Be Careful What You Rely On!
- Oct 3, 2023
- 1 min read
Having run my own accounting practice since 2010, there have been phases where we have built our processes and the way we serve our clients by using a specific software, then when they change - whether that's their functions or pricing - we have to evolve and adapt to keep going, it created a volume of work we hadn't anticipated.
Every business has something it relies on, whether that is software or raw materials of production. The last few years in particular have taught us that surprises happen and it is always best to be prepared.
When was the last time you looked at your list of suppliers and reviewed what you would do if any one of them disappeared overnight? How can you mitigate your risks and reliance on external suppliers?
In business it can pay to form alliances and work in partnerships with complementary organisations but it is always prudent to have a contingency plan in place....
What would you do if they:
changed ownership,
became too expensive,
moved into a market you wouldn't want to be associated with
or even closed down?
Your business is your pride and joy, nobody will want or need it to succeed in the same way you will. However dear friends you may be with a chosen partner, never underestimate the importance of protecting your business from decisions made by another. This applies to external suppliers and market impacts on them that they cannot change, as much as a fellow shareholder within the business that may change their life plan unexpectedly.
A little Halloween humour!
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