Thousands of entrepreneurs will open businesses this year, and many will shut down their shops before the year’s end. Ending a business requires careful consideration of how the news will be communicated, both internally and to the public. So, how do you handle closing your business on social media?
As a business owner, you have a responsibility to your customers and team. Difficult decisions, like a closure, can create uncertainty for everyone involved; customers may worry about finding new partners or suppliers, and team members might fear losing their jobs and being able to find opportunities in the aftermath. Your stakeholders deserve transparency and trust. By proactively communicating the closure and its reasons, you can ease the transition for all.
It all starts with a strategy. Having a plan to communicate openly builds trust and loyalty and will help to reduce some of the stress around closing your business. Customers will remember your honesty, and team members will appreciate the clear communication and respect you’ve shown them.
A digital marketing agency (like us!) that offers social media management services can help you develop a strategy to announce your closure, but there are some general guidelines that everyone can learn from.
How Should I Announce My Business Closure on Social Media?
If you’ve exhausted all your options and decided to close your company, these are the steps you need to take on social media:
Be Open
Virtually everyone can relate to a time in their life when they faced a tough decision. By being transparent with your clients about your plans, you are more likely to earn their respect. They will likely value your honesty and the hard work you put in to keep the lights on for so long.
Speaking directly about the choice can also squash any potential rumors. We recommend a concise post like: ‘This fantastic journey wouldn’t have been possible without you! However, after sincere thought and consideration, we’ve decided to set our sights on new goals and are closing the business.’
If you sell products online and plan to sell your remaining inventory before you close up shop, make a post to let people know about the liquidation sale at least two weeks before you officially close. This period will give customers ample time to purchase what’s left.
Thank Your Customers
Remember why you opened your business in the first place – to help customers!
It’s important to thank your clients for all of their support because your business dreams would not have come true without them. Showing your appreciation is a simple way to keep the closure positive by reflecting on all the good your business accomplished.
Though you’ll have some heartfelt interactions with your fans, you may also receive some blowback in the form of negative comments. Remember to stay respectful.
Leave Channels Active
Even though you won’t be posting regularly on your social media channels anymore, we still recommend leaving them active. You never know when an investor may come along who wants to help you reopen your business! Your established fan base could also one day come in handy if you decide to open a similar business because you already have customers who remember you and like your work.
Social media channels can also serve as a hub for former customers to ask you questions about the products they once purchased. If you do plan to leave your page open for inquiries, commit to checking it at least once a week and responding to any messages.
KWSM has more than 13 years of experience managing social media profiles for local and national businesses, and we have assisted clients through closures, crises, transfers of ownership, and more. Our expert agency team is standing by to serve as trusted advisors to our clients on all things digital, including social media content creation that aligns with your brand’s look, voice, and tone to make every announcement feel authentic.
If you need guidance on how to handles closing your business on social media, or to learn more about our full-service social media management services as part of a larger Digital Marketing Strategy, contact us to schedule a free, personalized consultation.
