Stay Ahead of the Game: How to Prepare for Unexpected Business Disruptions
Stay Ahead of the Game: How to Prepare for Unexpected Business Disruptions
Meet Shannon Jackson, a badass entrepreneur who has overcome serious challenges and become stronger. Shannon was born and raised in Omaha, and she's the first African American woman to own a barbershop in the Benson area. She's all about positively impacting her community, and she knows firsthand the importance of being prepared for financial and mental unexpected events. Shannon has been through some tough times, but those experiences have made her a resilient leader, and she shared her insights with us on the Riding Tandem Podcast, and these are three expert tips for preparing you and your business for the unexpected. To hear Shannon’s whole story check out episode #28
"Slow down. Say no and prepare for disasters."
- Shannon Jackson
How to be prepared for anything in your business
Ok, listen up, friends!
In the ever-changing world of entrepreneurship, it's crucial to prioritize your mental health and to be ready for any unexpected disruptions in your business.
So, how can you stay ahead of the game?
Well, it all starts with having a solid plan that addresses potential risks and a financial safety net to fall back on. And let's not forget the power of a strong support network and your mental health!
Surround yourself with people who've got your back. Not only will this help you during tough times, but it will also keep your mental health in check.
Stay in the know about industry trends. Be sure to make update your plans around this. That way, you'll be mentally strong and ready to handle any challenges that come your way. So let’s break this down.
Here are the steps to level up your preparedness as an entrepreneur:
1. Get real about the risks to your business - knowing is better than avoiding them!
2. Build a kickass disaster recovery plan - you need a plan before you need a plan!
3. Lock down a solid contingency fund for emergencies
Step 1: Get real about the risks to your business
Preparing for unexpected disruptions is vital to running a successful enterprise. And it all starts with taking a good, hard look at the risks that could mess with your business venture. You have to dig deep and examine both internal and external factors that could throw a wrench in your operations. Once you've identified those risks, you can develop strategies to either minimize the impact or respond effectively when they happen. Machaela (my co-founder) and I do this through a Same Page meeting once a month and regular weekly L10 Check-Ins (Thanks, EOS). A proactive approach will help keep your business running smoothly and save you from the overwhelm. It’s easy to avoid this, but don’t be afraid; knowing what could go wrong helps it not feel nearly as scary.
Shannon Jackson commented during her interview that entrepreneurship, with its ups and downs, is not for everyone. Still, if you have a solid support system, it’s amazing, even when times are tough. She's been through the wringer as a victim of gun violence in the early stages of her Barber Shop. With grit and a solid plan in place, she and her team were able to weather this incredibly difficult time, and she is so glad she did. The payoff has been rewarding.
Shannon also stressed the importance of working with other businesses and building relationships to create a support network to help during tough times.
“Work with other businesses and understand that by working with other business owners, it's not taking away from your business." - Shannon Jackson
So, make sure you take the time to identify potential risks, develop a kickass plan, and connect with other entrepreneurs. It's not just a smart business move. It's an investment in your own mental health and the success of your dream.
Step 2: Build a kickass disaster recovery plan
Unexpected disruptions can throw a wrench in your plans, no matter how well you have everything mapped out. That's why it's essential to prioritize your mental health and be prepared for whatever curveballs come your way. Building a disaster recovery plan is the key to being ready for any unexpected situation that might pop up.
Your plan should cover both short-term challenges, like supply chain disruptions, and long-term concerns, like the impact of a natural disaster or financial crisis. Shannon would never have imagined juggling the mental and physical stress of being a victim of gun violence. She was caught in the crossfire and struck in the hip, leaving a celebration. Thankfully she had been working on a solid plan for her business and team, and she could lean into this.
With a disaster recovery plan in your back pocket, you can face challenges head-on and confidently push forward. Shannon Jackson shared her experience of dealing with her recovery and how now she would advise business owners, to be ready with a solid catastrophe plan for uncertain times. So, take a page from Shannon's book and be proactive. Build a disaster recovery plan to help protect your mental health and keep your business thriving through anything that comes your way. And remember, you got this!
3. Establish a contingency fund for emergencies
My friend. Yes, I know it sounds super serious, but trust me, it's going to save your butt when unexpected “stuff” hits the fan—this fund is a financial safety net, keeping your business afloat when obstacles pop up out of nowhere. And guess what? BONUS! It's not just about money. Having a contingency fund also keeps your mental health in check. It minimizes the stress and anxiety of unexpected disruptions. Shannon shared her experience with this in more detail on the podcast; check it out here. She knows all too well the importance of being prepared for emergencies. A contingency fund will give you peace of mind, allow you to tackle obstacles head-on, and keep your business and mental well-being strong. So, start planning for emergencies and ensure you have that financial safety net in place. I suggest starting with a small percentage of our monthly revenue and squirreling it away in a separate bank account. Your business and your sanity will thank you for it.
So, there you have it! Three tips to help you prepare for anything in your business. Your mental health is as important as your business, so ensure you're taking care of both. Preparing for unexpected disruptions is the name of the game, and with these valuable tips, you'll be ready to tackle anything that comes your way.
Share your experiences, challenges, and successes with us in the comments. And if you're hungry for more expert advice on running your business, don't forget to check out the Riding Tandem Podcast.
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Keep hustling, stay mentally strong, and enjoy your entrepreneurial journey!
- Cheers, Vivian Kvam