It is the desire of every business owner to have the business owner to have their business prosper without closing down. It becomes very difficult a decision to make of closing down a business. Closing a business that you have sacrificed so much to have is never easy. From a very tender age to a fully operating business, it takes a lot of sacrifices and hard work to achieve success. This is an opportunity to go to greener pasture for substantive number of people. There are critical steps that can help you have a smooth shut down of your shop.
Before you close up your shop, make sure that you get paid off all the services and goods provided. It is important that you contact all the people who owe you money and inform them to pay as soon as possible. you may need this money when starting your next business. 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. When there are no efforts from your clients after all the effort; you can involve your lawyer in getting them pay.
On the other hand, you need to pay other people their dues. It is for your interest that you pay other people before calling your business off. Small loans can be beneficial in settling all debts you pay other people. If you fail to pay these debts, you might end up standing behind the bar.
Closing the business means that your staff will also be jobless. One month before you officially close your business, you require to make sure that you give them notice so they may line up for other business positions. Ensure that you give them the best recommendations in written form. 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. There should be enough time to the lease company. Failure to adhere to the rules can see you fined. Lastly, you need to file your tax returns. the tax man will always come for you even after the closure of your business. These steps are critical in helping your close down your business in the best way possible.