<p><b data-redactor-tag="b">All business fail – time to time. </b></p><p>Some businesses <b data-redactor-tag="b">fall into a downward mode and never recover</b> and are forced to close themselves-down or become bankrupt. </p><p>Some businesses <b data-redactor-tag="b">fail in their existing fields - yet manage to pivot into totally new products, services or offerings</b> and scale heights again [these are the rare ones].</p><p>Some businesses <b data-redactor-tag="b">lose their earlier profitable levels</b> – but manage to stay afloat.</p><p>Some <b data-redactor-tag="b">businesses survive</b> – by sucking the profitability from other units. </p><p>Often, <b data-redactor-tag="b">when an organization is in trouble – there are always signs, signals and indications of their being in trouble</b> – much before the organization or its CEO realizes it.</p><p>Paradoxically - <b data-redactor-tag="b">most of the organizations also have the answers, solutions and know how to fix what is wrong</b>.</p><p><b data-redactor-tag="b">Off-course Sometimes technological advancement can bring you into obsolesce from being a cutting-aged one</b> - But this won't happen overnight.</p><p><b data-redactor-tag="b">The 21 Tell-tale signs that your organization is in big-trouble OR heading for one</b></p> <ul><li>1.Top talented people are leaving in big numbers – this is a very easy sign to notice. Otherwise too - Employee turnover rate has become all time high</li> <li>2.No new clients</li> <li>3.Existing clients are reducing or stopping to buy from you/use your services</li> <li>4.Outstanding's are increasing in the markets – you customers are not paying in time. You're regularly on the receiving end of late payments</li> <li>5.You find that every month – you have increasingly difficult time to manage cash-flow and expenses. You're unable to pay bills on time</li> <li>6.When you find that you can't pay salaries on time – probably you have already reached the bottom</li> <li>7.You have reached your borrowing limits</li> <li>8.Meetings become blame-point-finger exercises</li> <li>9.Sales are falling</li> <li>10.You're holding too much inventory</li> <li>11.Everyone is stressed</li> <li>12.You have become a MeToo - No Differentiation, No niche</li> <li>13.You are the only one – people come to – for all the decisions </li> <li>14.Unstable leadership – too many changes happening too fast – as part of knee jerk reactions</li> <li>15.You are into big cost-cutting mode – even though it is also compromising on the essentials</li> <li>16.Your business has not introduced any changes in product, services and in your message to the client</li> <li>17.Employee have stopped asking for raise or bonus or promotion</li> <li>18.You have expanded too much – too fast, without consolidating any </li> <li>19.Your organization has gotten into Late filing of accounts</li> <li>20. Increase in customer complaints to alarming levels</li> <li>21.You have lost few of your Key accounts/key customers </li></ul> <p><b data-redactor-tag="b">Causes of business failures – the most common ones are given – you can add your own</b></p> <ul><li>1.A new entrant/competitor* – who is not only aggressive BUT also is giving the customers what they never thought possible</li> <li>2.Market Saturation [too much supply-very less demand]</li> <li>3.Changes* in Customer* preference/buying-habits </li> <li>4.Economic* Slowdown</li> <li>5.Leadership* failures* and Poor Management *</li> <li>6.Not changing in spite of observing* emerging trends* </li> <li>7.Bad Product</li> <li>8.Bad Customer* Engagement</li> <li>9.Poor employee* engagement*</li> <li>10.Overexpansion</li> <li>11.Lack of capability* development – equipping employees with future skills*</li> <li>12.Lack of corporate vision* and clarity</li></ul> <p><b data-redactor-tag="b">How to turn-around your failing business</b></p><p><b data-redactor-tag="b">Like always all the *marked ones have detailed Do-it-Yourself Blogs on that topic in Success Unlimited Mantra</b></p> <ul><li>1.Understand why business* fail*</li> <li>2.Understand why Business* succeed*</li> <li>3.Identifying – why your business is falling</li> <li>4.Understand whether your business needs to stop operating AND taking decision WHY should it continue or stop trading</li> <li>5.Listening to </li> <li>I.Your Employees</li> <li>II.Your Clients</li> <li>III.Your Competitors</li> <li>IV.Your Business Partners</li> <li>V.Your Vendors</li> <li>VI.Happenings in other Industries and businesses globally</li> <li>6.Identifying the gaps and revamping what are needed</li> <li>I.Sharpening Your Leadership Capability</li> <li>II.The Talent which can help you pivot, face the challenges and grow</li> <li>III.The Customer Value Proposition</li> <li>IV.The Employee Value Proposition</li> <li>V.Changes in Product/Services</li> <li>VI.The Business Model</li> <li>VII.The Revenue Model</li> <li>VIII.The Marketing Channel</li> <li>IX.The Promotion Methods</li> <li>X.The Technology Upgradation</li> <li>XI.Getting rid of bad customers</li> <li>XII.Letting the unproductive employees with poor talents and attitude leave</li> <li>7.Doubling the collection efforts</li> <li>8.Identifying – how WE CAN BE THE DISRUPTION – by changing the playing-field</li> <li><b data-redactor-tag="b">9.</b><b data-redactor-tag="b">Get professional guidance — for free ONLINE only – from us</b></li> <li>10.Make a cost-optimization plan against cost-cutting</li> <li>11.Ask Existing Vendors for Discounts</li> <li>12.Switch Vendors </li> <li>13.Seek Lower Credit Card Transaction Rates</li> <li>14.Ask Your Landlord To Lower the Rent</li> <li>15.Reduce Employee Hours</li> <li>16.Eliminate Advertising – Go for Innovative Low-Cost Marketing Techniques</li> <li>17.Find what crazy-risks* you can take vis-à-vis playing safe</li> <li>18.Use only what you need - Return unwanted leased property</li> <li>19.Make your employees partner in decision making</li> <li>20. Reduce cost centers and increase profit centers</li> <li>21.Make each function an independent profit-center</li> <li>22. Overhaul and trash your existing process, procedures, perceptions and practices – recreate the ones which will appeal to larger and different client base</li> <li>23. Go for Crisis stabilization - track the situation, monitor it well and try to control it from going out of hand</li> <li>24. Look for ways to simplify*</li> <li>25. Focus on the basics* - that which made you successful</li> <li>26. Get in touch with your customers – big-time. Listen to their stories - Make it easy for your customers</li> <li>27.Create a new enthralling story of yours to share with your employees and customers</li> <li>28. Reinvent your business* by making it Leaner*, Fitter and handsome</li> <li>29. Boost your marketing and selling base as well as the channels you sell through - Contact Competitors of Present or Former Customers, Call Former Prospects</li> <li>30. Sell Additional Products and Services to Existing Customers</li> <li>31.Develop Multiple Revenue Streams</li> <li>32. Team Up with Other Vendors for Joint Sales</li> <li>33. Worst Case Scenario, Sell The Business</li> <li>34. Offer your new product/services to beta test customers at a discount, or for free.</li> <li>35. Target a different market</li> <li>36. Act Fast But Don't Act Stupid</li> <li>37.Remember you as a CEO Should Calm Nerves - Not cause Anxiety</li> <li>38. Stop being Driven By Pride Or Fear</li> <li>39. Empower* Your Employees Chance To Turn the organization </li> <li>40. Build up new alliances and collaborations*</li> <li>41.Never use the economy as an excuse for not taking action</li> <li>42. Search for alternatives </li> <li>43. Understand the Forces Influencing and Leading to Disruption and Recognize which New Value Drivers Will Lead to Success</li> <li>44. Find Where Disruption Might Be Coming to Your Industry </li> <li>45. Identify the current Innovations and Technological Advances That Are Likely to impact Your Business </li> <li>46. Anticipate New Desires of Customers and Potential Competitive Developments That Could Disrupt Your Work</li> <li>47.Be the disruptor* yourself Within an Established Organization and Test Your Ideas in Real Time<br> Identify the Characteristics of Adaptable Organizations </li> <li>48. Become an intelligent learning organization*</li> <li>49. Evaluate Your Own Current Capacity to Lead Within a Disruptive Environment</li> <li>50. Understand that THE TIME for Leading the Charge for Disruptive Innovation IS NOW</li> <li>51.CREATE AN INTELLIGENT ENTERPRISE*</li></ul>