It is all too easy to become complacent particularly when a business relationship is long established.
Accordingly when companies fail the usual reaction is one of surprise.
However very few companies fail overnight and in the majority of instances there are numerous warning signals of a company’s demise.
When dealing with any company always rate their efficiency levels. If your dealings leave you with the impression that the company is muddled in its thinking or lethargic in its dealings then these are early indicators that the company is languishing.
If the staff shows a marked lack of commitment this is also an indication of a demotivated workforce who clearly sees the writing on the wall.
A company who is failing in its obligations to either suppliers or customers will lose business to competitors. A declining market share can rapidly become a slippery path.
Companies that ignore changing market trends and technical innovations are doomed to fail. Companies need to be responsive to market developments and changing patterns.
Be alive to high levels of staff turnover, a continuous exodus of staff is a sure indicator that all is not well and normally a precursor of a more substantial problem surfacing.
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