There is some debate about the exact difference between small business owners and entrepreneurs, if there is any. It is simply a lot of the same goals but, perhaps, with different executions depending on what route one takes. Either way it shifts, there are important thought bubbles that drift around in the business-minded — brand goals, vision, marketing, budget, and return of investment.
Those are all valid, of course, and are crucial elements in a business plan. That said, sometimes individuals put too much of their efforts into those sections that they almost overlook, or the very least put in the backburner, some other things that are actually just as important if you want to maintain success. Here are some things you should be putting resources and concern into:
Business continuity solutions
Unexpected circumstances, accidents, and disasters happen, and no one is immune to it. If you don’t want your business to have a sudden halt because of external events, make sure you are looking into business continuity management consulting services. This can protect you from data loss and downtime, which can greatly impact your operations.
Various ways can halt your work, from anything as major as an earthquake or a malicious attack on your digital files to even something like a brief power outage or loss of connectivity. You need to have backup solutions nowadays and keep things up and running so that you don’t lose customers who could be in the dark. To give you some insight into how major the impact could be for your business, Amazon had server issues during its Prime Day sales for just a few hours, yet this already cost them over $70 million in losses.
Fraud
You have to worry about this both within your staff and with those you deal with externally. That latter half means partners and customers alike. Too often, entrepreneurs and business owners get duped simply because they never thought they’d be a target for fraud in the first place. In fact, 48% of small businesses think they are not big enough for such a thing to happen, and yet so many businesses were attacked in the last year alone, totaling a loss of almost thirty grand from online fraud alone. That doesn’t even count other instances like cash skimming, misuse of assets, leaks, and more.
The reason smaller operations are targeting is not just because the big wigs have secure networks but also because those big wigs are more paranoid. Leniency can be the killer of prevention, and this opens up your business to so many holes that others could exploit. Make sure you have preventative measures in place and are stringent in learning more about even the people you work closely with.
Missed opportunities in smaller pools
While it’s no use crying over spilled milk, there are too many tales of people missing out on opportunities that turned out to be big. This is why business is a constant learning process. Make sure you are not so tunnel-visioned on the big picture that you miss out on other avenues that could actually help you along or even bring you to a better track. People tend to look past the small when, in reality, many gems can be found there.
This isn’t to say that you let go of all your other plans and put all your focus on this either. It’s simply a good idea to keep your options open even as you follow through on a sound business plan that you can already count on.
Environmental effects on supply and market
Even if you’re trying to be more sustainable, an entrepreneur also has to think about how the supply and market are shifting because of how much the environment is changing. Do people still really need jackets if it’s 10 degrees hotter than it’s ever been? Aside from that simplistic example, it also means that not only will society’s attitudes and demands shift, but this can also dictate the supply that you will have access to.
For example, 2020’s coronavirus pandemic has created a marked shift in how the supply chain operates. At the same time, it has impacted the environment in interesting ways that demand innovation. This is an arena that any wise and future-thinking entrepreneur must think about to stay ahead of the curve. Too many businesses shut down this year simply because they did not prep for shifts and environmental impact.
If you take these into account and put more resources into ensuring your preparedness for each of the factors, then you have a better shot at maintaining and even expanding your success.
