Owning your own business is amazing. But unfortunately it’s not always going to be smooth sailing. And seeing as you’re in charge it’s up to you to know how to fix it. Many newbie entrepreneurs can easily get overwhelmed when something goes wrong – heck, even experienced CEOs have a panicked moment when something bad happened. The trick is to pre-empt the issues rather than putting fires out as and when they happen by getting the right people lined up for if the event arises. If that fire starts, you need to know who to call, and that you can call them rather than needing to hurry to set up something and pay a ridiculous price to get something sorted then and there.
If something goes wrong with your finances in any capacity, the major fallout lands on you. If profits are down, a sale or client lost – it’s you who will receive the backlash. But your employees will also be greatly effected. So, by talking to your accountant you will be able to see exactly where you can change things, where you need to make cuts, all to get your finances back on track.
Every business needs insurance. But there are difference sorts that will cover you for different situations. Fighting a lawsuit? You need your liability insurance. Been broken into? Call your contents insurance. Obviously you don’t want to be spending out on a ridiculous amount of insurance companies, but you do need to recognise which ones are the most important for your business and which ones cover more than one policy – you’ll find that a lot of companies have policies that overlap, so make sure you shop around.
Do you have a regular maintenance company? If your business works with machinery it’s likely that any maintenance needed can be done, and is best to be done, by the original manufacturers. In fact, many suppliers of machinery will offer an on going service and maintenance deal. For things like electrics, plumbing, and even decorating, it’s worth having a contract with one company. You’ll find many handy-man companies will cover many aspects of repair. Using the same company each time allows you to budget your expenses accordingly, will allow you to feel safe in the knowledge that they know your business and know what you expect from them, and you know the level of work you will receive from them.
Many insurance policies will over to cover the expense of a lawyer, or supply one for you. But if you prefer, having your own business lawyer can be a huge advantage in times of crisis. Their job is to make sure your business keeps making money and so will do all they can to help you through negotiations, contracts, mergers and even support you in court.
As obvious as it sounds, it’s worth having on this list. Where you might have security on sight, or an automatic response fire alarm system, sometimes you do need to contact the emergency services. If there’s a fire and your alarm will alert the closest fire station, call the station directly to relay any information you can – this will help them do their job more effectively and without delay. Things like where the fire is, if there are any hazardous or harmful chemicals within the building, and if evacuation has gone to plan or not, will all change the priorities, plans and needed equipment, for he fire fighters.