#0043 Minimise the RISKS

Do you have any single points of FAILURE in your Business?

There are many areas in our Business that can potentially be FATAL if we were no longer able to use that method. We get complacent, its all going well so why worry about it? If you are LUCKY then nothing will go wrong, but hey, why RISK everything because you didn’t have a backup plan.

You would’t jump out of a plane without a BACKUP Parachute.

It’s so easy to FORGET when things are going well but if something changes WITHOUT warning (and they often do) are you at RISK or are your bases covered?

If any one of these points fail what would be the OUTCOME?

  • Your one major CUSTOMER who brings in most of the revenue gets a better rate and promptly leaves.
  • Your one MARKETING channel i.e. Google closes your account permanently because you breached the terms and conditions.
  • Your one SALES person gets a higher paying role with your competition and you are forced to walk them immediately.
  • Your one OPERATIONS Manager breaks their leg in a skiing accident and can’t work for 6 weeks.
  • Your one person who has access to the FINANCES launders money to the point of bankruptcy because nobody was checking.

There are so many EXAMPLES of risk in any business that if are left to chance have a serious POTENTIAL to ruin your livelihood.

Have you a CONTINGENCY Plan for the main areas in your Business?

1 Comment

  1. preparation is the bed rock of success, thanks for all these questions is good to be an Entrepreneur but we should also have at the back of our mind that no gain without pain but i will suggest have a cordial relationship with both the customers and the staff so if there is anything to improve on or any lapses thy will take their time to pass it across to the management. thank you God bless you as you educate us.

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