Business Suitability Assessment

If you don’t like what you are doing, it can be difficult to be successful at business. If things are not going the way you would like them to go, it is possible that you may not be in the right business.

THEREFORE
Ask yourself some questions:
Do you enjoy your work?
Is your business growing, stagnating or declining?
What level of risk are you comfortable with?
What levels of debt are you comfortable with?
Can your business generate enough revenues to repay your debt?
Are the stress levels acceptable in terms of your own health and the effects of your family life?
Are you making a reasonable living?
Identify your business preferences:
What can you do well?
What do you enjoy doing?
Can you identify any of the following warning signs?
A feeling you are lacking all the skills to run your business.
Sleeplessness and high stress.
Constant worry about money owed to you or payments due.
Family life problems.
Loss of motivation and pleasure in the business.
Feeling “burnt out” and reluctant to face the day when you wake up in the morning.
Your business is declining.
You are doing too much by yourself.
FIND BELOW A GUIDE OF UNDESIRABLE BUSINESS SITUATIONS

Businesses with high stress levels (in the end you have only one life)
Lack of experience in the specific industry (the result could be catastrophic)
Marginal businesses (some businesses are not capable of generating satisfactory revenues)
Undercapitalized businesses (the consequences can be a long struggle to meet financial commitments, to find funds for new growth or for replacing equipment, etc)
No clear competitive advantage (competitive advantages eroded by new forms of competition)
Sunset industries (are you in a sector with limited future?)
WHAT CAN YOU DO ABOUT IT?
The first and most difficult step is to understand that often you can’t properly assess your own business situation. Usually you do need support from outside advisors who can stand back and view the bigger picture Your option for change may include: (1) Preparing your business for sale and planning to buy or start a more suitable business (or return to employment) (2) Gaining more business skills through training or through working for a business in the industry you want to enter (3) Calling for a management consultant to help you change or rescue the business.

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