Fortifying your Business Ecosystem

by | Apr 13, 2021 | Uncategorized | 0 comments

“If entrepreneurship is a battle, most casualties stem from friendly fire or self-inflicted wounds.”

– Noam Wasserman


When a person decides to start a business, most of the time, the person has a legitimate skill to support the business venture. Setting aside the need to understand the environment you are working in, whether or not the pool of products or services are crowded, your profit margins, etc. (WOW! That’s a lot to set aside!), is your business ecosystem fortified?

Okay, also set aside the fact that the business ecosystem is a buzzword. Think of your business as part of a community, and consider how it is impacted by that community. In other words, your business must take into consideration the other participants in its environment and how they may help or impede your mission:

  • Suppliers
  • Distributors
  • Customers/Clients
  • Competitors
  • Government
  • Regulations
  • Employees/Consultants

There are basic things you need in place for your business (the list is not inclusive).

  • A Business Plan
    • Strategic Plan
    • Marketing Strategy
    • Pricing Strategy
    • etc.
  • Business Insurance
  • An Accounting System
  • Supplies
  • Financial and Non-financial Resources

What business owners overlook is the need to implement systems that help them reliably achieve objectives, manage performance and risks, and comply with regulations inside and outside of your business. These owners can optimize their business ecosystem by instituting elements in their business that will drive performance.

  • Governance –the system of rules/regulations, practices, policies, and procedures that direct the company’s actions. Ensure sound governance structures are in place to ensure the information and technologies are in place when needed.
  • Risk Management – the ability to protect your business while guarding its reputation. Integrate risk management in your strategic plan.
  • Financial Fortification – an act of reducing the chance of having to rebuild or incurring significant financial losses. Make sure your business is in a position to handle acceptable levels of losses and risks without jeopardizing business operations.
  • Audits – the systematic assessments used to conduct financial and non-financial audits to ensure controls, governance, risk management, and compliance. They are carried out at all acceptable business levels.
  • Compliance – the systems that ensure regulations and requirements of external authorities are being adhered to in the company operations.
  • Processes – the standards and tools of guidance that inform how something is to be done and how something can be measured. Processes should be in place for everything.

Integrative Management Solutions employ solutions to ensure a healthy state of success in your business. Ensuring performance means being able to achieve objectives while addressing uncertainty and acting with integrity reliably. IMS takes an integrated approach to help you manage performance, risk, and compliance.

Posted by Dr. Drena Valentine to LinkedIn on April 16th, 2021

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