Don’t Wait for a Global Meltdown: Heed the Warning Signals

Red flags, flashing lights, and signs of brand decline are present every day in businesses around the world. Sales may be plummeting, labor costs may be out of control, or at least one competitor may be celebrating an innovative breakthrough. For big brands, this can mean posting millions—even billions—of dollars worth of losses. For smaller companies the same thing happens, but there are fewer zeros in the loss column. Whether the losses are large or small, these companies plug along, don’t make any hard or radical changes, and convince themselves that things will get better soon.

Now, add this to the mix: consumer preferences change—what the brand had, consumers no longer want. Add ...

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