your options.
To learn more about maintaining your business, visit our resource centre.