One More Tip for Struggling Businesses

Over the past three months I've written about five tips for struggling businesses. During my own career, I've had my share of dealing with stressed businesses—from the original Krementz, to William Schneider, to JCK, and finally the dramatic decline in the diamond business beginning last year. Each firm had its own unique set of problems, but they all come back to management: The people. The decisions. The timing of the decisions. At the end of the trail, the decisions we make or fail to make as managers determine the fate of the business. At Krementz, it was too much inventory and too much borrowing combined with an overhead structure that was too large for the size of the business. At Schneider, it was a bad business model relying on novice sales personnel to replace a professional sales organization. JCK was the one bright light in the troubled seas, where we overcame a signific

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