• A sudden unexpected event that will devastate the business unless corrective action is taken
• Or the cumulative impact of small insignificant adverse events that at the time were considered unimportant to receive great attention?
Often the business owner is unprepared for either type of catastrophe and perhaps in a well meaning but unplanned, ill defined manner attempts to take remedial actions without understanding the impact those actions may have on other areas of the business.
The end result being ‘problem shifting’. The original concern is corrected in the short term but re-appears or manifests itself in another aspect of business life at a later stage.
Unless well skilled in financial management, change management, business turnaround or the like, the business owner will experience difficulty in implementing the necessary robust solutions and often aggravate a problem, resulting in a continued business downturn with the prospect of a short term solution less likely.
To protect your business employ experts who have the necessary skill sets to help you – the skill sets that may be missing in your business.
Saturday, March 22, 2008