This article came about due to a consultation we did a couple of weeks back. We all go into business to succeed, and even though we have ups and downs we all have contingency plans on what to do if such and such happens. For this particular client his business was no longer salvageable and I said to him George, I am going to use the words of a very familiar song to get my point across “you have to know when to hold em, know when to fold em, know when to walk away and in this case, I think it is in your best interest to shut down the business.
As a home based or small business owner, the words from the Kenny Roger’s song are very appropriate. Knowing when to walk away or knowing when to run are one of the hardest learned lessons of being a business owner. Too many businesses hold on too long when they should walk way, fold em or just keep on re-evaluating and refocusing on new strategies, trying to infuse life into a business where there isn’t any. They can’t let go.
Why do we do this, because, after all, it is ours, our baby, a part of us and so many of us feel if we walk away or let it go, not only is the business a failure, but we are also. NOT TRUE. Sometimes things beyond our control change like the market, the economy and any other number of outside forces. We don’t have control over outside forces and in many cases these are the forces that are the reason for the business no longer being profitable.
So make the words of this Kenny Roger’s song a part of your business philosophy and you and your business will be better for it.
Copyright 2007, DeFiore Enterprises
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