If you go back to the first blog posts on the ideaaccelerator.co.za website you will recall that we started warning about strange things happening in the economy way back then — nine years ago.
The message was to knuckle down, protect your cash flow, shore up your cash to see you through troubled times and to come up with new ideas to attract customers and generate revenue.
But in recent times things have taken a turn for the worse.
It’s not sufficient to talk about cash flow, the mantra of the business gurus and exspurts, and operational efficiencies. Shaving off pennies while Rome burns isn’t strategic planning.
Now with the economy at its knees and things expected to get worse, small business people are required to pull the Ace out from their sleeve.
Business continuity planning becomes important in times of social unrest and upheaval.
It’s no place here to discuss it, but let’s just say that each action has a reaction and it would be prudent to prepare for an environment that requires much higher levels of security.
Our scenario planning anticipates a situation where small businesses may need to pay an additional cost for doing business.
It’s a common theme that offshore, if you can get it, is an important medium-to long-term strategy. The more business you can do offshore, the more you can manage inevitable risk.
Stepping out of your business to reflect on these things and see where you are going is critical. Your market may be falling away underneath your feet without you being aware of it. Small business owners and entrepreneurs need to understand the risk that faces them in a turbulent environment.
Fortunately there are ways of reducing the numerous business risks facing small business owners and entrepreneurs.
Take a look at ideaaccelerator.co.za which explores these topics and get in touch with us to start an uncomfortable but courageous conversation about risk planning and management.