When is the right time to throw in the towel?

AMIR KHAN refuses to quit boxing just yet, despite a recent comprehensive beating at the hands of 1/10 priced American Terence Crawford. Bolton-born Khan, a former unified world champion at light welterweight, was floored in the first round and then took an accidental low blow in the sixth, prompting his corner to stop the fight. Khan insists he didn’t quit the bout and is now claiming he sustained an elbow injury ahead of the showdown. He wants to finish his career on a high note, after one or two more fights, promising they will be big ones.

Most boxing pundits think 33 year old Khan, an Olympic medallist at 17, is in denial about his last fight and delusional about the next. His situation is often mirrored by those at a crossroads in their businesses: their insistence on continuing with a flawed strategy sometimes refuses, as well as fails, to recognise clear signals to stop. While turnaround specialists are happy to mop up the blood, they are more effective if engaged earlier when there is still time to change direction - or indeed to dispense unpalatable but sound advice before a business inevitably folds. 

 Acceptance is the friend of good business decisions. There are lots of sensible reasons for giving up and moving on: a strategy taking far too long to work; knowing for certain there are better returns elsewhere; obstacles limiting upside; an industry in irreversible decline; lack of a market for the goods or services offered; or simply lack of enthusiasm for the business.

It would be unkind to suggest Amir Khan should swap his gloves for a commentary microphone or get in line for Strictly Come Dancing, but the still young man - who is already also a fight promoter, sponsor and philanthropist - is better placed than most to optimise his portfolio.