Despite our best efforts and foresight, crisis and loss are inevitable. When one or both events touch any part of our lives, whether it be our personal or professional ones, the effects and emotional fallout are similar.
There are measures to take to mitigate impact, reduce risk, and support emotional and financial resiliency. Having financial forecasts developed with worst- and best-case scenarios laid out, a strong understanding of cash flow needs, and crisis plans prepared for when they are necessary to deploy are a few ways to build support into your life.
There are even more tools to use when thinking ahead and seeking to identify problems before they become crises, which is an ideal practice to put in place.
A SWOT analysis exercise would provide information regarding strengths, weaknesses, opportunities, and threats for you to then develop plans to leverage strengths and shore up resources to mitigate threats.
Financial literacy goes a long way as well in identifying weaknesses and taking advantage of opportunities. Managing cash flow well, understanding the seasonality of your business, and having control over costs can provide the foundational information needed to develop continuous business improvement plans and processes that can better ensure the survival of your operations when unforeseen circumstances hit.