How do you determine when to close a failed business?

[freelancermaria]

Deciding to close a failed business can be a difficult and emotional process. In my opinion, to know when it is the time to close a business is when the losses start to exceed the profits. This can happen due to various reasons, including a highly saturated market and yet low demand or poor management. My aunt experienced this firsthand when she had a franchise business. Despite putting in a lot of effort and resources, her two franchise businesses failed to perform as expected. The losses started piling up, making it difficult to operate the business sustainably. After careful consideration and evaluation, she decided to close down the branches that were not performing well.

 

[Suba]

I have closed my business twice, the first time when the product I was making was out of date or no longer used. Secondly, when a business targets consumers wrongly so it doesn't bring in consumers, in a day there are only one or two people.

 

[Augusta]

Well, you don't need to give up easily but if you have tried and it isn't working as planned then let it go

 

[eLdavis]

In a situation where you might have tried everything you can think of, and you have spent too much and can no longer manage, I think it would be the best time to give up.

 

[Starmix]

I hope it will not happen to my business. Those businesses for closure are not properly managed or maintained by the owner.

 

[magnus2022]

When a business can not be able to sustain itself, it is better to close down the business. Presently, am about to close down one of my business. It have been draining my resources and i have no option than to close it down.

 

[Augusta]

In a situation where you might have tried everything you can think of, and you have spent too much and can no longer manage, I think it would be the best time to give up.

Yes, you just to try all the things you believe should help you succeed. Sometimes it might just be to change the strategies before giving up