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The entrepreneur's toolbox, continued ...Published: January 01, 2010
5. Develop "what if?" strategies.
Collins of First Foundation Advisors insists that companies need to make risk analysis a higher priority.
“You
must build into your planning all the ‘what ifs’ that might occur,” she
says. “You need to plan for what might go wrong. For example, what if
you have a shipment that doesn’t come through? What if a new competitor
comes along?”
Another example, says Collins: Some companies
in the ’90s bought properties that they now can’t use and can’t get rid
of. They had risk analysis built into their plan, but they didn’t pay
enough attention to it. Risk analysis must be focused, complete and
comprehensive. And management needs to make that analysis a high
priority in its
decision-making.”
THE ENTREPRENEUR'S TOOLBOX
1. Learn to live with tighter credit – permanently.
2. Be aggressive.
3. Forget annual reviews.
4. Horde your cash.
5. Develop "what if?" business strategies.
6. Re-think personnel,
both at the hiring and the management strategies.
7. Don't fear investing – but change
your investment strategy.
8. Insist on dramatically improved customer service.
9. Narrow the economic picture to your field.
10. Think globally, not locally.
<<< BACK TO MAIN TOOLBOX PAGE
| The entrepreneur's toolbox, continued ...Published: January 01, 2010 |
5. Develop "what if?" strategies.
Collins of First Foundation Advisors insists that companies need to make risk analysis a higher priority.
“You must build into your planning all the ‘what ifs’ that might occur,” she says. “You need to plan for what might go wrong. For example, what if you have a shipment that doesn’t come through? What if a new competitor comes along?”
Another example, says Collins: Some companies in the ’90s bought properties that they now can’t use and can’t get rid of. They had risk analysis built into their plan, but they didn’t pay enough attention to it. Risk analysis must be focused, complete and comprehensive. And management needs to make that analysis a high priority in its
decision-making.”
THE ENTREPRENEUR'S TOOLBOX
1. Learn to live with tighter credit – permanently.
2. Be aggressive.
3. Forget annual reviews.
4. Horde your cash.
5. Develop "what if?" business strategies.
6. Re-think personnel,
both at the hiring and the management strategies.
7. Don't fear investing – but change
your investment strategy.
8. Insist on dramatically improved customer service.
9. Narrow the economic picture to your field.
10. Think globally, not locally.
<<< BACK TO MAIN TOOLBOX PAGE
1. Learn to live with tighter credit – permanently.
2. Be aggressive.
3. Forget annual reviews.
4. Horde your cash.
5. Develop "what if?" business strategies.
6. Re-think personnel,
both at the hiring and the management strategies.
7. Don't fear investing – but change
your investment strategy.
8. Insist on dramatically improved customer service.
9. Narrow the economic picture to your field.
10. Think globally, not locally.
<<< BACK TO MAIN TOOLBOX PAGE
