Gwyn Myers, Ph. D.
What should you do when a business is in crisis?
|The first thing you do is just stop. Just stop what you are doing. Take a look around. Put everything on top of the table and say "What of these can we discontinue?" "Let's narrow our focus; we only have so much time and so much money because we have to turn this thing around". Once you get it stopped. Once you decide what you're going to do. Don't expect to turn around and go up that hill because be very very happy if you bump along the bottom in just a normalized breaking even mode. Once that happens consistently then look at maybe what you can add, where you are these and then add a little bit and begin to broaden your focus. But it takes a lot longer to climb up the hill than It did to go down.|