The definition of “need” varies depending on who you ask. Do you need a business plan for closing a business? No, you don’t. But it’s a really good thing to have on-hand to ensure that you don’t miss anything because a business that isn’t closed properly can be a bit of a pain in the buttox.
A business that isn’t closed properly can be a liability to you, your family and your overall reputation. Which means it’s important to ensure that you’ve taken the time to properly shut down your business.
It’s unfortunate that COVID-19 has us seeing a ton of businesses making quick action to shut down their business. So, thinking about a quick shut down and a business plan for closing a business is all to necessary right now.
Before we go any further, it’s important to point out that I am not a legal or finance professional. If you are looking for professional advice, you’ll want to chat with someone who is. You’ll also need to double-check rules and regulations for your country and state because they can vary.
Why a Business Plan for Closing a Business?
Every business is different and while they might have different origin stories, they all have to be closed the same way. That is, properly.
The decision to shutdown your business is a very difficult one to make and chances are once you’ve done it, you might feel a sense of overwhelm which can lend immensely to doing it improperly.
That’s where a business plan for closing a business comes in. Much like when you start a business, a business closing plan can help ensure that everything is done correctly, that you don’t miss anything, and, at the end of the day, that all of the loose ends are tied up.
How to Make Your Business Plan for Closing a Business
Once the decision has been made, it’s time to start planning. When you’ve decided to close your business, you need to start doing your research. You’ll want to know what you need to do to close your business and how to get everything done properly.
Step One: Do your research. Figure out what you have to do legally, financially and otherwise to ensure that your business will be closed down properly. Be careful to ensure that you know what has to be done for everyone involved.
Step Two: Write your plan down. It’s a lot easier to accomplish something if you’ve got it written down.
Step Three: Create a checklist. When it comes to accomplishing a challenging task, especially when emotions might be involved, it’s a good idea to make a checklist and check things off as you go.
Step Four: Get started.
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Tae started out as a journalist before following the money into the corporate world. But it turns out that the grass isn’t always greener and now you can find her spending most of her time writing about all the things she loves. Namely, money, travel and business with a hefty dose of self-deprecating humor. She is a podcast fanatic, blogging aficionado and loves to find new ways to turn passions into cold hard cash!