Things to Do if You Might Go Out of Business Soon
You worked hard to let your business take off. You also invested a lot of money to make things happen. However, there are things beyond your control, including this pandemic. Despite your best efforts, it seems like you can’t sustain the business. If you keep going without the same pre-pandemic profit level, you will lose more money. Therefore, it makes sense if you decided to close the company. You can’t operate a business in hopes that things will get better soon. Perhaps, you can reopen later, but you should close for now. These are the things you should do if you’re about to close your company.
Be transparent to your employees
Let your employees know about your plan. They might be against it, but you can’t do anything. You should be transparent to give them enough time to look for another job. You would rather be honest about what’s going on instead of pretending that they can keep their job for a long time. Explain the reason behind the decision and how much time you have to keep the company going. Let them know what they’re getting after the company closes. They also have to start managing their finances.
Conduct full accounting
You should know how much money you have left and how much you owe. While you’re no longer profiting from the business, your operating expenses continue. If you want to reopen a business in the future, you shouldn’t burn bridges with your creditors. You worked hard to earn people’s trust and you need it moving forward.
Determine how you will make money
You no longer have your primary income source. It’s time to consider other ways to make money. You can reopen another business that can survive this pandemic. You may also apply for a job in your field of expertise. You can’t let this problem prevent you from moving forward. There’s life after a failed business. You also have a family to feed and now isn’t the time to give up.
Be positive
Just because your business didn’t take off as expected doesn’t mean you’re a failure. You can still move ahead and succeed. Consider it a bump in the road, and there are other means to get what you want. Perhaps, you will succeed by venturing into a different type of business. You can also take a break and gather yourself before starting again. Besides, you’re not the only person going through this rough path. Many business owners also ended up failing because of this unexpected health crisis. Give yourself time to assess what happened and ensure you won’t for through the same mistake. Eventually, you will find the right business and succeed. You can also pay all your debts and find new employees to help in the next business endeavor.
Photo Attribution:
1st and featured image from https://www.sweptworks.com/wp-content/uploads/2016/12/Frustrated_With_Resumes.jpg
2nd image from https://upraise.io/blog/5-ways-bring-transparency-workplace/
