Answer the following questions with either a ‘YES’ or a ‘NO’. Put each question into the context of your own business: is your business facing problem? ‘YES’ or ‘NO’?
Is your industry, sector or market going through significant change?
Do you have difficulty in saying what is really different about you – what makes people buy from you rather than your competitors?
Do you lack a clear vision/strategy? (are you missing a map of where you are going?)
Are you overconfident? (do you have an unrealistic map?)
Are you failing to invest enough for the future (e.g. in training your people; in upgrading your process; and in spending on capital equipment, product development, new products and marketing; or in building up financial reserves by leaving sufficient cash in the business or obtain banking facilities or investments.
Do you have a management team that is weak because it is missing key functional skills (e.g. a finance director), personality types (e.g. an ideas person) or that has problem due to the personalities involved (e.g. an autocrat in charge, conflict between key staff)?
Is the business going through a major change (e.g. high growth, a move of premises or a major acquisition) that is stretching your management and/or financial resources?
Are you failing to face up to necessary changes (e.g. succession planning, not bringing in external management experience where needed)?
Have you got weak financial management?
Are your revenue and / or profits stagnating / weakening / declining?
Are you depending too much on one customer or supplier, or in a big project?
Is cash tight and pressure from the bank and creditors increasing?
Are you suffering from some catastrophic event (e.g. a fraud, fire or flood)?
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