Hard To Say Goodbye
Source: Bank of America
It may seem unthinkable-intentionally retiring off one of your small business's products or services. But just as all businesses both small and large grow, mature, and change, so too do the brands that they sell. And as one-time successful products or brands start to lose their consumer cachet and gaudy profits, recognizing when and how to pull the plug on them becomes an important business decision. For instance, in the tech industry, where products typically have compressed life-cycles, a startup might see sales of its very first gadget struggle, take off, stabilize, and eventually wither away all before the business starts to consistently make money.