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Literature review on companies coming back from decline

From a historical perspective there have been many companies that have experienced declines. However very few businesses have been able to recover from almost certain financial ruin. This has been an issue in various industries. Business failure is a fear that many entrepreneurs have at all times. The fear exists when the business ids being developed, once the business has begun to operate and even years down the line. The fear of business failure is one of the reasons that businesses and investors alike got to great lengths to develop business plans and develop strategies to combat declines that may occur
According to an article entitled business decline the idea of a business in decline is often wrongly associated with a business that was once profitable. However the article points out that most often business decline is a sign of inert managerial ideas, inability to focus on the needs of customers, poor organizational design, and incessant unwillingness to change (Carlson 2006). The author also asserts that in most cases business decline occurs as a result of high price elasticity of demand, lack of innovation, reduced or negative profits, and declining selling

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