Tipping points occur when something changes to tip the balance of a system and brings about a larger change.
For example, someone integral to your business resigns, or Vrbo penalizes you for too many cancellations or software you’ve relied on closes down. There are many opportunities for something to happen within your carefully structured business to bring it toppling down. Maybe not in full crash mode but at least to a breaking stage. And if you are not prepared, the outcome can be a lot more uncertain.
A tipping point is that moment in a situation when a minor development precipitates a crisis. This is similar to the butterfly effect where changes at a micro-level could have far-reaching consequences at the macro level.
In physics, the tipping point occurs when an object is no longer balanced, and adding or removing an element can cause it to topple. Think about the game of ©Jenga where a block is removed and what may have seemed a stable structure becomes unbalanced and ready to tumble down.
These situations occur in every business and ours is no exception. In this episode, you’ll hear how to be ready for them and the actions you can take to meet your inevitable tipping points head-on.
I talk about:
- How an envelope through the door triggered a life-changing series of events
- The readiness principle
- Getting ready to hire your first-person long before you need to do it
- Why you should write your wish-list now for your first hire
- The importance of updating job descriptions every year
- Doing regular PMS demos to keep up with what’s new
- How documenting your systems could save you from disaster
- Being ready to go solo if the OTAs drop a bombshell
Links mentioned in this episode: