Entrepreneur's planner: Expert shares 5 effective strategies for business owners to adeptly prepare for emergencies
While the entrepreneurial journey can be dotted with unforeseen events – be it sudden economic shifts or global challenges – these aren’t always obstacles. Bhuvanaa Shreeram, Co-Founder & Head of Financial Planning at House of Alpha, talks about preventive measures for entrepreneurs to keep them afloat and on their path to success in times of emergency.
An entrepreneur's journey can be full of highs, lows, and everything in between. Among the many roles that business owners embrace, there is one that stands out as a game-changer — the role of the protector and proactive planner. And when we talk about proactivity in business, emergency planning takes center stage. Not as a buffer against potential downfalls, but as a tool to ensure unyielding growth and resilience. Bhuvanaa Shreeram, Co-Founder & Head of Financial Planning at House of Alpha, talks about preventive measures for entrepreneurs to keep them afloat and on their path to success in times of emergency.
Entrepreneur's planner: Embracing the unexpected with grace
While the entrepreneurial journey can be dotted with unforeseen events – be it sudden economic shifts or global challenges – Shreeram says these aren’t always obstacles. She talks about a change in point of view, and how an entrepreneur can perceive such incidents, saying, "Some of them are great opportunities eg. - COVID for many tech businesses. They present opportunities to adapt, innovate, and thrive. After all, it's not the challenges that define a business, but its response to them."
Entrepreneur's planner: Sound logic behind emergency planning
Buttressing her point, the Co-Founder & Head of Financial Planning at House of Alpha, says that at its core, emergency planning is about envisioning a brighter, more stable future. "It's about ensuring that no matter what comes your way, the ship sails smoothly. This not only keeps the trust of all the stake holders intact but also bolsters the morale of those working alongside you – your dedicated team," she adds.
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Entrepreneur's planner: How can you prepare for the rainy days, so you can enjoy the sunny days that follow?
She lays down these five ground rules —
a) Risk Recognition: Recognize potential challenges in the business. From peers, from the past, from keenly watching the environment and changing landscape of business, being alert to impending changes is the first step. By recognizing and understanding them, you're already a step ahead.
b) Clear Communication: A challenge is also a chance to communicate and bond. Ensure you have an open channel to converse with stakeholders and team members. A united front can weather any storm.
c) Operational Resilience: Flexibility is the true sign of enduring strength. Having alternative operational routes doesn't mean you expect disruptions, but that you're prepared to meet your commitments no matter what.
d) Financial Fortitude: Consider it a 'rainy day' fund, though not just for the rainy days. This fund is your ticket to also seize unexpected opportunities that might come your way.
e) Continuous Evolution: The only constant is change, and a good emergency plan also evolves. Keep revisiting and refining your strategy to meet difficult times and improvising for cost and efficiency.
Entrepreneur's planner: Personal prosperity and business success go hand-in-hand
Entrepreneurs often intertwine personal and business finances, and while their entrepreneurial goals might consume them, it is also necessary to take their personal goals in the stride. "While passionately pouring all your time, energy and resources into your dream, also ensure you are building a personal golden parachute. It's not just smart; it's about cherishing the fruits of your labour in every aspect of life," she explains.
Entrepreneur's planner: Fortune favours the prepared mind
Every entrepreneur holds a vision of success, growth, and prosperity. Shreeram elaborates that an effective emergency plan is simply a testament to that vision, ensuring the path remains clear and steadfast, and adds that it's about celebrating the journey, understanding its nuances, and moving forward with unyielding optimism.
She sums up, saying, "By being ready today, we set the stage for a brighter, more successful tomorrow."
03:17 PM IST