In business persistence pays but how do I know when it is smarter to move on?
Answer:
It's time to move on when:
- You have achieved what you set out to do with the business
- The business ceased to be fun for you
- Resources have been depleted
- Cash flow is insufficient and you have exhausted means to improve cash flow
- Your family is likely to suffer with the continued operation of the business (e.g. directing funds to the business instead of providing for family needs)
- Competition has gotten stronger and fighting them feels like banging your head on the wall
- Adverse impact of an economic downturn
When deciding to close your business, be sure to cancel the following:
- contracts with suppliers
- leases on premises or business equipment
- rental agreements
- business telephones
- utilities in your office
- business bank accounts
It is advisable to always have an exit strategy when starting a business so you know when it is time to move on.
When you have done all that you can for your business and finding that you are in a dead end (not making money for months).
The important thing is to also learn from your mistakes. So when you move on, don't make the same ones!
Persistence is a vertue in Sales, it is said that is can take over 10 calls to get a sale. If you are collecting debts then surly it depends on your desire/need to get paid? So, in what context was your question? The real trick is being smart enough to know what is driving your thought process, what you want as a result of your current action or behaviour? What are the costs/payoffs of your choices? These are always wisest and most useful when written down on paper and reviewed a while later, before taking action..
Regards
Rich - www.ethicalinfluence.co.uk
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