It’s a question many business owners struggle with from year-to-year: Should I sell my business? Making a change is usually harder than keeping things status quo, but a delayed decision can cost business owners money.
Of course one of the biggest challenges is getting out at the right time. But if you find yourself identifying with the following information, it may be time for a change.
The Passion is Gone. Owning or running a business is hard work. Unless you are consistently passionate about what you are doing and the results you are trying to achieve, work can begin to feel like a burden.
Creative Tank is Dry. It’s normal to experience occasional losses in creativity. Whether your company needs a new logo or it’s necessary to completely re-brand, fresh ideas are critical to business success. When that tank has run dry and innovative changes are not happening, it may be time to re-evaluate.
All Tapped Out. Growth in a business requires an investment of both time and money. Ideally, the invested money should come from the business profits, but it may also involve acquiring new loans or investors. If you begin to discover support for your business is dwindling in the investment category, it could indicate that interest in the field is diminishing.
What’s a Gigabyte? Working in an industry that requires constant updates in technology can be challenging for several reasons. First of all, technological updates require a continuous financial investment. Without the use of up-to-date computers, accessories, and software programs it is virtually impossible to run a successful business. Technology advances are becoming obsolete in shorter and shorter periods of time and if you let your business get too far behind, it may be impossible to compete.
That’s Still Here? When your inventory does not seem to be going anywhere and items sit stored or accumulated for long periods of time, it may be an indication that the market has dried up. It’s possible that investing in newer product or boosting your advertising campaign could turn things around, but stagnate inventory is a cause for concern.
Not Seeing Black. In the first few years of starting a business, it’s common to lose money as things slowly begin to settle. But if your business has stayed in the red for years with no changes in sight, you may have an emergency on your hands, and this may indicate a time for change.
Part of our job at Wheeler Financial is to help you see where your money is going and how to get a better handle on your operations. We take a strategic approach to organizing finances that help businesses get back on track. Contact us for a consultation. We can help you understand your options and make informed decisions for the future.