How do you know your business is dying? Or maybe really sick? I don’t mean the business (although it could be that). I really mean your location. I was thinking about this today. Are there signs that the business you’re in is winding down, on life support, or at least will require a major overhaul to survive? I think there are definitely signs.
For example, I think one of the signs that your business is dying might be that you speak a language in the conduct of your business that needs a lexicon or an interpreter. For example, if you’re speaking Latin that may be a sign that you’re toast. ‘Course…you might be a Latin student, but the sign that you’re in a dying business would be that you think there’s some merit in continuing to speak a language that requires translation. Or you think you’re "dumbing down" what you’re doing by speaking the language of the people.
Or how about this one: You’re meeting a need that no longer exists in the mind of the customer. Not to say the need doesn’t exist. Just that you’ve positioned your business to meet a need that has moved out of the mind of your potential customer. You might even still have a loyal customer base, but if you’re positioned in a way that isn’t relevant to people you aren’t currently reaching…well, maybe you’re just not relevant.
Got other earmarks of a dying business? What do you think?