July 11, 2023
10 Ways to Prevent the Unexpected from Sinking Your Business
As a business owner, you know that unexpected interruptions are prone to happen at any time. In fact, you’re probably an expert at how to handle many of the daily hiccups. But are you prepared for some of the bigger unforeseen possibilities: a ransomware attack or a natural disaster with little or no warning, for example? Tech Eagles wants to be sure that you and your business are prepared to stand strong against threats that could otherwise cripple your company. Here are some tips to seriously consider to help disaster proof your business:
1. Create a Business Emergency Preparedness Plan
With a plan set in place before a disaster hits, you can quickly and efficiently keep your business running as usual with little to no downtime. Consider events like supply chain interruptions, cyberattacks, and storm-related damages. Outline the steps your company will take in these different circumstances. Designate who in your business will be responsible for certain tasks should those situations arise. Decide how you will effectively communicate messages to your employees, your customers, and your partners. There is no time like the present for preparation!
2. Train Employees for Emergencies
You already know that when you set your employees up for success, everyone wins. This includes getting them prepared for unexpected situations. In addition to developing an emergency plan and establishing communication channels ahead of time, there are a few extra steps your employees can take that will help the entire company. Practice emergency drills regularly, assuring that everyone knows how to respond calmly and effectively. Consider cross-training opportunities among employees to help everyone understand all the different roles within your organization should they need to fill in for others. Offer remote work training in addition to technology training, lest there be some reason that employees need to switch to remote work for a time.
3. Stay Informed of Business Requirements
Be aware of any legal requirements related to your industry to keep you compliant with any regulations that apply. If you are found to be non-compliant, this will cost your business fines, possible revocation of licensure, loss of income, and a tarnished reputation. Make sure that your operations or business manager is aware of the frequency and documentation needs of these requirements.
4. Check Your Insurance Coverage
Depending on the type of business, your insurance policy should cover things like property damage, liability, business interruptions, and cyberattacks or data breach expenses. Business interruption coverage is especially important, as it covers a wide range of unforeseen events… And if you haven’t already considered it, check into cybersecurity insurance. With the ever-growing threat of breaches to small businesses, such insurance can help with recovery costs and keep your business from tanking.
5. Keep Your Financial Status in Check
Not only does this help you to meet your business goals and stay on track, but it can also help you identify business needs that you may have not even considered. Planning for the unplanned helps you be more fiscally responsible today and better prepared for tomorrow. Knowing the current financial status of your business will allow you to prepare for business resiliency; how efficiently you can recover from the aftermath of a devastating event.
6. Create an Emergency Fund
Keep a special emergency fund as a reserve in case the need should arise. A wise plan of action is to have at least six months of money reserved to help cover costs such as loss of income, legal fees, or repairs. Don’t let your business be caught off guard and unprepared financially to handle emergency situations.
7. Invest in Your Suppliers
Consider all the partnerships you use to keep your business running. Keep a strong relationship, particularly with your suppliers, in case of an unexpected shortage. If you rely on only one supplier for your business (OfficeMax, Staples, Amazon, etc.), investigate a couple of other companies to add to your partnerships. This will give you options and greater security in the event of a supply shortage.
8. Find Trusted Vendors
You should consider hiring an outside vendor to provide one of your required services. For instance, if your IT employee quits or is unable to return during an emergency, how will you maintain your business needs? Hiring a vendor like Tech Eagles, who cares about your business, allows you to secure your business more efficiently during an emergency. It also helps minimize the impact caused by business disruptions or physical damage by providing cloud-based backups and data protection to get your business up and running in very little time.
9. Be Creative in How to Make More Money
How can you add diversity to your revenue? Several sources of income within a business provide a safety net in case of emergencies. Imagine ways to serve your customers beyond any singular route and begin making the needed changes to become a multi-faceted business. For example, a doctor’s office might consider varying ways of serving their patients, by including tele-visits, pharmacy pickup and delivery services, etc. If you stick to a single platform or service, you limit your business’s resilience and will likely suffer greater financial loss in an emergency.
10. Know the Importance of Technology
Not only is technology crucial for your day-to-day business operations, but it can also be a saving grace in the event of an unexpected situation. Using cloud-based technology and automation services are just a couple of examples of how your business can quickly recover and maintain operations with little to no downtime. Errors, loss of data, and inefficiency don’t have to be part of your company’s emergency plan.
Planning for the unplanned future doesn’t have to rest on your shoulders. Call Tech Eagles today to talk with IT professionals who care about your small business and want to help you succeed.