At unfortunate times like this, many businesses are left scrambling trying to salvage what they can do to stay afloat. It is inevitable that we are going to be faced with challenges throughout our career but with some simple planning, you can position your business to weather the storm. The economy is unpredictable; entrepreneurs that stand the test of time are those who implement ideas with staying power.
Begin Preparing and Implementing Risk Management Plans
- What risks are specific to your business? How can they be eliminated or minimized?
- Do you have reoccurring revenue? What could affect this revenue stream?
- Do you have a risk management plan?
- Do you have emergency financing in place? Do not wait until it is too late to apply.
- How do you deal with key employee loss?
- Do you have multiple revenue streams? What does it take to implement and protect them?
What Potential Threats Exist to Your Operations?
- Do you import or export? If so, how will these countries’ actions affect your operations?
- Are you too reliant on one demographic for your sales? If so, have you considered multiple markets?
- Are you too reliant on one sub-trade for your manufactured goods? If so, do you have a backup?
- Does one customer rely too heavily on you to supply goods? In the event you need to slow down production, how will it affect your customers and relationships?
How is Your Workforce Ready?
- What is your company’s policy on hygiene in the workplace? Is it only in effect during a threat?
- Do you promote a healthy and active culture for your staff to minimize illness and downtime?
- Do your team and suppliers have the ability to work remotely?
- How effective are your communication channels during a threat?
- Do you have a financial dashboard? How quickly can you react based on historical trends?
Customers are Key
- Can your customers purchase your goods online? Do you have an e-commerce platform?
- What solutions do you have for shipping goods? Could these be affected in any way? If so, what is your backup?
- Invest in client relationships, listen to your clients, and make their feedback actionable.