Shutdown

Mar 2, 2024 10:00 AM GMT+5:30

This is a shutdown notification for 

‘PARTHA TECH SUPPORT’. 

After observing many points and attempting to address them, I have finally decided to shut down the business. I started this venture in 2012 and year by year observed the market demand, supply, and business practices. However, the business was finally registered for GST as a proprietorship in FY-19-20.

Unfortunately, after the September 2021 flood, which inundated my shop with floodwater for more than 30 days, I observed a significant quantity of dead stock. This event marked the beginning of the downfall of my retail business. My products, accessories, and many items are subject to brand warranty, and my business relies on several suppliers who abruptly halted their operations. Consequently, a large quantity of products under warranty claims remained unclaimed due to the high cost of visiting service centers and approaching brands directly, especially considering that many brands were uncooperative.

Additionally, the demand for mobile accessories dwindled over time, resulting in a surplus of stock. Months passed, and many IT products started rusting, leading to damage. Several retail and business customers have not paid their dues due to income source issues, further worsening my cash flow, which is now on the verge of cessation. Daily operations and business expenses are sustained through debt, which continues to accumulate.

Furthermore, my IT business, service, and support operations slowed down due to pending amounts from clients and organizations. Many clients expect services without upfront payment, relying on credit systems, which negatively impacted my revenue stream. Moreover, contracts often spanned six months but payment delays extended to a year or more. Many service and support related works suffered due to my strict service rules, leading to decreased efficiency.

I have decided to shut down the business, acknowledging that it may take some time. The key lesson learned is that sustainability in any business or service requires ethical principles, trust, factual analysis, and a balanced approach to monetary concerns. Prioritizing profit over ethical standards can jeopardize survival in our society or ecosystem.

I, Partha, admit that this is one of the biggest life lessons I have learned, and I failed to sustain. Even though from my perspective, my failure doesn't imply that similar retail and service businesses cannot thrive. There are millions of examples in this domain where businesses are profitable and successful. In my case, I believe my rules and the way I work define my identity, and it should remain unique. Not everyone can prioritize principles over profit, and that's why I applied strict rules. I am content with my decisions, even though I find myself in a significant debt trap.