When a company’s profits quickly begin to fall, it is a cause for concern that should prompt immediate action to determine what the problem might be. There can be numerous reasons behind such a decline—from external factors, such as an economic downturn, to internal issues, such as mismanagement of resources—and it is crucial to identify the primary contributing factors so that they can be addressed.
While it can be a nerve-wracking experience for company owners and leaders, uncovering the root cause when business profits suddenly plummet is an essential first step in devising an effective strategy to recover.
Below, 17 Forbes Coaches Council members share the suggestions they would offer to their clients if they were facing a drop in profits to help them course-correct.
What to do first? My advice is to clear your calendar:
“The first thing I recommend is to take a deep breath and calmly gather your leadership team. Clear your calendars and dig into what has changed externally and internally to cause a slump for your business. Use tools to explore the root cause and find solutions. The most important reminder for this meeting is that the leader sets the tone; set a tone of exploration, not blame, and the answers will surface.” – Jill Helmer
Read the full article at Forbes.com https://hubs.li/Q01W7kPn0
When a company’s profits quickly begin to fall, it is a cause for concern that should prompt immediate action to determine what the problem might be. There can be numerous reasons behind such a decline—from external factors, such as an economic downturn, to internal issues, such as mismanagement of resources—and it is crucial to identify the primary contributing factors so that they can be addressed.
While it can be a nerve-wracking experience for company owners and leaders, uncovering the root cause when business profits suddenly plummet is an essential first step in devising an effective strategy to recover. Below, 17 Forbes Coaches Council members share the suggestions they would offer to their clients if they were facing a drop in profits to help them course-correct:
