How to Prepare for any Business Disaster ?
On : October 8th, 2014By : Shivya Gupta
We are sure you are looking for a formula that ensures a successful venture and also which is easier to follow ! But what if it were an instructed manual for a business disaster ?
As an owner of a small business you should be prepared for disaster management. Planning for a business disaster in advance is as important as having an ideal business plan altogether. Having a disaster plan in place will highlight the thin line between being shut down temporarily, and losing your bread and butter.
Let us throw some light on the domains that you would need to focus on while planning for an effective disaster management plan for your firm!!
1. Be Insured and Rest Assured
Meeting up with an insurance agent who understands your needs and also that of your business is very important. Business-interruption insurance—which focuses on replacing the lost income should be a consideration. It is also very essential to make sure you have the right kind of insurance. Also understand the aspects your insurance shall not cover for you.
2. Cover all significant aspects
As the business owner, you should know whether you are prepared to relocate if required ? What shall be your Plan B in case your suppliers shut down ? Would your employees know what to do in case of an emergency? All business disasters can be avoided if anticipated at an earlier stage itself.
3. Information Safety
Vital business records and information that is stored in both hard and soft forms, should be copied and saved on both the hard drive and on backup diskettes at a different location than that of the original one.
4. Create a social media policy.
There should be a very transparent and uncomplicated policy on what is and isn’t allowed both from employees and from the official brand profiles. This should include rules about offensive language, how to interact with individuals , clients etc who leave negative comments/feedback, and an escalation plan if a situation begins to get out of hand.
5. Nurture the weak.
If you have clients that eat up a lot of your time and energy and then in return make late payments as well should be worked on. Devoting your energy and dedication to fixing weak relationships deprives your best clients of your attention, which means you’ll eventually end up with unhappy clients all the way around.
6. Focusing too much on your wallet. – Business Disaster in the making
If as an entrepreneur you are too money minded and that is the only incentive and motivation behind your work then you are inviting business disasters to your doorstep. Focusing too much on monetary returns can turn around tables for the worse for you. You might end up losing clients and customers after a while.
7. Avoiding Hiring Disasters
A company prospers through its employees and crashes because of a weak team too. Make sure you hire judiciously and follow prudence while recruiting staff for your company. It can make you win half your battles and face problems like a pro.
8. Avoiding ethical misconduct disasters
Ethical misconduct disasters are unexpected, and are never encountered in routine. These unethical events or a series of unethical events that create significant operational disturbances and threaten an organization’s continuity of operations. Make sure you are able to recognize integrity issues and the continuity of the same to equip yourself for an unfortunate business disaster!
Any firm can face an unprecedented hurdle or disaster that can either make them stronger or ruin things for them. Make sure you become the former and emerge victorious by following these steps to be well prepared and cautious at all times!
