Find the Problem
Once-thriving businesses can fade away for a
variety of reasons. Sometimes competitors take
their customers. That’s what happened to U.S.
automakers when foreign brands arrived. Other
times, markets change but the business doesn’t.
That’s what happened to buggy-whip
manufacturers when people turned to cars .
It’s not easy to look objectively at your own
business’s problems. To start, try going back to
the last time sales were strong and profits were
good. What changed after that? It may be the
arrival of a new competitor, or your own failure to
update your product offering. It could be that the
customers you serve have themselves fallen on
hard times. If you can narrow the reasons to one
or a few likely candidates,your problem is half solved and you’ll be able to focus
your revival efforts.
SUCCESS BREAKFAST today with OIC
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