Gems stated in 1 to 9 below I read about a decade ago.
- The One Man Show - Does the company allow key person to grow in their jobs and make key decisions?
- No Succession - Is someone being groomed to replace the president?
- High Profile / Low Tech - How does company's hardware compare with that of its chief competition?
- The Giant Customer Trap - Would the company survive if it lost biggest customer?
- Operating on Old News - Does the company have an accurate financial snapshot of its operations on a monthly or fortnightly basis?
- Touring Without Road Map - Does the company have a written business plan & its still valid?
- Banking Blues - Does the company communicate with lenders regularly?
- Hazardous Growth -Expanding too quickly on a non sustainable basis ?
- The Change Factor - Whether company and how much company has changed during last 12 months?
This was the fact about a decade back. However MOST of these may still hold true, rapid change in economies , technology and entrepreneurial landscape, we can safely add a few more.
x) No focus on CUSTOMER. - Business Plan/Strategy defines everything else but Customer Experience company propose to offer.
y) Not engaging customers on social media (SM) platforms by providing great insights on the products and services being offered. Using SM to address customer concerns and complaints {quickly}.
z) Inability to attract Great Talent. Yes war is of TALENT. People run the business. Rest all can be improved upon if people are right. This also applies to having diversified & some what weird board members.
As we advance in the TIME we need lesser reasons to fail { even survive and succeed }. Test Check TODAY. Its all early warning signs. Be alarmed NOW or be surprised and shocked, later.
