Security planning for 2019 part 3
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This episode is the third and final part of a three-part series based on a study I conducted about how the security levels of your business depend on your business cycle stage.
No matter which stage your business is currently in I would recommend listening to all the episodes of this series as each one is building on the previous thus, in case you haven’t listened the previous one, go back and listen the episodes in order to get the full benefits.
So, let’s get back to the 10 stages of the life cycle of business I was taught during the Business Mastery Course I took with the Giant Tony Robbins. In the previous episode we analyzed stages 3 to 5.
Stage 6: Zone of maximization & maturity
This is the heaven stage for you and your business and you are now enjoying the hard work you have put in so far. The business is working like a well-oiled machine and your sales, revenue and profits are increasing constantly.
The problem now is that everything is more relaxed. From the employees, to the systems in place, to even the management especially, of your costs. Your business may start facing bureaucracy and you might not be even close to notice as you are at the stage that you have given control to your management team.
There are four points you need to take care of at this stage in terms of security:
- That is, the level you need maximum security because of what is at stake so increase the budget percentage for your organization protection to 8% including regular training, developing crisis management plans and running disaster survival drills
- Employ personnel for compliance, enforcement of measures and control
- Take your personal security seriously because at this stage it can affect your business protection. Learn how to operate and behave in a way that it will not compromise your valuable assets.
- Setup measures and controls for your personal and business reputation
Want a little help?
Stage 7: Mid – life evaluation/ the transition
If you are at this stage things are falling part. To much structure has to give way to more creativity and innovation. Instead of solving problems employees are just playing the blame game and as a result all these clients are taken for granted when the level of service drops because energy and commitment are not the same as in previous stages.
You have a lot to sort out and the only security advice I have at this stage is to
- Maintain the security levels of the previous stage
- Participate in business events like Business Mastery in order to define whether you could reverse the situation or start forming an idea on a new business
- And employ the right person who can help you reverse this situation. You might need to fire people and employ more energetic ones, reward innovation, invest in customer service training and find ways to pass your business culture on to both your employees and the public. It might be time for high cost advertisements with a focus on cultural messages
Stage 8: Aging /the breakdown
If your business reaches this stage, then the falling apart is scaling. Focus on protecting as much of your valuable assets as you can by disconnecting them from the coming chain reaction.
Stage 9: Institutionalization
Its like keeping someone alive with mechanical support. There is nothing to save. You are just maintaining and holding on for a bit more time up until the eventual death of the business. There is nothing you can do for your business protection. Start thinking of another way to create income. Maybe another business idea!
Stage 10: Death
The business cannot survive anymore, and it dies. No security advice for this stage from me.
Even though I have presented the 10 stages of a business cycle in this order it does not mean that this is always the order. Sometimes businesses move back and forth between stages based on the approaches the owners and management teams take. But I do hope that this episode has helped you to define your business areas of focus in terms of security as well as your security budget for 2019 based on the stage your business is currently in its life cycle.
I would like to leave you with a tweetable:
That concludes the three-part episode series based on a study I have conducted about how the security levels of your business depend on your business cycle stage.
I truly hope it has been valuable for you and a compass for your protection planning during 2019.
Like and share.
That is all from me.
- Now it’s your turn. At which stage of the business cycle is your business currently in?
- What are the security insights you got from this episode of “Your security Boost”?
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