How many business owners are guilty of sitting back and enjoying making hay whilst the sun shines?

It’s easy to become complacent in business when things are going well but if you’re not regularly looking at your business facts and figures you could be missing warning signs that things are about to take a turn for the worse.

A gradual decline in profit margins may suggest that your customers are getting more price savvy and shopping around for the best deal. It could start with the odd few negotiating a reduction but that can soon increase and before you know it your whole business is crippled by the squeeze on profits.

Spotting trends as they first appear can help you to rethink changes that may need to be made to your business. Maybe you need to look at new products or services or identify a different target market.

One thing is for sure if ‘you’ take your eye off the ball there is bound to be a competitor ready to sweep up where you’ve left off!

Author: Denise Wilton

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