Business closes its door
THIS small business owner contacted The Advocate but wished to remain anonymous.
‘WE made the difficult decision to close our business based on the economic status of our family.
While the business has paid its own way for most of the time, over the last couple of months there have been occasions when we have had to dip into our alternate family income to make business ends meet.
Going forward in 2011, the prospect of continually putting our money into the business was really scary.
The thought of having to do this more frequently throughout the coming 12 months had caused us to lose a lot of sleep.
We made this decision to shut up shop to basically cut our losses and exit the business before our home and family life was financially threatened.
Business owners like us continue to do it tough – unfortunately rents, electricity and phone costs all continue to rise.
The amount of debt we are now incurring is an amount which, while difficult, we will manage.
But in another six to 12 months it could be a very different story and the debt too difficult to bear.
We’re in the fortunate situation of being a small privately owned business and our closure has not resulted in impacts on other families through job losses.
We feel for much larger businesses who have reached the same decision as us but who have many more staff on their payroll they have to consider.
Not only do you have to sort out the financial side of the business but there are many emotions you have to deal with and sort through when it comes time to close.
But ultimately it needs to be an emotion-free business decision that you make.
It’s about knowing you have done all you can to keep your business afloat and prosperous and at the end of the day making the business decision that’s the right one for you and your family at the time.’
If you are having difficulty coping in the current economic climate there are support services to help:
- LifeHouse Care: 6652 3116
- The Smith Family: 6650 0125
- The Salvation Army: 6652 8777
- St Vincent De Paul: 6652 3003
- Financial Counselling at Coffs Harbour Neighbourhood Centre: 6648 3694
If your business is struggling, try these resources:
- Your accountant
- ETC Business Solutions: 6648 5463
- Coffs Harbour Chamber of Commerce: 6651 4101
- Economic Development Unit at Coffs Harbour City Council: 6648 4000