Admitting that your business is no longer relevant is difficult. You have done everything you can to make it work. It is important to remember though that at some point, you have to learn when to give up. It does not mean you have failed. It means that you have fully evaluated the situation and realized that you are better off not continuing that business. Here are some signs that will tell you that it is time to move on.
Trends have changed
Perhaps, there was a time when a particular industry was really thriving and you were among the successful businesses then. However, with the change in trends, you have started seeing a decline in the people who patronize your business. This can be said about brick and mortar businesses. We have seen a lot of them deciding to close down like Toys R’ Us. There was a time when people love bringing their kids to the store to buy toys but with the advent of online shopping, they have started to become irrelevant.
The same thing is true with Blockbuster. There was a time when people who have not watched movies in the big screen decide to rent tapes from the store. With more ways of accessing these films online today, the store had no choice but to close.
Sales have drastically dropped
Decrease in sales is normal for any business. Fluctuation happens all the time. However, if the decrease is consistent and you don’t see a chance of moving up in the foreseeable future, perhaps it is time to consider closing the business. You will just end up with more expenses than income. You can take a pause and determine what causes the decline. After some time and after doing all possible measures, if you don’t see progress, it is a sign.
You can’t provide what people want
For instance, if you are selling products online and you have to send them to your customers within a given time, you have to stick with that promise. People want something fast though. If they request for it and it is something you can’t provide because you don’t see it is cost effective, you can tell them right away. However, if other companies can provide what they want and you can’t, they will eventually move to that company. You can either give in to their demands or decide to close.
You don’t have a clear plan
Plans are always important in any business. They guide you towards the right direction. If your plan is unclear and you don’t see any direction for your business moving forward, it will soon fail. Some businesses with better plans and have the same niche as yours will surely take over. They have innovative ideas while you don’t. As they introduce this idea to the market, you will become irrelevant and they will not choose you anymore.
These are just some of the signs that your business is not doing well and giving up could be the best way out. This is not teaching you to be weak, but telling you to determine when to just throw the white flag while you still can.
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