Why You Need to Eliminate Your Single Point of Failure

A single point of failure, SPoF, in your business can literally devastate your business overnight yet many business leaders spend little or no time at all protecting their business against these risks!

In 1995, a rogue trader brought down Barings Bank through fraudulent, unauthorized, speculative trading. The bank, which had been established in 1762, had a single point of failure and did not have controls in place to protect itself. It’s SPoF destroyed it!

Similarly, uncontrolled trading of oil futures has crippled more than one oil company in recent years. Other businesses have been bankrupted due to manufacturing shutdowns caused by natural disasters, social uprisings, political unrest, wars, etc.

Are You Procrastinating Productively?

As a new feature of  Thinking Business Blog, I plan to publish a brief, one paragraph summary of the business books that I am reading. This will be a very high level synopsis of the book and what I gained from it. I will publish these summaries as I complete the books and not on a predetermined schedule. I trust you will benefit from them.

 

 

The first book that is featured is Procrastinate on Purpose  by Rory Vaden

In this book, Vaden defines five choices that we need to incorporate into our daily lives that will allow us to maximize and even multiply the value of our time: