Is Your Business’s Life In Jeopardy?
There’s a lot of advice out there telling you how to launch your startup and grow your business. And a lot less about the necessity of maintaining that which you’ve already built. Without ongoing care and consideration of all the hard work and progress you and your business have made, it could easily be eradicated. For example, if a natural disaster occurs, your company data is stolen, or a faulty piece of equipment causes a fire on your business premises.
COVID 19, in particular, is a situation many companies were not prepared for. As a result, a stream of companies have fallen into administration, or are struggling to make ends meet. A savvy business owner tries to protect what they’ve worked and bounceback from tragic events that could arise. With a pandemic that’s had a global impact, it’s not unreasonable to suggest anything could happen that might affect your business’s livelihood. For a few thinking points to ponder, to prevent and cure issues that can and will arise in the future, below can help you prepare for the worst to ensure your business survives and thrives.
Health And Safety
One trip or fall at work from an employee or client could amount to a series of issues for your business, such as lawsuits, medical bills, and a dip in staff morale and productivity. All of which most business’s reputation can’t afford to endure. To prevent health and safety hazards, depending on the size and nature of your business, you can do several things to keep the public safe such as;
- Address and adhere to all requirements in the Occupational Safety and Health (OSH) Act
- Be vigilant in prioritizing fixing health and safety hazards
- Create an emergency fund to take care of risks instantly
- Perform routine risk assessments of the business grounds to evaluate developing hazards
- Ask employees to report to you immediately if they perceive any issues arising
- Allocate fire marshals and first aiders within the building
- Create a health and safety handbook for your employees to read
- Organize a cleaning and maintenance schedule
Repairs and Maintenance
Speaking of maintenance, this is another area that could present a myriad of issues if they’re not resolved immediately, such as faulty electrics to broken windows. Or a leaking valve spewing liquid, you’ll need to read more about the issue at hand to get an idea of how you can fix the problem first. Regularly assessing areas of your business that need attention, taking care of your workplace, and equipment is essential to prevent issues exacerbating, becoming costlier, and a risk to customers, clients, and you!
But repairs aren’t the only thing you should be thinking about. General upkeep of the premises, such as painting, decor, and gardening, is essential, particularly if you want to attract new business and top talent to work for your company.
If you own the premises, equipment, or have employees working for you, business insurance should be a top priority for you to consider purchasing. You can tailor the insurance to suit your business’s needs. The options often include theft, damage of property, accidents, mistakes, and injuries. The cost of coverage depends on multiple factors such as the area your company is based, the type of business you operate, and the security you have in place. Without insurance, your business is unprotected against costly incidents that could occur at any moment.
Your business data consists of customer credentials, financial forecasts, supplier contracts, the list goes on. Information is power, and so if you’re currently relying on paper documents in a filing cabinet as the only source of protecting your business intel, your company is vulnerable to sabotage. For example, if thieves steal your company’s information, you lose your credibility, but you also lose all the details your business needs to function. There are a few options you may want to consider to back-up your data. The company data storage solution will depend on the size of your business, the volume of data, and your budget.
- Store data on a PC and copy it to an external hard drive
- Keep the hard drive away from your workplace in a safe place
- Save your business data in the cloud
- Hire a server to store and update your business’s information on a regular basis
Cloud services are a popular option for many, providing you and your employees the scope to access company information from any device, anywhere in the world.
To prevent putting your company’s business in jeopardy, take note of the above, and create a plan of action should the worst happen.