EP 44 - Building Resiliency

What the Biz?!

This episode of What the Biz?! discusses the importance of building business resiliency in the face of disasters. The hosts explore what it means for a business to be resilient and offer practical steps to get you started:

• Core Processes: Document your core processes so that others can step in if needed.
• Identify Potential Failure Points: Ask yourself "What are the ways in which our business can fail?" Develop plans to address these vulnerabilities.
• Concentric Circle Planning: Create plans for different timeframes (e.g., 2 days, 1 week, 1 month) for scenarios where you or key personnel are unavailable.
• Redundancy: Have multiple lines of communication and designate backup points of contact.
• Emergency Fund: Aim for a war chest of at least 6 months of operating expenses, ideally a year. This will give you time to recover from unexpected events.

Key Takeaways:

• Business resiliency is the ability to adapt and recover from disruptions.
• Planning ahead can significantly reduce stress and improve your chances of success during a crisis.
• There will always be some unknowns, but a strong foundation of plans and resources will help you navigate them.

Your Next Steps:

• Share this episode with your network to help spread awareness about business resilience.
• Leave a review on your favorite podcast platform to help others discover this valuable resource.

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Hosts
Daniel Proczko - myPocketMarketing
Brigitte Vegter - Vegter Financial