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Category - Resilience

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1
Managing a Mature Business – Risk Management Planning
2
Six Keys To Business Success
3
Risk Management Planning for the Coronavirus
4
4 Tactics For Facing Setbacks
5
Business Owners’ Self-Care

Managing a Mature Business – Risk Management Planning

This is the fourth article in our series of Managing a Mature Business. If you haven’t caught up, the other articles in the series, published so far, are:-

In this article, we will deal with identifying, prioritising, and mitigating risk – Risk Management Planning in a mature business.

But first, to recap what a “mature business” is. The business cycle of a business, starts with a new business, then rapidly moves into a growing business, and then eventually morphs into a “mature Business” and ultimately – unless you do something at maturity – goes into decline. Each stage of this business cycle has different challenges.

In a “new” business, those challenges are all about establishing the business – proving the product, finding customers, poor cash flow. In a growth business, the issues are around retiring debt, satisfying demand, larger customer bases and proportionately larger debt-collection problems, control over organisation and business systems.

In maturity, it is about fading demand, older products, reducing customer bases, reduced cash flow. If this is recognised, businesses can “kick-off” a new growth phase by innovating and finding new products and markets through expansion or change. In this way, they can stave off the ultimate slide into decline.

Risk Management Planning is important at every stage of the business, but why is it especially important in maturity?

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Six Keys To Business Success

Small businesses succeed because their owners do some critical things well.

At times like this when the world is not helping you, when the pandemic shuts your city down, when the economy is in freefall, it seems obvious that we need to apply some emergency strategies as I wrote about in May this year.

But what is less obvious is that any crisis strategy you take to keep your business afloat, even those I recommended, is still based on the key business principles you need to have in your business, whether you are starting up, looking to grow, or reviewing your ability to survive, change or pivot.

Every strategy and tactic to employ now – as they are when you are in the growth phase – should be focused on the six keys to business success.

Even with multiple strategies and tactics in your plans, only those that reinforce these six key attributes are deserving of the focus right now, especially now when you can’t waste time on non-critical use of time and other resources.

If you look after these six key factors, you will be able to do what you plan to do, every time.

In this week’s post, I’d like to explain what these six fundamental attributes are, and how you can apply them in a simple six-day challenge to sustain or grow your small business.

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Risk Management Planning for the Coronavirus

I know that I have only just published my usual weekly blog post, but as one of my clients said to me, “we live in interesting times.”

I wanted to quickly put out there what a small business can do in relation to risk management planning the effect of the coronavirus pandemic on their businesses.

But first, let’s get things into perspective.

Do not panic. Do not spread rumours and myths. Do not subscribe to the mob mentality that is now on display in supermarkets across the country. Get your information from trusted medical sources including government health departments and information sites.

However, in these “interesting times” it is prudent to be over-cautious in preparing for how the coronavirus can affect your business, so let’s get into what risk management planning you should be doing.

Let me give you a “checklist” of risk-mitigation procedures and strategies to implement in your small business – no need to give me your email, no need to download – here it is.

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4 Tactics For Facing Setbacks

Sooner or later we all face setbacks.

Some are not serious. Perhaps it’s a potential lead that you’ve been courting, and they finally make up their mind not to go with you. Sure, you’ve wasted some time, and sure you could do with the extra sales, but you move on to the next lead.

But what happens if it’s more serious? What happens if it’s a group of clients that represent half your business who decide to go elsewhere? What if it’s a fire, or a serious accident, or the death of a key person in the business? How do you face a serious, potentially business-breaking setback head on and come back from it?

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Business Owners’ Self-Care

Read the title and I’ll bet you’re all wondering what’s happened to me? Where are the step by step systems and articles I give you about how to build your business? What’s all this woo-woo “self-care” stuff?

Well if you really have been following me you will know that I constantly talk about the resilience required to own and operate a small business. In my online course “Start Your Own Business” I start with a module called “Your Personal Readiness” about making sure you know about the pressure and stress that comes with the success of entrepreneurship, and that you are set up for it.

Running a business is all about you – your idea, your vision, your drive….and your vulnerabilities.

While you (often?) celebrate wins, you can’t pretend it’s always a walk in the park.

So as a business owner, you need to stay healthy physically and mentally over the long haul to grow your business.

Here, I’m going to give you the 5 keys to ensuring that you “spend” enough on self-care through your business success.

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