Pay attention
It’s the little things that can kill you…
This isn't about Coronavirus, except that it sort of is. This is about business but COVID-19 in our world is kind of like a metaphor for all the small things that don't seem to matter until they do.
In business we can usually identify the big threats to us. A new, well funded competitor, a new product that provides a technological step change that we can't respond to. But it's the business version of a sore throat, a bit of weariness or a headache that we tend to ignore. I won't torture this metaphor any further after this, but when that cough suddenly has your business on a ventilator, you've got real trouble.
Here's a few snuffles to take a look at -
your sales aren't tracking where they should be
you usually pay your suppliers on time and now you aren't
customer complaints are up
your biggest customer orders are shrinking or getting erratic
your team isn't a stable as it was
you owe more than you're owed
your costs are regularly higher than your revenue
your accounts are not up to date
your tax payments are late
no-one's had a pay rise in a while
Individually, these are all just things that sometimes happen in a business. They don't essentially predict anything. But when any of them becomes chronic or you start to show a number of them all at once, it could very well be the start of something you should take seriously.
Just remember that it is so much easier to treat a sniffle than multiple organ failures, so be vigilant and remember that it's the little things that can kill you.
Also, don't forget to ask for help if you think that might be a wise thing to do.