All entrepreneurs dread that turning point when the numbers level off and begin to decline gradually. Even a slow decrease may indicate the beginning of the end for the most successful company. The worse case scenario occurs when you take your foot off the gas during growth and miss the signs of an impending crisis.
The Open Forum website has identified six warning signal of trouble on the horizon. If you are playing the challenging game of business according to any of the following scenarios, you cannot be surprised if your company's business will soon decline.
1. You do not have specific, measurable goals for change and improvement of your business.
2. The company does not have a clear vision that starts at the top and goes down through the entire company. You will need a beacon to by navigate by in tough times.
3. You do not do a regular analysis of your customer portfolio, the competition and the environment .Further, your innovative strategies are no more than reactions to situations, rather than anticipating situations. Be proactive not reactive.
4. Your processes have become simply routines that repeat daily, weekly, monthly...
5. Over the last few months or year, the profit and loss account has leveled off.
6. New customers do not rush to you.
7. Posts on your website date back several months.
8. You have not commercialize any new product or services to market long time.
9. Your recent decision was based more on emotions than facts.
If the above situations seem familiar to you, then you should know that reaching a peak does not always has to be followed by a gradual decline. It is time to begin a new stage of growth. However, changes need time and new strategic plan, new processes and often new employees who will bring fresh ideas to the company.
Once you see the revival of the company on the horizon, do not assume that leveling off is ended. In this case you still have to constantly watch all key performance indicators. The influx of new customers does need you have ultimately won if the existing customer base decreases. In addition, key indicators vary between different companies and therefore the curve of growth and decline may be different.
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