Very few business owners ponder the idea of closing their doors. Of course, selling their business might provide a yes answer or even the possibility of a merger with another business entity – maybe, but shutting the doors completely, I highly doubt it. The truth is almost half of the new businesses that start-up will eventually close their doors during the first three years of operation. That may sound like a negative assumption, but the fact is the percentage is even higher than fifty percent.
Every business, whether new or established could easily suffer the disappointment of having to close down for good. It’s part of reality and a big part of starting a business, but it’s also a big hurdle for many entrepreneurs to accept. However, it really should not come as much of a surprise, partly because most business plans call for an outline of an exit strategy, a signal that determines if certain aspects of a business are in fact being met. If not, critical decisions have to be made.
Knowing when to shut the doors can be a difficult choice, especially for entrepreneurs. There’s a certain frame of mind that exists, one that inevitably keeps a business owner from seeing the reality of the situation. After all, it is a positive attitude that gives an individual the strength and motivation to initially start a business. Of course, further beyond that is the emotional connection of actually owning and operating a business, it’s what some business people refer to as passion. Unfortunately, most of the passion that drives a business owner can also cause them to see things much differently. That’s why it’s important to understand the difference between weathering the storm and that of a sinking ship.
A small business coach Boise Idaho can help many organizations who are weathering the storm, so to speak. A business, whether large or small will at some point deal with a number of challenges or roadblocks during the course of its existence. Whether those challenges are associated with financing, sales, customers, cash flow, Human Resources, credit issues, or even personal problems at home. It doesn’t matter what it is, problems can occur that often cause setbacks for many business owners, and thankfully, it does not always mean disaster.
The key to many of these issues is simply including a Boise business coach as part of your business team. It is part of a working relationship to keep your business strong and to continually build on sound business principles and strategies. A business coach Boise Idaho can help you as a business owner to understand many of the problems that may arise, and plan a course of action that will guide your business in the right direction.
Just remember, don’t wait until your business is sinking to look for assistance.