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Recovery Steps For Small Business Owners
Posted By Jamillah Warner On August 21, 2012 @ 11:00 am In Small Business Operations | 3 Comments
“Everyone has a plan – until they get punched in the face.” ~ Mike Tyson, Retired American Professional Boxer
Business is easy until things go wrong. Our dreams are big on paper, but in the daylight, where the work has to get done and we have to face our competition, things can easily fall apart without a recovery plan.
There are all kinds of disasters that your company can face: weather, health, economic, team issues.
Regardless of the nature of the beast, the first step is still the same — plan for what you can and you will find yourself prepared for the unexpected.
Create Systems and Then Plan for System Failures
Every company has a modus operandi, a way that they do things. That standard needs to be documented and taught to every new team member as well as drilled into the entire team periodically. But plan for the system to fall apart.
For example, if bad weather blocks your traditional way of communicating with your staff, how will you get a message to them? Phone, text, email, the news, carrier pigeon? If your regular system fails, plan for a back-up — ahead of time.
It’s true, you can’t catch or anticipate every issue. But the practice of preparation will train your mind to see answers. It will also train your team to do the same thing. Think about it, you did it in school. You had fire drills and tornado drills so that everybody knew how to move, just in case. Do the same thing in business.
Attract a Core Clientele and Then Find a Way to Reach a New But Relevant Secondary Market
It’s easy to weather the storm when their isn’t one. But what if something happened to your core client base? What if their income changed, like the middle class spending habits in this ongoing economic shift?
When you’re recovery minded, preparing for the punch in the face, then you look for options. You may reposition and repackage what you have. You may expand your market to one income bracket above or below your current clientele. You may add a complimentary product.
This is not about grasping at straws, but expanding your brand in a natural direction and on purpose.
The key to effective recovery planning is to start it before you need it. That simple decision will cause you to have fewer emergencies.
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