There’s nothing worse than wondering what unplanned issue is around the corner that’s going to impact your business or life, and for many, it can lead to anxiety and the feeling you’re not in control of the outcome. Given the current hiring situation mixed with supply chain interruptions, this is an all too common feeling among leaders trying to keep it all together. We’ve all come to expect the unexpected but few are preparing for it which sets them up for failure when the next calamity hits.
Rather than wait for the next interruption and then figure out how to react to it, I began performing stress tests on critical areas of the business to see how prepared we were and what steps we would take in each event. This has been incredibly powerful towards easing the anxiety associated with running a business dependent on international supply chains and it’s been a differentiating factor with customers who count on us to perform. I got the idea from the post-recession banking industry which was required to pass stress tests for liquidity in order to avoid needing a bailout in the event of another economic disaster. Given how unstable hiring and the supply chain have been recently, it’s been a lifesaver.
Running stress tests forces you to think about what could happen instead of worry about what might happen, which eases the mind and makes you feel more in control. Stress tests apply to your personal life as well. Looking to retire? Try living on the anticipated retirement budget for a few months to see if it’s feasible. Want to run a 5k in the middle of summer? You better get out of the air conditioned gym and try running outside to see how it feels. Be intentional about planning and preparing for the worst and put yourself back in control today.