Life Saver or the Briny Deep?

Deciding to throw the business a life saver or watch it slowly drift to the bottom of the briny deep is not an enviable position. But it happens. Data indicates that 45% of new businesses fail during the first five years, and 65% during the first 10 years. That means in the first decade, most new business owners experience the “briny deep” option of accepting that the business is not working. For the remaining 35%, they get to throw in a life saver, in other words, stay in business. Short of catastrophe, knowing when to keep trying or stop altogether isn’t easy. In fact, deciding to close a new business might be the most difficult decision that needs to be made. The No More Leadership BS group reviews different methods for deciding whether a business owner should keep investing in their business or shut it down entirely. Is it time to throw in a life saver, or salute the ship as it drifts to the briny deep? You are the lucky winner who gets to decide, but you don’t have to do it alone.