While we're talking here about warning signs that a business
might be in trouble, we should note some practices adopted by
well-managed companies to stay ahead of the curve. Some of the
most important are:
Develop
a flexible business plan, and review it as your market changes.
Build stronger relationships with your customers and your suppliers.
It's always easier to keep your current customers than to find
new ones. You'll get even more cooperation from your suppliers
when you let them know they're essential to making your business
succeed.
Watch your competition — its quality, pricing and services.
Stay ahead
— and make clear the reasons your company is better than,
and different from, the competition.
Plan expansions and diversifications carefully. Be certain that
your employees can handle the demands that growth brings, and
that you've got the cash to finance the expansion.
Develop
a flexible business plan, and review it as your market changes.