Uncategorized Martin Lee on 24 Dec 2005 02:44 am
Pillars of Your Business
Just the other day, my computer broke down. It took a week (and a few trips by the computer repairman) before it was finally fixed by a replacement of the motherboard. During that time, emails to me went unanswered and many things came to a standstill.
This serves as a reminder to two issues to bear in mind as we move towards the new year.
Firstly, do you have a business continuity plan in place? What would happen if something happens to a key employee in your company or even yourself? Are there backup plans to ensure that business operations are not affected? If there are going to be financial implications, have you taken out keyman insurance on your key personnel to insure the losses?
This is one area that many people procastinate on as the effects on the bottomline cannot be seen until something happens. By that time, of course it is already too late.
Secondly, how many pillars is your business built on? If you have only one source of acquiring new clients, any impact on that source is going to affect you drastically. The more pillars you have, the lesser will be the impact. Therefore, never be satisfied with the number of pillars that you have.
I will also like to take this opportunity to wish you a Merry Christmas and Happy New Year. As we continue to build our business through the festive season, do not forget to share with our families, friends and the less fortunate.
