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Discovery has shown that storms and setbacks are inevitable components of life. By default, life is structured in phases and each phase of life has certain storms that go together with it.
The only problem with the process is that while other business leaders create history at stormy times, some others give up on their businesses and finally go out of business. Maybe because their businesses were not prepared for stormy times.
The coronavirus outbreak has already posed to be a serious storm to many businesses as borders are shut down and companies cannot make or receive supplies; as daily markets are shut down as well.
Believe me that certain business leaders who were not prepared for storms will certainly fall out of business. Because According to the Federal Emergency Management Agency (FEMA) USA, almost 40 percent of small businesses shuttered by a disaster never reopen their doors.
Knowing how to prepare your business for stormy times is very crucial. It’s important to take time to continually evaluate your level of preparedness and make the necessary changes.
Perhaps as part of your risk management plans, it’s necessary to think through all the implications of how a bad storm could impact your business and make decisions on what you’ll do about it before the storms arise.
Take note, that it is always profitable to make the hard decisions in advance, so when you’re in the moment of challenge, you can trust your earlier decisions and just follow the plan.
How do you prepare your business for stormy times?
(Quick Tips)
- Constitute a risk evaluation team whose major duty is to identify what storms can affect the business and how to mitigate the likely Risks of such storms
- Hire risk management consultants to help you out on some key strategies to mitigate the probable storms and threats identified.
- Get an insurance backing and define what it covers because insurance can get very technical when it comes to figuring out what’s covered and what’s not. Take time to clearly define what it covers, so you’re not caught by surprise when something isn’t covered.
- It’s important to set expectations clearly from the start. So have a plan for how you will communicate your situation and mitigation measures to your customers when the storms arise. Remember that any communication is better than no communication.
During the Storm
The most important thing you can do during the storm is to follow the advice of the relevant authorities and make sure you’re on top of any new developments. Keep track of the latest developments.
Make sure that you and your loved ones are safe, and worry about your business later but, consider communicating your position and the status of your business to your customers.
Be explicit about how you’re affected and when they can expect you to reopen.
After the Storm
Hire a disaster recovery service. Even if your business looks more or less completely intact, the best course of action is to hire a professional to come in and assess the damages.
Conclusion
It may interest you to note, that “life is 10% what happens to us and 90% how we react to it.
Take note, that the degree of damage caused by storms/problems is not directly proportional to the severity of the storms themselves, but to our REACTIONS to the storms.
Having the understanding that storms and setbacks are compulsory components of life as earlier pronounced; it is pertinent to as well understand how to react to them when they show up.
Take it from me, that sometimes, the WORST happens for the BEST to come. A stormy experience could be one of the influences that could trigger your business to the next level. Management consultants can tell you how.
Storms could cause some businesses to breakdown, others to break a record.
While some business leaders will decide to go out of business during storm times, some others who are well informed may actually build walls with the bricks thrown at them by the storm.
Knowing how to prepare your business for storms is a very essential part of a good business management plan. Hiring a risk management expert to help is one smart approach.
At Gabriel Domale (Management Consulting) there’s a lot we can do to prepare your Business for any kind of storms.
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Contributing Writer:
ERIC BEEKA
Associate Consultant
GABRIEL DOMALE CONSULTING | NIGERIA | +2347034604152 | Email Us Now | Visit Our Website
About us: Gabriel Domale Consulting, a leading management consulting firm, helps companies in Africa to grow, provides insights to leaders and transforms institutions. Our consultants utilize their decades of hands-on experience to provide advisory in finance, strategy, corporate governance, transformation and leadership training to help companies and public institutions to transform their operations. We encourage leaders seeking insights to visit our BLOG here and also Request For Proposal (RFP) for our consulting services here
Published origninally on 31st Mar 2020 14:22:20
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