Carol Tice writes over at Entrepreneur that planning for the crash is something large organizations do well. Her background in risk management gives her a good perspective, though I’d argue that plenty of large organizations have missed this lesson, too.
Carol lists off seven key risks that companies should look at. Commentors have added a few from their own hard-won experiences.
Jim Collins, author of Good to Great, Built to Last and How the Mighty Fall, definitely believes this. Barry interviewed him recently, and he said:
“As soon as you can, I mean before you grow really big, your first priority should be to reach a point where you have enough cash that you could go a whole year without revenues if you had to because someday, you might have to.”