1. Have a Board of Advisors. Find people who have built great companies and ask them to sit on your advisory board. Meet every quarter. Show them your numbers. Share your struggles. Listen to-and act on-their advice.

2. Set Up A Peace of Mind Fund. Install a reserve fund with at least 12 months (and ideally 24 months) of operating expenses. Set it up so a portion of your monthly sales automatically goes into this account. You’ll sleep better at night knowing your business can run even if income slows down.

3. Focus on People and Culture. The single best way to protect your business is to hire top talent and invest in training your people so they  amp up their performance in good as well as hard times. And work on your culture. That’s the “special sauce” that brings out the best in a team.

4. Work On Your Business vs In It. The old Michael Gerber distinction is key here. I spoke at a YPO/EO event last week and met a young entrepreneur who’d just sold his company. I asked him for the single best move he made. “I worked on my business vs in it.” He explained his core concentration was on building systems and processes so the business ran superbly without him.

5. Become Obsessed with Value Creation. This is not some pie in the sky idea. It’s a hard-hitting business growth tactic. Obsess (yes, obsess) over how you can add more value to more people and the revenues will take care of themselves.

by Robin Sharma is the author of the #1 international bestseller “The Leader Who Had No Title: A Modern Fable on Real Success in Business and in Life,” a book that is causing transformation in many of the best businesses in the world.

Tags: Business, Leadership, Money Matters, Trade

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