Shutdown is a Bitter Medicine Business Development Consultant . Mubarak Al-Semail

As slow-moving Coronavirus events unveil and unhurried decisions to stimulate the economy in the state of Kuwait linger, most small and medium entrepreneurs continue to suffer of the difficulty in making critical decisions that concern their business enterprises.

Most of them suffer problems with employment and employees while others face problems pertaining to rent. This situation has resulted in major losses encountered by SME business owners. My message goes as follows:

If you had taken a decision that would reduce costs such as cutting down on the marketing budget and negotiated a discounted rent with your landlord or attempted to relocate the business and adopted other ways to save on expenses but still continue to accumulate losses that are difficult to manage, you must take the decision to shut down without hesitation.

Hesitation will incur further losses. Take the decision while you can shut down temporarily by relocating or transiting to other means that will reduce costs and at the same time maintain the commercial license to open in a new location later, when the economic situation prospers. On the other hand, if temporary shutdown does not befit your business activity then you should take the decision to close the entire project to maintain the remaining liquidity in the project instead of incurring severe losses that cannot be recovered. As I reiterate, (cannot be) recovered in the near future, I do wish everyone success and prosperity

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