For trees, deep roots aren’t enough to survive storms. When walking, I often across oaks and pines that have come crashing down exposing deep, complex root systems that once anchored them in place. Yet palm trees rarely fall, even in the most severe storms, with flexibility that allows them to bend without breaking.
This flexibility is a skill business owner must learn to master, especially with the current uncertain business environment. The key to successfully adapting in the face of changing winds is your ability to proactively identify vulnerabilities in four specific areas.
Suppliers
This is the area where you receive the raw materials needed to accomplish your work. If you work in production, these raw materials are obvious. However, even in the knowledge or services industries, it’s important to take a closer look. For example, you can’t clean houses without cleaning supplies or you can’t work on the back end of a website with slow internet.
To identify vulnerabilities, ask:
Operations
This is the area that represents the product development and client services you offer.
To identify vulnerabilities here, ask:
Customers
This is the area of sales, marketing, and customer service. It’s the place to consider what your customers need, and how their methods of meeting those needs are shifting right now.
To identify vulnerabilities here, ask:
Environment
The environment is the world beyond your business. It includes legislation, the state of the economy, critical infrastructure and the social environment. While completely outside of your control, the environment can have a big impact on your business.
To identify vulnerabilities here, ask:
"The key to successfully adapting in the face of changing winds is your ability to proactively identify vulnerabilities in four specific areas."