Perhaps it’s time to take a serious look at your situation and ask yourself, “How do I know when to close the doors to my store?” It is definitely not a fun subject to think about, but in these economic times, it is one that we all must consider. There are many reasons why businesses choose to exit their businesses, both personal and financial. Retirement, health issues and family situations are normal reasons. But there are additional problems, due to the current economic climate, that have rapidly moved to the forefront.

Does Your Business Pass The Following Test?

Ask yourself the following:

– Am I adequately paying myself?
– Am I putting personal money into the business to meet daily expenses?
– Are payables rising and past due?
– Am I considering a home equity loan or using credit cards to pay bills?
– Do I have to run strong percentage-off sales to raise cash?
– Are inventory levels declining?
– Have I significantly reduced advertising to save money?
– Are calls from creditors increasing?
– Is the business causing family stress or affecting my health?

If the answer is yes to one or more of these questions, it is time to take a serious look at the continuing viability of your business. There are many solutions that you have at your disposal. The one that most people are taking is to do nothing about it and carry on as if everything is honky-dory. Sadly, the majority of those people wake up one day and find that they are forced to close down their business, or they are faced with a divorce from a neglected partner, etc…Don’t let yourself fall into the “do nothing” category. Now is the time to be smarter when it comes to business. Be wise with your decisions by doing some research and really digging into the information about your business and it’s health.

I heard once that a plane must course correct hundreds if not thousands of times to reach it’s exact destination. The same is true with business. Just getting yourself off the ground and running doesn’t give you an automatic pass to the destination of your choice. Course correct, and do it frequently!