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How can I prepare my business in order to survive an economic collapse?

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Question added by Thurayya Al Qasim , Legal Counsellor , Ihqaq Law Firm
Date Posted: 2017/03/26
Duncan Robertson
by Duncan Robertson , Strategy Consultant , Duncan Robertson Consultancy

There are two key things you can do.

Firstly, diversify your income.  Have several entirely separate income streams.  For example, it might be the same basic product, but tweaked and repackaged and sold into several different markets.  

Secondly, identify any choke points in your business.   Are there any key people, suppliers, places or processes that are critical to your survival?  You must be able to survive the loss of any one component without severe disruption, and ideally two or three (with severe but survivable disruption) at the same time.  Remember that the founder/CEO is sometimes the most vital component.

One of the reasons that start ups and small businesses fail so readily is that they usually have only one income stream and several choke points.  Consequently, almost any serious external event is terminal.  Big businesses are intrinsically more resilient.

 

Mohamed Eissa
by Mohamed Eissa , Marketing & Social media Manager , Arab Association for Women and Children

new marketing strategy with strong advertising plan & new price-list  with good attractive offers 

 

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