In last month’s Fortune Small Business magazine I found a very valuable article that most business owners, big or small, could appreciate. The article, by writer and entrepreneur Jay Goltz, has a subsection entitled, “Goltz’s 10 Questions To Ask When Your Business Is In Trouble.”

I guess I’m not the only business owner that found this article to be valuable as CNN, Yahoo Bizz, and Business Week all did an online write-up about it.

While we continue to endure the growing pains of breaking into a new economy.
And while industries continue to lose momentum or simply disappear altogether, business owners in these waning industries must evolve or die.

One of the ten questions that Goltz asks business owners is:
Are you in an industry that’s going bad, making it hard to profit? Or is it some aspect of your execution that’s to blame, be it pricing, service, or location?

The reason many businesses are able to survive past the fatal ‘five year’ mark is because the nature of an industry can make it easy for them to survive. However when a change in the external business or economic environment puts pressure on an industry, threatening its survival, only the fittest of companies will survive.

Flawed means something that can be changed. Is it possible to identify and correct a flaw in your business model that will help your business to thrive again? In an dying industry, business owners must find a way to stay in business.

I think the impulse for many business owners is simply to quit. Goltz also addresses this in his article. He presents some poignant questions that all doubting business owners should use as a starting point if they feel frustrated to the point of being defeated. Although the inclination is to fight, there is a point when the business owner should actually walk away.

Any personal stories you could share on this topic are appreciated. Please comment.

Posted by Corey Curwick on April 12, 2009