Emergencies in the business world can be very costly. Emergencies are something we can prepare for, which is a good practice for any business owner, but they’re not something we go through a step by step plan for most of the time. As a small business, we have an idea in our heads over what we can do, and how we can salvage a situation, but we don’t usually have the time or resources to put a proper emergency procedure together.
Of course, you’re going to know what to do in case of a fire, and you know where the emergency exit is, but that’s about it. So, it’s time now for you to budget for the future a bit, and to make sure you’re saving yourself some money down the line. Now, let’s go through a couple of preparation steps.
Make Some Checks
The first thing to do, to prepare for an emergency, is to know what is most likely to happen to your company and the building it operates in. A fire is one, but what else? A roof collapse? A flood of the downstairs area? Are you on the street, meaning any traffic trouble could affect you as well? And would a crash in the stock market seriously tank the worth of your business and all of its assets? All in all, you’re going to need to assess your risk.
And then it’s time to make some checks, on the structure of your four walls, and of the business model you’re working with. You could get a survey of the building done, to determine its integrity. You could get another load bearing wall fitted, if you’re planning to really max out your computer desk and chairs capacity. And don’t forget the financial aspect either – do you have more than one line of income via your company? If so, you’re much more likely to survive a devaluation like we mentioned above.
Known Who to Call
One of the best things to do in an emergency situation is to reach out. And that means you’re going to need to know who’s who ahead of time, and what you can turn to them for. So it’s time now for you to collect some numbers together, call them up, and try to make some connections, and get yourself on their radar. In a time of crisis, they’ll be much faster at answering your call for help.
For example, if you do have a roof that falls in after a very snowy evening, a roof repair company definitely needs to be on your books! Remember, you might even be able to strike an exclusivity deal, to get the repair cost taken down, and ensure both parties have money to make and save in the future.
Emergencies really can strike at any time, and your capital is the one thing that’ll ensure you can deal with them. When your business is in crisis, cutting costs is probably the first worry on your mind!