Life Advice as Business Continuity Advice

It's easy to understand and follow when it's advice that makes sense for your life. What if the same advice was given to your business? Some of the advice will invoke thoughts of "oh, that old chestnut" while the others will invoke thoughts of "does that really need to be said?" but once I make the connection, yes it does.

"Look both ways before you cross the street."

That's for safety. To see if the coast is clear. To know if you need to wait or, if danger is coming fast, you will have to run to make it. That's all assessing your risk and information to help you make a decision.

Why doesn't everyone do this when they start a business? It's so engrained in each of us that we just do it without thinking as we approach a curb. Imagine you look both ways to see what will happen to your business in you plan on being on the coast. Ah, hurricanes. Flooding. Do you want to deal with that? What about supply chain issues? Know the lay of the land before you decide to stay put or try to run to make it.

"An ounce of prevention is worth a pound of cure."

It's more expensive to treat illness than it is to engage in a healthy lifestyle. Stretching in advance of athletics helps you not get an injury. And specific to businesses, an exact data point given by FEMA and the SBA says every $1 spent in preparation and mitigation saves you $7 on the back end. Wait, if you spend $1 now you won't have to spend $8 later? Or, said differently, this costs me $8 now, but if I did this before the storm, it would have only cost me $1?!?

Everything done in advance is cheaper. The demand is less. The availability is higher. You're not trying to fix things while treading water. The fact you're not bleeding money waiting for a resource is also valuable.

Also, insurance is not prevention, but disguises itself as prevention. In order for it to be helpful (although still not a prevention) a) you have the right coverage, and b) the claim is approved (when you need it). If the coverage isn't right, your claim will be denied. If the claim is denied, your premium goes up. D'oh! You're made doubly worse off: no money to help out and a higher bill at the same time. Even if you have both A and B, the payout might not align with your needs. Double d'oh!

Just invest in business continuity and be better off all around.

"Don't drive on a donut."

You might be scratching your head on this one. Ever get a flat tire and need to use the spare, usually a donut, to get you going? Your speed is limited when you have to drive on a donut. It is smaller than a tire because it is not meant to be driven on long term, it is meant to get you to a tire shop and get your flat fixed or a new tire. A donut is actually not safe to drive on for longer than to get you to the shop.

But people risk it in their business. I had a prospective client have an issue - their most client-facing asset was destroyed. Instead of doing business continuity then, the board wanted to keep using their workarounds for the next almost-two years until a new asset was done being built. I said that's like saying we want to take a cross-country trip but as soon as we hit New Jersey, we get a flat and the board wants to drive all the way to California on the donut. That risks the entire mission and will take longer due to speed restrictions.

Your mission is important - why wouldn't it be? - so don't drive on a donut. Relying on temporary workarounds risks a bigger disaster and disruption when you only think about the destination, not would could happen along the way.

"The clothes that fit a 5-year old should not fit a 10-year old."

You may think I'm off my rocker. This is a very "well, duh" piece of advice. What would it mean if it were true? Abuse, malnourishment, or a birth defect. Yet a light bulb goes off in the head of every person I have said this to when I apply it to business.

Your business is like a child. It will grow and change and need new things. When I talk to people about selling their business or exit strategies, I say they need to make sure they still have a business in five years. Things can happen and the company they have today should not be the company they have in five years. Treat it right and nourish it by enabling continued success through business continuity.

So if you find yourself not looking both ways, not taking the ounce of prevention, fully considering driving on the donut, or still fitting in the clothes of a 5-year-old, ask yourself, "why?" Then call me when you are ready to accept the advice that keeps you alive and well that will do the same for your business.