How to Close a Business
You have tried everything and you have given all that you have, but then, it just won’t work. So what’s the point of continuing your business when it isn’t making money at all?
It is alright to close your business. Wrong business, wrong timing. Thus, wrong results. You could have also used the wrong strategies and decisions that is why your business did not yield that well.
No matter how right or unique your methods are, your business simply can’t make it anymore, thus you have to close it.
Most businesses close because they’re no longer making money. And to stop the faucet from leaking, the only resort that you go in to is nowhere but shut it down. It’s hurting, yes. But that’s life. You can no longer make both ends meet for your enterprise, and you have to accept that fact.
Exiting a business need not be an emotional one. You can close it elegantly and graciously. Of course, you don’t want to leave the business by simply putting the “close” sign and then walking out. So to close your business in a dignified way, here are the steps that have to do:
1. Make an Exit Strategy Even Before You Start Your Business
Even you foresee your business to become a success, you still have to think of the unthinkable. Don’t forget to make a plan to close your business in case the inevitable takes place.
2. Go Full Force When You Run Your Business
Despite the fact that you’re going to close your store, run it as if business is still usual. It will show people that you are professional up to the end of your business, proving to them that you are a dignified businessman.
3. Let Your Clients Know Your Closing
It’s always great to let your beloved customers learn that you’re going out of business. Who knows? Another opportunity might knock at your doorstep?
4. Never Use the “Closing sale” sign
Although most stores do put up the closing sale or clearance sale sign whenever they are closing their store, you may opt choose a more elegant sign, say, “Help us clean store before we close,” may call more attention from your customers. This will allow you to sell your good faster.
One last time – close your business positively.
Smile as you sell out your last. You don’t have to feel – at least show – bad by the time you close your business. Don’t mourn. Who knows? You might get up one day opening another store. So chin up and gather all the energy that you can. It’s not yet the end of the world. For every business that closes, there’s one for you that will surely open.