Even when facing uncertainty, some home business professionals know how to anticipate the unforeseen, plan a response, and continue navigating towards success. Why can’t you can do the same!
Sooner or later, every home business entrepreneur faces disruption in their business. It can be caused by a downward slide in the competitive edge, a shift in the regulatory environment, or their marketing company cutting the compensation. No matter what the underlying cause, the home business entrepreneur must learn to manage the disruption.
The most successful home business entrepreneurs don’t stick their head in the sand, leaving their assets exposed. Instead they go in flying high reviewing all the dynamics of their business, and create a plan for the worst case situation.
Now don’t get me wrong, I am NOT talking about going around crying “the sky is falling.” I am talking about a laser focus on where you want your business to go, and making sure NOTHING will stand in the way.
You must realize weathering any setback in your objectives is both an art and science, and you must draft a proactive strategy writing down the different interruption your business might face; what the likely effect could be on cash flow, reputation, inventory and team moral. You deploy your strategy, communicate to each team member their role in the plan, and implement the necessary changes to rise about the disruption and take the home business and the team to the next level.
There is no perfect strategy, or a one strategy fits all. Each disruption can be different, and at times they can be caused by circumstances outside of the control of the home business entrepreneur. However, when anticipated, the disruption can be minimal.
One such disruption happened to a very close friend of mine a few years ago. He went to bed one night, and was awaken to receive an email from his primary marketing company informing him, they were sending the last commission check. His team was one of the largest and his home business was thriving.
Since he had realized that all companies can go through economic downturns, and the independent sales force could become a casualty to such downsizing, he had written out a strategy, and now he implemented it. Today he is still full-time in the home business profession, and his business and team are larger than ever. Why? Because he didn’t put his head in the sand, and pretend life is a Utopia, he was prepared!
Use the following four actions to help you create your disruption strategy. You may never need it, but creating it now is far better than facing disruption with no strategy and action plan.
- Anticipate – Study history and see what has happened to others in your industry. Ask yourself how you would have faced these issues and write down your thoughts.
- Prepare – Ask yourself how much money in an emergency fund you will need if cash flow is disrupted? What type of new product/service you might want to market if your flagship company ceases operation? And most of all ask yourself, how you will communicate in a proactive way the disruption to your team, so you can rally their support to move forward?
- Plan – Now, craft your plan and put it into action. Start saving money in your emergency fund. Become a student of your industry and know what other great products/services might be available if you need them. And start holding regular mentoring chats with your team, and recommending great books, movies and trainings to help them grow as leaders.
- Respond – If a disruption comes your way, don’t hesitate, respond swiftly and accurately! Pull out your notebook, rally your team, and together rise above the disruption to reach your DREAM!