Many small businesses are struggling right now—but how do you decide if you should hang on and muddle through, or if you’d be better off throwing in the towel? In an article for CNNMoney, entrepreneur Jay Goltz says there are 10 questions to ask yourself to help you decide if it makes sense to stay in business. Among the questions are:
1. What is the main problem you are facing? Cash flow, decreased revenue or a combination of the two?
2. Have you actively done something to fix the problem? For example, have you evaluated your marketing efforts over the past year and dropped the ones that didn’t work?
3. What is really at the root of the problem? Is the industry you are in going south, making it hard to make money? Or does it have to do with your operations (such as pricing, service or location)?
To read the other questions on Goltz’s list, click here.
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