Is your business risk-free or crisis-free?

Is your business risk-free? If not, do you want to make it crisis-proof? Do you want it to keep on thriving even in difficult times? Well, that is possible if you are quick enough to adapt to changing conditions. Change is expected and welcome in the market so you better adapt to it quickly.

Here are some tips to build your competencies in handling changes:

1. Develop your base competencies

You have to list down and know what your base competencies are. After that, you should work on improving them. Read books, practice every chance you get, and learn from mentors who have been there and done that. You don’t have to be a world-class expert in any of them. Remember, strength comes from knowledge of yourself and your business and building on those carefully.

2. Develop unique solutions based on demands

When you see a growing demand, you can look at the different strengths of your business competencies and find how you can combine them to create a solution that meets the need. It’s like trying to combine available ingredients to create the kind of meal requested by your customer. The more ingredients you have, the bigger the chance that you can find the right combination. But remember, it’s not all ingredients, you should also have the right ingredients.

3. Build your portfolio

Aside from developing your current competencies, you should consider adding new ones to your portfolio. Find something that’s related to what you already have. Or find something that can complement what you have. You can diversify a bit if you feel you have to.

4. List down all your business’ core gifts and uniqueness

Your business is standing now because it has certain characteristics that separate it from others. Or you may still be planning on starting your own business and I’m sure that you’re looking for certain aspects of your business and that of others’ and compare notes. You definitely want to stand out. You may have similar business, but you have something more to offer. Something novel or something unique. List all these things down and determine which ones will really make it in the initial stages of your business. Which ones do you need to combine to produce certain results? Do you have services that are similar to those of others, but has a certain touch that’s definitely your own?

5. Start the earliest

This is a sure-fire way to help your business become crisis-free in no time. Start early on. Build your business while you’re at your prime or while you still have the openness to “learn and unlearn” many things. It’s an investment. The earlier you start investing, the better.

6. Study and continually observe the market

Your battlefield is the market. So you need to study it and observe the trends. You have to know your place and to know your competitors. You have to know what the demand is and you need to know if your business will be able to supply well. You need to know what products are in and which ones are just seasonal.

Look for a niche that will showcase your ideas and also make your business stable enough to make it risk-free or crisis-free.

Your thoughts

What are your thoughts on the matter? Do you have your own business? Do you think it’s crisis-free or risk-free? How come? What are the areas that make it stable? Is it a fairly young business or an old one? What ideas do you like to add?

Let us all know in the comments!

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About the Author

Stephen NellasStephen is part of the Software Jewel team, the company behind Clutterpad and BiP. He's also a regular author for BiP.View all posts by Stephen Nellas →