While we work hard to ensure that our companies outlast us, there comes a time when it's clear that staying in business is either leading you into bankruptcy or has already caused such as cash flow strain that there simply is no way to dig yourself out of the hole that has been created. Shutting your doors can feel like a failure, but when the writing is on the wall, it's much better to close up shop before the business takes everyone down with it.
What stage are you grappling with today? As you enjoy our country's Independence Day, take a moment to recognize where you are in your business and what you need to do to move to the next phase. Before you can move from one phase to another, it's important to recognize where you are and what got you there.
Celebrate your accomplishments as you spend time with your friends and family members today. Just know where you are in the 7 stages of the entrepreneur's life cycle so that you can plan your future and celebrate the independence (or interdependence) of your business as well today. As entrepreneurs, we need time to step back and celebrate what we have built and accomplished. Otherwise, why spend so much of our lives doing what we do? Have fun and enjoy your day today!