The stronger your business is, the more you stand to lose. Here’s how to spot hidden weaknesses within your operation and steel yourself for unexpected battles.
Q I’m up late at night wondering what could sink my business. How can I know where I’m vulnerable? —CHRIS G., NEW YORK
CHRIS, let me tell you what you don’t want to happen. About a year ago, I had a cancer scare. I was sick for more than 70 days, and I watched my business turn upside down. Decision-making slowed to a halt, and every inefficiency was magnified. Did we weather the storm? Yes. But it served as a reminder that as an entrepreneur, there’s no such thing as too much preparation.
That’s why we’d built stress tests into our business, and it’s a part of the services we offer for our consulting clients. While we had thought of many ways to plug vulnerabilities, my illness helped inspire us to create an additional line of defense. The following questions will help you identify the scenario that could crush your business—and in turn, point you toward a strategy to keep your business going strong, no matter what.
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