Going Out Of Business: Important Warning Signs To Know

This is definitely the most difficult sign for entrepreneurs to look at ---> GOING OUT OF BUSINESS.But what can we say? Losing is an inevitable fact of life. Although you do not want it, you got to face it. Losing is an inevitable fact of life. Although you do not want it, you got to face it.


So, how do you know that your business is heading towards this direction? Succeeding are warning signs that can help you prepare for it. For all you know, you can still prevent total shut down from eating up your business :)


1) Decreasing sales and slimming sales group - This happens when you are using big clients one after the other. As an expected consequence, you are removing a number of your staff.


2) Tapping funds that are allocated for something else - Are you using the budget for employee training for their wages? Or are you using the budget for marketing to buy raw materials or pay for service providers? This is quite obvious.


3) Putting off major decisions that can pump up sales - Examples for this is lack of the ability to get much-needed new hires and pieces of equipment. 


4) Your friends are  slowly turning away from you. When you call, they tend to be always busy :)


There is nothing wrong with asking for help if you want to breathe life back to your business. If ever it is no longer beneficial for you to do so, learn to let go early while you still have a few assets left to yourself.


Big or small, any business will require our utmost attention. This is because having an entrepreneurial spirit is often not enough; you need to know the ins and outs of running a great biz.


And that is my goal for starting this blog -- to help us all get helpful tips on how we can make our businesses thrive. From marketing to sales, from day-to-day operations to hiring employees, we will tackle everything that can make a business reach the top.




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