The
collapse of high street chains such as Comet, HMV and Blockbuster have served
to demonstrate that even established brands are not secure within the current
financial climate.
A
number of businesses, regardless of size, may be assessing their current
position as they try to figure out whether or not they need to start making
contingency plans for the near future.
Falling
sales
Falling
sales are a definite sign that your business needs to consider what direction
it is heading in. A warning sign that sales are about to drop is if people
have stopped talking about your company – or if what they are saying is
negative. If you are not getting any new business, or if profits are steadily
declining, take this as an advanced warning that your business is potentially
in trouble.
Vital
signs
When
was the last time you checked your vital signs monitor? Some of the key vital
signs for a business include turnover, average order value, productivity
rates, employee accuracy, costs, returns and margins. Rapid fluctuations
among any of these vital components of your business could indicate that you
need to make changes.
Fading
Morale
When so
much focus is concentrated on the inner workings of the business itself, and
on the customers, it is easy to forget about your staff. However, employees
have a significant impact on the success of the business, since the goods and
services offered by the business stem from their collective efforts. It is
vitally important that you take steps to consider the needs of your staff and
whether or not they are sufficiently motivated. This could potentially have a
bearing on how effectively your business is able to deal with financial
challenges.
A business
insolvency specialist can assist business leaders and financial
directors to deliver pro-active solutions for their business. Enlisting the
help of such a service could be an intelligent financial decision in the
current climate.
|
Monday 25 February 2013
Warning signs your business may be in trouble
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I think this is a really good article. You make this information interesting and engaging. You give readers a lot to think about and I appreciate that kind of writing.
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