Suspending The Business

Suspending your business is the most complicated of the business closure progression types.  You must balance the appeal and hope of resuming the business with the lack of consistent revenue while at the same time spending your cash reserves on expenses of the business to be able to step back into the workplace later (think studio space or software subscriptions that incur monthly fees but that you aren’t using while the business is suspended)

Suspending your business may be more of an emotional than logical decision.  The hope of being able to resume the business can be a powerful driver to hang onto the business while important cash reserves are drained to maintain physical studio space, employee wages, and other recurring expenses.

You can’t referee the game while you’re playing it.  You need the benefit of an outside perspective that you trust.  Consider reaching out to your group of trusted advisors for their insight on the whether it makes business sense to keep the business parked for the foreseeable future or whether it is makes better sense for your situation to actually close the business and then like the mythical phoenix, rise from the ashes and take flight again in the future with a new location, new equipment and a renewed vision of your business at that time.