When you’re running a business, you have to be ready for difficult times. Whether it’s an unexpected disaster or the slow grind of quiet period that eats into your revenue and banked money, every business faces problems from time to time.
It’s easy to think that successful businesses are the lucky ones that didn’t encounter setbacks, but this is a fallacy. Luck and confidence carry you only so far, and businesses that go the distance are the ones that prepare to weather bad times, rather than avoid thinking about them in the hope that this will magically stop them happening.
Today we’re taking a look at the different ways you can weather tough times to inspire you to start putting contingency plans together.
Get to Know the Experts
Don’t wait for disaster to strike before you start researching Interim Management companies. These are experts who are specialised in coming into a business, identifying problems and exercising their remit to get those problems solved. Unlike other consultants, Interim Managers don’t just make recommendations: they make a plan, get your buy in and then actually work in your business to see it carried out.
It can feel difficult to open your business up to outside expertise, especially in extreme situations. It can feel like a personal failing. That said, when the alternative is losing your business or laying off lots of staff, it’s an easier decision to make. What makes it even easier is doing the research early and establishing communication with a preferred Interim search company before disaster strikes, to make it feel more routine when and if you do need them.
Anticipate the Negative
Whatever your business model, it has disadvantages as well as bonuses built into it. You can work with this knowledge to extrapolate what the negatives might be and think of ways to deal with them in advance.
For example, if you’re running a seasonal business, it comes with the built in negative of having times where you’re simply not as busy. Whether you take the majority of your business during Christmas or over the summer, it leaves months where your revenue is radically diminished.
One way to weather this that other seasonal businesses have found successful is to split invoices from your biggest clients over months. This has three great effects for your business: it allows those clients to place bigger orders with you, as your payments options are more flexible, it keeps a stream of income for you coming in even when you don’t have any orders, and it keeps you in mind for your clients – spreading payments across the years means that when they’re ready to order again, they think of you first!