Point to Determine When to Close Down
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In deciding whether to start a new business, explain fully which factors you would include in your business plan?
Assuming you open the business, at what point would you deem the business venture successful?
At what point would you decide to close down if you were losing money?
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Solution Summary
This solution discusses at what point to determine when to close a business down after losing money.
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When creating a business plan one needs to identify potential customers, a marketing plan, budget and financial projections, a review of the owners/management, among other things. You should identify the mission and vision statements, what the business is and what it is about. It should include any goals and information about the industry. Additionally and most importantly, what are you selling or doing and why you believe it is a good business for you.
Starting with the mission statement, a company can make it clear what the company is about, what it stands for, and how it will be administered. If the company is all about making a profit, then state it. If the business intends to provide customer service that is better than most or if it is a company that will ...
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