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, if not managed will lead to severe distress. This can happen to small firms or large corporate.
This is a period characterized by harsh business conditions reflected in low sales, low cash, low market share, low innovation, loss of customers, low morale, etc. Some recover from this and bounce back stronger than before, and some don’t.
The continuous survival and success of a business greatly depend on managing these forces internally and externally. Neglecting them can spell doom for any business regardless of size!
Navigating the distress is a very demanding job. One should not avoid confronting it nor resort to shortcuts.