should i close a struggling business or should we try and soldier on?

Answer 1

try and soldier on for as long as you can hunni

Answer 2

There has to be no emotions attached to any business. I have run 11 business till date have have closed 4 of them. One should give the business about 12 months to take its course. After that a cost benefit analysis needs to be done to check if the cash outflow is expected to be positive. One have to make money and not run for charity sake. See if you need to change how you run the business or change the profile of the business. I have found that sometimes it makes more sense to kick start the business by having a accelerator a local business made into a county level or national level, etc. It gives a bigger reach. On has to look and evaluate the whole issue and take a call on it. Just soldiering on is plan suicide. Best of Luck

PS: Try Business Link and other freebie help sites to get you on the foot. A cash injection may help

Answer 3

It depends on why the business is struggling and what is the nature of the business.
If you are doing something really useful, like operating a bio-chemistry lab, the max effort should be made to keep going.

The next step is to find out why the business is struggling; lack of sales, products not as good as they should be, management problems, personnel problems, cash flow, and capital infusion are all problems that can be solved.

If you are a restaurant and losing customers, give it up. People who abandon restaurants are gone forever as customers.

Answer 4

it depends on the potential. if it is a sound business model, with the potential to be successful then why close? maybe you just need to manage the business more efficiently. dont just soldier on the same way as you have been doing: get advice on how to improve it. there are various seminars which may be a good investment. You may need to attract investment, or a person with experience in the field: venture capital? Do research, approach investors, and analyse the business in its entirity before coming to a conclusion.

Answer 5

Depends how much trouble the buisness is in. Work out your overheads and have a word with your financial advisor. I would try to soldier on for as long as I could though. Good Luck x

Answer 6

Before closing down, first consider all the losses or profits. If you were losing more than you were making then I'd say cut your losses & save what you can if you feel the losses were unavoidable. If you are passionate about this business then instead of closing up, why not downsize & operate at a smaller scale?

Answer 7

My dad's companies "soldierd on"... and on and on... and eventaullly went bust.... again and again and again, he's ended up broke and bitter about it, blaming everyone but himself.

Where he went wrong ? Running it the way he wanted, not the way a businss has to be run. Emotion kills business, you have to be ruthless and nasty. I suggest you assess your company, and see why it's going wrong, and not making money ? It might be easier if you'd told us what the business is... ? still, Good luck, but dont flog a dead horse.

Answer 8

Simply answer two questions,1- do you have any cash reserve of your own to pour into business if it is necessary to do so, to keep the business going and secondly if the bank consider your business viable enough to support you.If the answers to both questions is no. you know what to do!

Answer 9

Work out cash flow projections and talk to your bank.

There's no point in throwing good money after bad but often you can work your way oput of a difficult patch

Answer 10

All u can do is try ur best, soldier on a little more! good luck with it!