By IBTimes Staff Reporter: Subscribe to IBTimes's RSS feed
January 27, 2012 8:45 AM EST
Small business survival is about evolving to match the business with changing realities, said Karl Baehr, Director of Business & Entrepreneurial Studies at Emerson College.
Are You in Trouble?
The obvious sign a small business is in trouble and potentially facing an existential crisis is running low on cash, the lifeblood of all businesses without which they cannot survive.
Another sign is declining sales from a small businesses’ core market that cannot be explained by non-threatening reasons like seasonality, said Baehr.
Internal or External
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Troubles can either come from a small business’ internal operations or changes in the market place.
If a small business’ comparable competitors are also struggling, the trouble likely comes from the market. If not, it may very well come from the small business’ internal operations.
Either way, the solution is to evolve and adapt to the market reality, said Baehr.
Staying in Touch with the Market
The key is to stay in touch with the market, said Baehr.
One of the most common mistakes organizations make is continuing with “business as usual.”
“They build a product just for the sake of building it. They don’t think about why anyone would want to buy it,” said Baehr.
Organizations, therefore, need to have the conviction to break away from their traditions and change to something that works.
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