If you can influence the way a business is run, you need the wisdom to make the right corporate decisions. If you have a good team around you and good staff working with you, you can pretty much control your own environment.
What you can’t control, though, are external events – but you can make plans to cope with them. Consider these scenarios and how you might react to them:
- A new competitor sets up across the road? Will they look poach your staff with higher wages or would you consider a staff retention package?
- You want to expand your business ‒ do you have access to private equity or do you risk giving the banks greater control over your finances?
- One of your key staff becomes critically ill or dies? Do you have a succession plan in place or would you need to recruit a replacement?
- One of your fellow business partners dies or becomes disabled? Do you or your other shareholders have the liquidity to buy back their shares or will their family need to sell their shares on the open market?