It’s not something we should take lightly. After all, starting our business and getting it going is one of the biggest challenges we can undergo in life. But when you feel you’re at a dead end, and that once great team you had his now in tatters, you may very well give proper consideration to packing up, and giving your business away. But when you are going through something as traumatizing as this, are there any telltale signs that you need to start devolving your company?
The Financial Component
In an obvious sense, if you are struggling to make any profits, you could think that it’s not worth it, but is it as cut and dry as this? If your business is making no profit, do you need to give up? The question is all about if you’ve put enough preventions in place to ensure that your business is doing everything in its power to remain financially afloat. And it’s not just about a dire cash flow situation, it’s about ensuring that you’ve actually been to every creditor, resource, and institution in your midst to see if there are any ways to get out of this issue. It may very well be about getting rid of a certain aspect of the business to ensure that it can stay afloat. Resources, such as Professional Transition, are able to help businesses provide a suitable transition process, which may be a better option than giving up completely. The financial component is such a wide-ranging one that if you are considering giving up because profit is a problem, then you’ve got to give consideration to the next point…
Is Your Heart In It?
Your business is your baby. Or, if it was at one point, but now you are at the end of your tether, is it about evaluating your own attitudes towards the business? Giving up on something shouldn’t be taken lightly. But the question is if you are able to maintain this enthusiasm and zeal for the company in the long run. Because it’s not just about our own responsibilities within the business, it’s about seeing if it’s having an adverse effect on our lives. Not in the basic sense of one too many late nights, but if you’ve bent over backwards, you receive knockback after knockback, and after overcoming all of these obstacles, you still don’t have any sort of results, financially, professionally, or personally. At this point, if you start to lose heart, and you realize that the business isn’t good for you anymore, it’s time to see if you can spend time without the business in your life. Delegating to someone will help at this juncture, because it’s essential that you have time away. Having time and space away from it will give you the chance to see if it helps you renew your enthusiasm for the business.
Of course, we can’t answer the question for you. But when the thought crosses your mind that you should pack it all in, and it is a dire situation, professionally and personally, it could very well be time to make some major changes.