If you have put your heart and soul into a business it is never an easy decision to just let it go into into liquidation. Sometimes, however, simply letting go can help you move on to something better and a lot let stressful. Here are some reasons why liquidation can sometimes be the better option
Workplace becomes toxic
If business is slow or staff are persistently overworked and stressed, the work environment can be become toxic. Staff will be quick to detect when a business is in trouble and they may become demotivated which makes them hard to manage and only adds to the problems you face trying to run a business or turn around its fortunes.
Often when cashflow is a serious problem you may start letting down existing customers when resources are stretched trying to gain new ones. Or you may find that productivity levels are not matching the demand for your products leading to late delivery or poor service. Customers will soon get fed up if they feel they are treated poorly. If you see no way out of the cycle then it may be time to let the business go.
Stress and pressure
It’s a great feeling running a profitable business but when times are tough the demands of maintaining enough cashflow to pay staff, suppliers and so on can lead to a lot of stress. We all kno that too much stress is bad for us so if your business is making you ill then it may be time to let things go and pursue a less stressful way to earn a living.