5.3 Suppliers at risk of decline or disruption are mapped quarterly | Made to Thrive 31/34
Welcome to Video 31 in this series of 34 two minute videos detailing the key concepts in my new book, Made To Thrive.
Made To Thrive outlines the five key roles that a leader must undertake to transition from being a good leader, to being a great leader. Those five roles are; accountability, ambassador, culture, strategy, and succession planning.
Today, we’re talking about succession planning, and in particular 5.3. Suppliers at risk of decline or disruption are mapped quarterly, and actions identified to replace these suppliers.
Almost every business relies on other businesses to provide its products or services to its customers.
Maybe it’s materials or supplies or systems or subcontractors, or maybe software or a cloud computing platform.
And every business has stories about how they’ve been let down by other businesses.
If a data breach occurred that affected one million people around the world, it would barely even make the news.
If a product was supplied to you that was faulty, or if a service that was provided to you failed, that could massively impact your business to the point it could potentially even wipe you out. But at the very least, it could significantly impact your growth and your consistency of results.
And that’s why you need to understand whether or not the companies that provide services and products to you, pose any material risk to your business, and to the consistency of your results, and the consistency of your growth.
And that’s why, as a leader, you need to not only understand these material risks, but you need to own and develop a system over time to insure that these risks are mitigated.
If you’d like to learn more about Made To Thrive, you can watch all of these videos on YouTube, or you can buy the book now on Amazon, and I’ll put the links below for both of those.
Learn where to order Made to Thrive below