No business wants to be soon going out of business.
So I love this idea of periodically strategising ways to defeat yourself.
Asking: “What five things could most easily put us out of business, and how can we mitigate these?“
Unaffordable fixed costs during dips in revenue is typically the macro issue.
I think diversification is key, for everyone (even businesses) should be saving 10 percent.
At the pharmaceutical giant Merck, CEO Kenneth Frazier decided to motivate his executives to take a more active role in leading innovation and change. He asked them to do something radical: generate ideas that would put Merck out of business.
-Adam Grant, Originals