Running a business is no easy feat, and that’s on a good year; a year when the economy is booming, customers are queuing up outside your doors and the sun is shining. So just imagine how hellish your entrepreneurial life will get if you’re business is suddenly knocked sideways by an unforeseen disaster.
Luckily, knowing what sort of disasters are lurking in the shadows is half the battle, which is why protecting your business from something destructive is always the best place to start. To help you with this, we’ve pulled together a list of major disasters every business owner – big or small – needs to watch out for.
- Crippling Cash Flow Issues
The measure of a successful business is the amount of money it makes. But flip that coin over and you realize that businesses need to have a positive cash flow in order to survive. It’s how you pay your rent, your employees, your utility bills, your suppliers, vendors and everything else. So, if your business starts to struggle with the cash flow, you can be sure total collapse is on the horizon. Our advice: keep a close eye on all your incomings and outgoings. That way you’ll be better equipped to manage an unexpected expense, an unpaid invoice or a client going elsewhere.
- Loss Of All Your Data
Business data is the currency that every business owner worships, which is why every entrepreneur dreads that moment all systems go down and backing up fails. The good news is, this sort of issue is relatively remote. The bad news is: they happen as a result of localized problems. Our advice: protect yourself by letting a specialist handle this, someone like IT Total Care Inc. Lightning strikes, theft, hackers, a natural disaster – whatever it is, you want someone that’s specialized in business continuity and data recovery to have your back.
- Personal Injury Lawsuit
This is something everyone is aware of, but never thinks will actually happen to them, sort of like getting struck by lightning or winning the lottery. A big reason for this is probably because they are not a big part of your daily operations, not like they would be in construction or manufacturing anyway. Nonetheless, accidents can happen anywhere and strike at any time and, given the circumstance, any lawsuit could see a million dollar request be sent your way by a law firm. To lower your risks on this front, we recommend you establish stricter and more comprehensive safety requirements, and insist on a protective waiver or similar legal document for your customers and employees to sign. You could even obtain litigation insurance.
- Never Forget Fraud
The worst thing about fraud is that it can come in so many shapes, sizes and forms, and that can mean you never see it coming. What’s more, most small business owners never believe they would be targeting, thinking fraudsters and cyber criminals are more likely to go for “the bigger fish” but your size is what makes you vulnerable and thus more attractive. Our advice: get clued up on all forms of fraud and make it an important part of your business security.
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