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Knowing when it’s time to close your retail doors

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Knowing when it’s time to close your retail doors

If you were to be completely honest with the current and unchanging status of your retail business, do you think it may be time to close your doors? No business owner wants to walk into their store one day and be upset about what they see and how they feel during business hours. But the reality is that some businesses can’t find the same success in the retail market that others do. The fact that many business owners sometimes refuse to acknowledge is that they don’t have to continue their struggle out of pride, that just leads to their own detriment. Take note of some of the signs that should lead you to consider the closing of your retail doors.

 

What is target town?

You’ve been in the retail business for a good few years now but you still haven’t experienced the success of hitting your retail target. How you’ve managed to stay afloat is amazing but if your saving grace is a loan, be careful of where your debt lies.

If you aren’t visiting target town every month, or even a few months of the year, you need to seriously consider the success of your business and look carefully into how much longer you can keep this up.

 

Stress ball on legs

It’s time to consider closing your doors when you become a stress ball on legs 24/7. Your mental and physical health is suffering at the hands of your store and you’re about a canned-food-display-knockover away from losing it.

It’s understandable that being a business owner comes with its natural business stresses, but if you develop constant anxiety and an eating disorder from it, that’s where you need to draw the line. You cannot expect to even attempt at successfully bringing back your business when you struggle to keep your everyday personal wellbeing in check. You should have a feeling of excitement, challenge and motivation when walking into work, not stress, regret or fear.

 

Losing your (business) vision

After years of struggling, you end up in a position where you come to work out of obligation instead of purpose. Once you’ve lost sight of your vision for the store, you end up going through the motions and falling stagnant in the market, with profits and your efforts. There’s no attraction in a retail store that has lost its luster and doesn’t live up to its values. Consumers will rip your reputation apart if they pick up on your lack of effort in sticking to your core principles and not working towards your business vision. Don’t let it go that far.

Without your passion perfuming your business, you can’t expect the rest of your employees to be enthusiastic for you, can you? As the business leader, you’re the example. Your team can’t understand the company’s vision if you refuse to implement it or support it when you walk through your doors.

 

Leaning towards a one-man show

Losing vision and failing your employees leads to the one-man show where it will just be you and your shop. After years of not reaching target, no career growth opportunities, a loss of drive but a thriving market beyond your storefront, trust that your employees will leave the ship before it sinks.

Take the signs of piling resignations as an insight you may be missing if you have chosen to be blind to the realities of your failing retail business efforts.

 

Not ready for the market

Sometimes, it’s really not your fault. You have a passion, you’re attempting to introduce your product to the markets but they simply aren’t ready for what you have to offer. You can’t sell for profit where there is no market to sell to and after a few years, you should know whether this is the case or not.

Close shop and stop yourself from running into too much of a loss or finding yourself knee-deep in debt. Save for the right moment and take time to research the market and its demands before just diving in.

 

Where’s the money?

Your corporate finance business plan has gone out the window and everything you thought would secure a profit has failed you. You can’t keep track of where the money has gone or understand why it hasn’t come back in the form of profit.

 

You don’t want to add debt to your list of business stresses. If there is no money left and you’re over your budgeted time to figure it out and find success, it’s time to close your retail doors and consider your options.

 

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