Flexibility from Day One
Expect the unexpected seems to be a cliché. However, with today's events as a vivid example, it seems like you can't really expect what you can't really control. So, how do you plan for the unexpected? The answer is, flexibility from day one.
Most entrepreneurs have learned about SWOT analysis in college but to try and fill in the threat part of the analysis, you don’t usually put a global epidemic as one of the bullet points. For me in my past it was an unforeseen 3rd party lawsuit that was my Black-Swan event, but it could come in many shapes and forms. So, how does one prepare for these events?
What entrepreneurs need to consider as they set upon growing their business, is that flexibility is a not just a statement but a culture that starts from the top. A company that wants to ensure longevity of its product and business model needs to consider how to reduce friction and increase the capability of their business to adapt to changing trends and environments.
Here are my top 3 examples: Data Model - when building any software product, you need to consider the data model which is the base of any stack of functions. A flexible data model that can adapt as your business changes is the right choice to start with, again, building flexibility from day one. Another area to think about is the notion of Self-Service – this is a very important subject that could make your life a lot easier as you grow your business. If you can incorporate self-service into any function whether internal or external, you will reduce stress in terms of customer support and in terms of profit margins as your business grows. Finally, something that maybe should have been at the top of my list and its Mobile – if there is anything that we learned from this current crisis is that the companies that had their mobile strategy ready at scale and their digital channels prepared in advance, are doing much better than the ones that did not. These companies will survive this crisis and others.
Stay Safe, Sane & Flexible