I mentioned previously that there is an area of Risk which is everything else you can not control. This includes competitors, regulation, pandemics (eg COVID 19), weather events, natural disasters, stock market crashes, war just to name a few.
Clearly for you to have the Ideal Business you need to have the Risk level correct and also have in place the mechanisms which allow you to control risk effectively. Risk level is something that we focus on at Invizbiz when helping business owners create their Ideal businesses.
This second source of change we as entrepreneurs have experienced many times.
The world is in the midst of the COVID-19 Pandemic. This has had a devastating impact on so many businesses and lives and continues to do so globally. There is always some sort of “COVID-19” in the world of business. Whether it be a stock market crash, a global financial crisis, weather event, or a terrorist attack. There is no ability to have any control over these. The key is how you have structured your business to adapt to not only survive but thrive in these conditions.
I am not going to go into detail about the type of forces that fall into this category. There are events that take place that can then have a domino or knock-on effect. For example, during the Global Financial Crisis, it became almost impossible to access funding, which in turn impacted on property prices in certain sectors.
These forces can include, market changes, regulation, competition, financial changes, legislation, weather events just to name a few. The thing to be aware of is that they exist, can occur at any time, can be short impact or long impact events, and maybe events that have never occurred before. So with that said it makes sense to have your business set up to be able to best handle these situations.
As these are fully outside your control your only way to be able to handle these is to ensure that your business is adaptable and robust enough to be able to change course if required.
Source: https://invizbiz.com/blog/external-forces/