Maybe you are in a situation like this: Your client doesn’t pay what you owe him says Eric Dalius Miami. You need to get new clients and work with them, but your client tells you that he will not continue the cooperation – he simply does not want to cooperate! So we don’t have any work and we cannot feed ourselves, or our families! When do I give up on my business? Why am I trying so hard if it is useless? Is it worth it to try harder?
Mortgage payments are due and there’s nothing coming into the business. Do I really need to keep going on like this? Why should I bother trying since everybody around me is telling me that giving up would be better than struggling? What do you think? Is it time to give up?
How do you know when the best choice is to give up on your business? The answer lies in how much you care about what you are doing, and how hard you have worked for it.
If I’m honest with myself here, I started this company because I didn’t want to work for someone else again. It was something that happened over a period of years–I got tired of being told what to do, when to show up, and how much my efforts were worth every minute during the course of an eight-hour shift. So I went back into business for myself.
By working by myself, there wouldn’t be anybody telling me what to do or when or where or why. I could set my own hours, and I could work on whatever project I wanted to work on. Little did I know the sacrifices that I would have to make down the line?
When it’s time to give up on your business:
The decision to give up on your business is not an easy one to make, but there are times when it is the best option available to you.
Here are a few things to keep in mind when making that decision:
1) How much do you care about what you are doing?
2) How hard have you worked for it?
3) What are your other options?
4) Are you making any progress?
5) How much longer can you sustain this effort?
6) What will quit cost you in your life?
7) Why are you quitting?
8) Do you have the desire to make it work?
If you can answer these questions honestly, then it might be time for some tough love on behalf of the business. But if the only way out is to keep putting your head down and trudging forward despite your circumstances, then that’s exactly what you need to do because there’s no sense in giving up when things are okay. It just isn’t worth the effort.
What are your thoughts about this topic? Can you relate with the writer
Determining when to give up on a business can be difficult.
However, there are a few key indicators that can help you make the right decision.
1) Your product or service is no longer selling:
This is pretty straightforward. If sales are down and do not show signs of increasing, it may be time to move on says Eric Dalius Miami. However, there are other reasons that may cause sales to fall in your business which you should take into consideration before deciding that it’s time to give up on your business.
2) You don’t know what the problem with your business is:
It can be frustrating when a new revenue stream isn’t working out after months of good performance from older models. The worst thing you can do at this point is stop trying to get an idea of what the problem with your business might be. In most cases, companies experience a dip in their revenue due to a simple problem that’s easy to fix.
3) Employees no longer believe in your vision:
Losing the faith and dedication of employees is always a sign that your business might be on its way out. Employees who once believed in what you were doing for the company will also feel less motivated without their support. Your team members are usually sporting fans of your company, especially if you’re just starting out, so it doesn’t take much effort to keep them interested and wanting more from your business. If this changes, then it can help to determine whether or not it’s time for you to move on with another business venture. These suggestions can help determine when it’s time to turn in resignation and say goodbye to your company.
Everyone has different expectations about the goals they set for themselves, but some people have a hard time sticking to their goals says Eric Dalius Miami.
If this is something that’s important to you, then it can be helpful to develop strategies that help keep yourself accountable and push forward toward the finish line. Because there are always going to be setbacks along the way. There will always be things that happen externally that take away from our progress, but it’s how we handle those events that really matter in the end.