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Growth Strategies / Ask Entrepreneur

Why Every Entrepreneur Must Be Prepared for Tough Times

In this video, Entrepreneur's Insights Editor Liz Webber explains the importance of planning ahead.
1 min read
Opinions expressed by Entrepreneur contributors are their own.

As an entrepreneur, it’s important to be present in the daily operations of your business; however, it’s just as important to also focus on the future of your business. Ask yourself this question: Would your business survive financially if something drastic occurred right now? If you answered “no," then it might be time to reassess.

Related: 5 Ways to Prepare for Disaster in a Startup

In this one-minute mentor video, Entrepreneur Insights Editor Liz Webber explains why entrepreneurs must be prepared for anything and everything that might come their way. Webber refers to an Entrepreneur article by guest writer Tony Batman, who describes his experience beating cancer and how he, because he was prepared, managed to keep his financial footing.

“It pays to prepare for those disasters,” explains Webber. “Otherwise, business owners risk losing it all.”

Related: Don't Wait for a Disaster to Interrupt Business. Prepare Now.

To learn more about how you can prepare yourself and your business for tough times, click play.

Do You Have a 5-Year Plan? If Not, Here's How to Get Started.