External Causes of Small Business Decline

Early warning signals companies should look for in the external environment include all legal, political, competitive, technological, economic, and social changes that affect them. Regular review of social media, trade periodicals, business publications, and newspapers will help to keep you current. A technological advance, for example, often affects buyer attitudes and expectations, thereby causing social changes that need to be addressed in product/service design and delivery/sales. If your organization is uninformed with regard to the changes–either that they occur or the extent to which they occur–company performance may lag behind competitors.  Read more…

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