Smart businesspeople are preparing for the possibility that the global economy will fall apart. No one knows what the future will bring but many pundits are growing more and more concerned with the ballooning debt of many nations. So to borrow from a focal point of GE’s CEO, “protect the enterprise”.
Protect The Enterprise. Whether you run a solo business or lead a team of 10,000, I suggest it’s worth your time and energy to think through how you will protect your enterprise – and actually grow it – while your market peers get bounced around in the waves of uncertainty.
Here’s 5 Ways To Protect Your Business:
1. Have a Board of Advisors. Find people who have built great companies and ask them to sit on your advisory board. Meet every quarter. Show them your numbers. Share your struggles. Listen to-and act on-their advice.
2. Set Up A Peace of Mind Fund. Install a reserve fund with at least 12 months (and ideally 24 months) of operating expenses. Set it up so a portion of your monthly sales automatically goes into this account. You’ll sleep better at night knowing your business can run even if income slows down.
3. Focus on People and Culture. The single best way to protect your business is to hire top talent and invest in training your people so they amp up their performance in good as well as hard times. And work on your culture. That’s the “special sauce” that brings out the best in a team.
4. Work On Your Business vs In It. The old Michael Gerber distinction is key here. I spoke at a YPO/EO event last week and met a young entrepreneur who’d just sold his company. I asked him for the single best move he made. “I worked on my business vs in it.” He explained his core concentration was on building systems and processes so the business ran superbly without him. (At the upcoming The Remarkable Entrepreneur™ SuperConference I’ll teach you exactly how to do this as well as execute flawlessly on each of these 5 winning tactics so your business is bullet-proofed against difficult times).
5. Become Obsessed with Value Creation. This is not some pie in the sky idea. It’s a hard-hitting business growth tactic. Obsess (yes, obsess) over how you can add more value to more people and the revenues will take care of themselves.
P.S. Discover exactly how Remarkable Entrepreneurs build great companies and fantastic lives. Click here.