If you’re an established business, you’ve probably experienced some form of uncertainty in the marketplace. This is normal. How you react to uncertainty can mean the difference between your business staying afloat or going under. Better Business Bureau® Serving Central Oklahoma wants to make sure you have the tools and resources you need to keep going to continue building your business by creating a business continuity plan and thinking beyond your day-to-day.
As a business owner, you should be some level of a chameleon; shifting and molding with the changing needs of consumers will ensure your business vitality in an evolving landscape. With a little planning and flexibility, you can continue operating and hopefully come out on the other side strong; here’s how to do it.
Access your business
To start your business continuity plan, you should deep dive into accessing your business, the vitality of your day-to-day operations and gauging what a dip in sales could do to your bottom line. If you don’t know where to start, consider checking out some of the articles below and do a general check-up on your business before moving forward.
3 simple steps to check the overall health of your small business
How to check the financial health of your small business
As you do some research, deep dive into your financials and get a better look at what is really at play, now is time to seek advice and guidance from business advisors or trusted colleagues who know your business well. During times of uncertainty, lean on those who know business well and can guide you when you’re unsure of what to do next.
If you lack those kinds of connections or if you want to really explore ideas and expansion with other successful business owners, we encourage you to look at our NEW peer program.
BBB® Serving Central Oklahoma offers virtual peer groups where business owners and leaders are encouraged to exchange ideas, talk through struggles and create solutions or provide insight into what has worked well for their prospective businesses. For more information, you can contact Kitt Letcher, [email protected] or call 405.239.6081
Create a plan
Armed with a better understanding of where your business stands before it is disrupted by whatever life throws your way, will give you a good idea of where you can cut spending to keep essential operations rolling and keep your team in place. If you haven’t, now would also be a good time to conduct a Business Impact Analysis. The business impact analysis will gauge how your business could be impacted or disrupted and gives you the opportunity to look into mitigation processes and recovery strategies. Now you can move forward with creating a solid business continuity plan.
Follow the links below to learn more about business continuity, planning and more.
Strategic Planning for Businesses
7 Ways to Make Your Business Thrive in Tough Economic Times
As you navigate creating a plan and putting it into place, don’t hesitate to communicate with valued team members, colleagues and coaches. When things get rocky in the marketplace and call for emergency planning, drastic pivots in your marketing or sales, remember that most business owners are facing those same fears and worries. We are stronger in a community than alienated to fight our own battles.
Better Business Bureau® Serving Central Oklahoma continues to keep business owners and leaders top of mind as we find new and creative ways to provide resources, workshops and networking opportunities. For more information about events, learning opportunities and various community updates, be sure to follow us on social media @BBBCentralOK (Facebook, Instagram, Twitter, LinkedIn, YouTube and Google My Business).
BuildWithBBB.com is another great resource to find and connect with BBB® news, events and general updates to help local businesses #WeatherTheStorms.