Adventures in Franchise Ownership by Delk Christy Wilson;

Author:Delk, Christy Wilson; [Christy Wilson Delk]
Language: eng
Format: epub
Publisher: Morgan James Publishing
Published: 2018-08-15T00:00:00+00:00

Strategic Leadership for Risk Management

Here is a basic five-step outline you might find helpful if you’re ready to incorporate risk management and prevention into your strategic leadership plan. If you completed the exercise in the beginning of the chapter, you’ve already done the first step.

1.Make a list of the possible nightmare scenarios. Don’t forget the most frequent acts of God in your area of the country. Three back-to-back hurricanes rolled through Central Florida in 2004. We did not sustain any major damage, but it was tough on cash flow and everyone’s nerves. Especially mine. That’s when I got serious about protecting my business.

2.Choose the two most plausible, urgent, or damaging scenarios and assign a time frame to roll out a plan for each one. Put the remainder on next year’s list. (Bad things have no calendar). You will probably find the process you put together can be used for other scenarios.

3.Communicate to your staff and franchisor that you are addressing these specific scenarios over the coming year. Solicit or assign a leader to be the point person who will assist you and help others understand why this is important for the business and therefore for them.

4.Consider all possible internal and external resources. These include other businesses that may have been through similar situations. These resources can help you formulate a plan for each of the scenarios you chose. This is not time to hold back. Ask questions.

5.Start your research and then get to work. Once you get started, the rest will flow more easily than you anticipated.

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