WHEN YOU FIND YOURSELF IN A HOLE, STOP DIGGING!
Sad as it may sound, the health of a business is not guaranteed forever. Every business during the course of its existence will experience some level of discomfort, which if not managed on time will lead to severe distress. This can happen to firms of all sizes – small businesses or large corporate.
If remedies are not found immediately, the distress may destroy the value of enterprise and eventually lead to collapse. The reasons may be internal (firm level mostly self inflicted) or external – where market forces dictate. The result will be same if there is no quick action at the strategic level.