It happens all too often, even to the most tenacious entrepreneurs: sometimes your business model doesn’t work out. In some cases, liquidation is the best way to transform your business, but approached in the right way it doesn’t have to be the end. If you plan right, you can come back with a new, stronger business.
Many business owners panic just before liquidation. However, voluntary liquidation can be a good thing for a failing business, especially when there’s no other option. Once it’s done, you can focus on getting the new business started. In order to have a better outcome the next time around, you need to plan carefully. First, identify the original problem with your first business. You likely had issues with cash flow, so you’ll need to identify where that problem came from. Once you do, you can find the solution. What could have been done to avoid the problem? If the problem was unavoidable, you need to look back and register what the initial warning signs were. What do you need to be watching out for in your new business? Once you start building your new business, you need to either change the way you do things, or put warning alerts in place so you can know when those bad signs are popping up. Do this, and you can build your business up from the ashes!
Read the full article here: How to Raise Your Business From the Ashes