Many small businesses hit rough patches, some have problems that could have been prevented and others have problems imposed upon them by others, but what can you do to minimise the effect of these situations I am asked by many small business owners! The answer is really quite simple – have an emergency action plan and do all risk assessment possible to protect yourself and your business.
Yes I know more paperwork and admin, but it could be the difference between saving your business or in the worse case it going under. I recommend you do a full risk assessment of your full business. Look for any and all risks or threats to it and the decide in advance what could be done to either prevent them or minimise them. Where possible try to organise insurance too to help cover any possible situations. How about Key Person Insurance? Or how about Lose of Use Insurance?
Do you have a reliable VA that could keep things flowing in the case of illness? How about casual members of staff or a database of useful/helpful people you can call upon?
They do say that “failure to plan is planning to fail” in this case I simply must agree as there is little or no excuse for a little forward planning and foresight! There are loads of resources on the Internet to help you with a undertaking like this or you could simply email me and I would be happy to send you some Risk Assessment info sheets.
Dont forget we run a number of great business workshops and have a range of online e-learning options to help you with challenges like this. Please take a visit over to our parent company at EAG Consultancy and look at all the opportunities available to help you.