Is It Time To Close My Business?

This one is going to hurt your pride most, we know.

Though some MSMEs may be seeing the end of their venture, we must send some comfort their way – some doors close so that others may open. For some, this usually means the start of something new.

When the time comes to move on, Entrepreneurs ought to have an exit strategy, as properly...and gracefully closing things off legally and financially will improve your chances of transitioning smoothly into another venture. So how do Entrepreneurs know when it is time to shut the door and move on? It is indeed a difficult realization that most must come to. The end may also be inevitable, and it is just a matter of when. Here then, we find Entrepreneurs holding on with every last bit of hope, cash, and pride, as they slowly come to terms with what has to be done. We do not always have the ability to foresee the end or detect the time at which we need to move on.

Even successful Entrepreneurs can be faced with the decision to fold for one reason or the other. It must be noted that a failed business does not define an Entrepreneur. In this fast-paced, ever-changing, global digital era, adapting, pivoting, transitioning, and even evolving, can mean shutting a present business down to start a new project, perhaps using a different model, different tools, different principles, and different objectives so as to now cater to the changing shift in buyer decisions and consumer demands. Consequently, it is imperative that businesses are able to monitor and identify the signs that will indicate when the time has finally come, to shut the doors on a teetering venture.

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Why Local Banks Had to Reduce Card USD Limits - A Simple Outlook

In 2017, market challenges affected Foreign Exchange (FX) availability and caused our banks to set limits on foreign exchange transactions. Now once again, those same market conditions have deteriorated and we are back at it.

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