This topic might not make you sleep well at night – but it's essential. Every one of us has at least a handful of risks that could dramatically shake up our businesses. I suggest that you think about them, write them down, and then stare at your list for a while.
The next question is what can you do to mitigate these risks – do you have a plan for it, and is it worth the cost?
These issues are especially prevalent with all of the supply chain issues happening around the world right now. If you look at your supply chain, what are your most significant vulnerabilities? Is there one supplier or vendor that could cause an immediate and negative domino effect for your business? Do you know how healthy they are? Do you have a good relationship with them? Should you revisit your contract or agreement to tighten up your rights?
We all need to be thinking about these issues.