According to RSA, the commercial insurance company, 71
percent of the UK's small and mid-sized businesses expect their revenues to
either fall or be flat in 2017. The health of any business is not guaranteed
forever. At some point, virtually every small and mid-sized business hits
troubled waters so this could be a difficult 12 months if you own a small
business.
It's not easy spotting the early signs of trouble. Turning
around the fortunes of a distressed business is a formidable task, but if you
are concerned, you need to jump on it right away. Treat it like a crisis
because without that kind of mindset it's hard to bring yourself to take
significant action straightaway But the good news is that if you act swiftly
and decisively, it is possible to recover and bounce back stronger than before.
You need to start 2017 by taking a cold, hard look at your
business. Get some outside help because it's always useful to have an
outsider's perspective. An experienced business consultant can help you to see
what needs to be done, make the tough decisions and execute a plan.
Here are the 7 areas that you should be looking at
