When you’re running a business, you’re building it every day. It’s not just in the early days that your decisions have important consequences: you keep building your company’s strength, aims and overall culture every day. One of the most important qualities you can build into any business is resilience: the capacity to survive and recover when things go wrong. All businesses will encounter challenging times: successful companies aren’t ones that ‘get lucky’ and don’t encounter problems, they’re the ones that can face them, endure, bounce back and learn from the experience!
Today, let’s take a look at how you can build some resilience into your business, and endure the bad times so you get to enjoy the good.
The first thing you can do is plan. You won’t be able to foresee every possible problem that could come up, but allowing that to stop you making plans for the ones you can foresee is a fallacy that could cost you dearly!
Having contingency plans is vital for any successful business. Whether you’re working with information you’ve garnered from many years of work in the industry or research you’ve commissioned by a market research agency, you can predict slow times of year when you can expect revenue to fall below your targets and plan how to get through it. Many seasonal businesses opt to split invoices form big clients across the slower months to assure a stream of income, and keep them in mind for the next time demand spikes.
Knowing Where to Go for Help
It’s also important to know where to go to get help if you get into difficulties. Doing some research into the options for Interim Management London offers means that if you’re faced with overrunning projects, exceeded budgets and aren’t sure how to turn things around to meet your costs, you can find the experts needed to bring the situation back under control.
It can be off putting to think about planning for failure, like expecting the worst will summon it. The prevailing orthodoxy is that you need confidence to survive, and a plan B is not a sign of confidence. This is classic magical thinking: an easy mental trap to fall into, but a trap nonetheless. Having contingency plans doesn’t make needing them any more likely, it just makes you better equipped to cope with the unexpected. Planning for failure won’t make it happen: it actually makes it less likely for tough times to fatally compromise your business, so start building in contingency plans!