t’s easy to start a business but more challenging to keep one going. It’s even harder to grow a strong resilient business. The importance of resilience for our mental wellbeing is well documented and it’s equally important for a business to be able to withstand unexpected knocks and swerves on the road to success.
Resilient businesses tend to have certain characteristics in common, notwithstanding the differences in their platforms, markets and target client-base.
In this session you will hear about some of the key elements needed to make your business resilient including:
- aligning the interests of your workforce with that of your business using share options and other incentivisation schemes
- ensuring your contracts meet your needs and have been properly finalised
- building flexibility into your longer-term commitments where possible
- ensuring your funding and equity arrangements are properly documented (including with friends and family)
- understanding the early warning signs of insolvency so you can take action quickly.