Top 5 Tips posts from the SME Blog are always full of hints and tips for small, home & micro business owners.
1. Preparedness is key to a quick recovery. Company Liability Insurance can very important in the aftermath of a business disaster, especially if something has gone wrong that you or your business could potentially be liable for once the dust settles. By getting some General Business Liability Insurance before the disaster happens you can protect yourself from serious financial penalties that may damage your business.
2. An important part of stopping things from going wrong is determining the problems that may occur. Try to think about all the things that might happen and how they would have a knock-on detrimental effect for your business – for example, if a customer failed to pay in a timely fashion for your goods would this then mean that you could not pay your suppliers?
3. Once you have tried to consider some of the things that might go wrong in your business (it is impossible to guess them all!) then you can start working on a plan that will go into effect once the problems start to occur. Make sure all the procedures and processes that will be required to deal with specific problems are down in writing somewhere as an ‘Action Plan’ for your employees.
4. If a problem starts happening then you need to be sure that you and your staff are ready to respond to it. In the earlier example about a customer not paying an invoice, if this is going to affect your business cashflow then you will need to be informed and there should be a process in place so that the message is passed up the chain of command to you.
5. Once a problem has been dealt with and everything is back to normal, it is important that you and your team evaluate the outcome and how you responded to the issue so that you can either prevent it from recurring or deal with it better next time.