As the maxim says, “Whether you think you can, or you can’t, you’re right.”
How do I plan for the unexpected ?
How can small business owners plan for something they might not even imagine could happen? It is all about developing a strategy about ‘business resilience’.
The resilient are alert and aware.
First step is to minimize the unexpected and stay on top of developments that could affect your business.
That could be anything from technological progress to new trends in customer preferences, regulatory changes or economic shifts.
Forewarned is forearmed.
Belonging to an industry association is a useful way to stay in the loop, but the most important is to identify your goals and priorities and so you can also begin to
identify the possible vulnerabilities that could undermine your ability to achieve those goals. The four key drivers of your organization are: your people, your customers, your brand and your
ability to generate revenues.
This process has to begin at the top: it’s the senior people who begin it, because they are the ones who know how much risk they want to take or how much capital
they want to spend during a disaster. The whole exercise can lead to streamlining or improving efficiencies. And remember: the unexpected need not be negative.
Source : Financial Post