Howdy! In today’s blog post, I want to talk about moving on from an idea, product or business. There’s nothing worse than pouring your heart, soul, and bank account into something that isn’t working.

One of the hardest decisions we face is knowing when it’s time to move on.

Whether it’s a product that didn’t hit the market as we hoped or an idea that just didn’t take off, letting go can feel like failing.

In reality, it’s not failure; it’s growth.

The number 1 rule of business is to survive, so if individual ideas fail but serve the survival and growth of the overall business, then it’s a win.

Before SmartBid, I had many products fail. But as time went on, I started to learn that moving on shouldn’t feel like a loss. Moving on allows you to free up time, energy and resources for new opportunities.

If you are struggling to figure out whether to hold on or let go and move on, here are some things I’ve learned over the years that help me decide when to move on:

1. Look at the numbers—Emotions can sometimes cloud our judgment. How many current customers do you have? How many are in the pipeline? What revenue are you generating?

2. Turn to your mentors—I am part of an entrepreneur group and keep in close contact with many alumni from the college I attended. I often use my mentors, peers, and even customers to figure out what I don’t know and I take their feedback seriously.

3. Refer back to your goal—Think back to your original vision and consider whether your business still aligns with it. Does your problem still exist within your target market? If not, it’s time to move on.

4. Review what you’ve learned—Lessons from one venture can sometimes set the foundation for the next venture. The skills, connections and resilience you build on one project can all be carried with you to your next idea.

Deciding when to move on can make or break your long-term success.

If you’ve been wrestling with this decision, take the time to reflect, plan your next move and trust that moving forward is progress.

Important Question to Ask Yourself This Week:

What does moving on look like for you—pivoting, rebranding, or closing this chapter entirely?