Ways Of Bringing Your Business To An End
Shutting down a business for the owner is always the last thing they wish. Closing down a business is always a hard decision for many people to make. It is challenging to terminate something that you have worked so hard to do work. There is a lot involved to bring a business from a child to fully matured. The shutting down of the business is a chance for others to get into other things. There are critical steps that can help you have a smooth shut down of your shop.
Before stopping operations of your business, ensure that you have been paid all the invoices from your clients. It is important that you contact all the people who owe you money and inform them to pay as soon as possible. This cash may be significant in your next venture. Always remind your customers about their payments so that they will have no excuse. In case they are reluctant to pay you, and a final demand. You can go to the extent of putting some interest on the money that they owe you. If all that does not get the ball rolling, you can look to have the case handled by your lawyer.
On the other hand, you need to pay other people their dues. Ensure you clear all the dues that you owe other endeavours and individuals. If the money you have cannot be enough to pay the debts, you may consider taking small loans. If you fail to pay these debts, you might end up standing behind the bar.
Your employees will be unemployed immediately you close down the business. This should get you give them an alert so they may find other businesses to attach. Write all your employees a recommendation letter to make work easy for them in finding other jobs. Ensure that you pay all that you owe your employees. Despite the financial situation you are in, one thing that should be guaranteed is the salaries of your staff. These staff may be your next best thing in other companies.
There is need to clear your lease before moving out of your business. The contract will probably indicate the period of notice that you need to give the leasing company. You need to give enough notice to the company. There might be a fine on your side if you don’t give them enough time to process your request. Lastly, you need to file your tax returns. The tax does not stop because you have closed your business. These steps are critical in helping your close down your business in the best way possible.