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4 key ways to prepare your business for the worst case scenario

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Nobody likes to consider the worst case scenario – it doesn’t make for a particularly nice thought – but as a business it is vital that you are prepared for every eventuality. Through staff training and digital solutions, businesses today are able to manage disruption better than ever before, because it’s only be preparing for the worst that your business can operate at its best.

1. Are your finances secure enough?

It isn’t possible to know when or how the worst case scenario will emerge for your business, but the likelihood is that it will cause some financial damage. This could involve an economic recession, a shift in the market, changing consumer habits or any number of factors. The best way of preparing for this is to ensure that you have money saved to deal with lean periods. When times get tough, you’ll be grateful for a financial cushion.

2. Are your assets protected?

Protecting your assets is about more than having physical security in place, although that is certainly important. You should also purchase insurance to help you cope in the event of damage or theft. Business insurance may not seem like an essential purchase, particularly if finances are tight, but it could prove the difference between going bankrupt and staying afloat if the worst does occur.

3. Are you keeping your staff safe?

The worst case scenario facing your business doesn’t necessarily mean financial disaster, the well being of your employees could also be affected. As a businesses, however, it is your responsibility to look after your staff, even in the event of an unexpected issue.

Is your business complying with all the necessarily safety regulations and are you carrying out regular fire drills so everyone knows how to react in the event of an emergency? Many businesses now encourage their staff to take part in first aid training, either in-person or through online CPR certification courses, so that there will be someone present who can react calmly and appropriately in the event of a health issue. The emotional wellbeing of your employees should also be a factor, so having in-house counselling services may be useful in the event of mental health problems affecting your staff.

4. Are your digital tools up to scratch?

There are now a number of computer programs designed to help businesses manage disaster. Business continuity programs, as they are often termed, work by creating a response plan for whenever unexpected disruption occurs. They start by identifying your company’s core processes and how long the business can afford to be without them.

There will also be recovery tools in place, perhaps grouped together under a Disaster Recovery IT solution that will aim to get business processes back online as quickly as possible. This will involve regular testing of backup solutions as well as training initiatives for particular members of staff so they know how to react when things go wrong.

Hopefully your business will never experience the “worst case scenario,” but even if it doesn’t, there are likely to be periods of difficulty. Planning ahead is only the way to manage them effectively.

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2 Comments

  1. eviejones310@gmail.com'

    Evie Jones

    April 25, 2017 at 10:25 pm

    I know how worrying it can be to constantly fret over insurance for property and my business. From public liability insurance for injury and property damage, to employers’ liability insurance for staff, I know a fantastic site that offers the core covers you need, plus specific options for a range of risks, such as professional indemnity insurance, or protection for your business equipment.

  2. Pingback: Preparing Your Small Business for the Worst | Camino Financial

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