6 Signs Your Business Is Finished

It’s never a nice experience to think about your company going under. However, it’s something that inevitably happens to most entrepreneurs, and you need to be ready for it. The further in advance you can see the signs coming, the quicker you can cut your losses and get out.

Sign #1: You Start Having Strange Top-Level Meetings

While the rank-and-file get on with their work as usual, companies that are failing start to have rather strange executive meetings. What’s more, HR usually gets involved because of the risk of laying people off.

Sign #2: Clients Start To Leave

Most companies rely on the same handful of clients buying their services, year in, year out. When they disappear, it isn’t long before the company begins to suffer tremendously.

If a large number of clients all leave in a short space of time, it might not just be a “blip.” Instead, it could be reflective of the fact that your industry is changing, or people are getting better services elsewhere.

In this situation, it’s worth finding out where people are going and trying to figure out if there’s any way to stem the tide. If there isn’t, then it could be time to move on to a different industry.

Sign #3: Your Turnover Rate Is High

A high turnover rate could be another sign you have a problem on your hands, particularly if your HR practises are just the same as they ever were. Employees may not see jobs with you lasting for very long and may just be treating you as a stop-gap until they find something better.

Sign #4: You Don’t Care About Your Business Anymore

Companies are usually only as good as their leadership. As soon as there are wobbles at the top, the entire enterprise begins to fail.

If you no longer have a passion for what you’re doing, you might want to take a look at a step-by-step guide to selling your business. This way, you can pass it over to someone who has the motivation to keep it running strong.

Sign #5: Nobody Is Talking About Your Business

Thriving businesses create a buzz. Everyone talks about them. But if things are quiet online, then it could be a sign that people are no longer interested in the things you have to sell. Again, it could be a sign of a superficial branding issue, or something deeper, such as structural change in your industry. Either way, getting out sooner is better than waiting for the proverbial to hit the fan.

Sign #6: Problems Take Up Most Of Your Days

Successful businesses have to deal with problems, but they still have time to focus on their expansion plans and progress. However, if you find that you’re spending all your time putting out fires, it could indicate that there’s something dreadfully wrong with your business.

Look at the problems that you are solving and ask yourself if you expect them to go away. If you don’t, then you may need to rethink your enterprise entirely.


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