The ABC’s of Business Basics Series: D is for Disaster
Living on the west coast of British Columbia, we hear all the time about being prepared for ‘The Big One’, the earthquake that ‘will’, not ‘if’, strike in the near future.
Everyone from Alaska to California knows that they are neighbours with the San Andreas Fault line. It runs up and down the coast.
From time to time, it reminds us of the risk with small tremors … There hasn’t been a year go by when we read the paper and see that another small earthquake has struck somewhere out in the Pacific Ocean.
Provinces and States have programs for Emergency Preparedness and advise us all to have at least 3 days of food, water and supplies on hand. Knowing what we know, we would think more folks would pay attention to the messages and have the cupboard full of supplies.
Nearly half of all those surveyed don’t have anything ready should the big one strike. Why not? According to the experts, they don’t think it will happen to them or they simply aren’t aware of the need.
It’s the same with business.
Disaster can strike in many ways:
- The owner can get seriously ill
- There can be a staff shortage.
- We can lose our biggest customer and be left with a serious cash flow issue.
- Partnerships can split up.
- We can lose our business through fire, or even earthquakes.
Good business planning doesn’t just plan for the best of times.
It also plans for the worst of times. Damage/Disaster control for business is all about planning steps, taking out the right insurance and identifying important measures that will minimize or curtail loss or harm.
So, here’s three reasons why a business owner needs to be prepared, by identifying and planning for as many possible business challenges/disasters as they can. Create ‘Plan B’s’ by:
- Identifying every possible disaster. You will, at the very least, have acknowledged what could happen and have created some form of damage control plan to deal with each one. There will be fewer surprises.
- Acknowledging financial strengths and weaknesses. Budget for slim times as well as flush times. Just like your emergency preparedness kit, keep a contingency fund for your finances. If and when those tough times hit, you can still sleep at night and pay your bills.
- Assigning different staff for different roles. Involve and trust those people in your business who will step up when really needed. Know who they are and involve them in your damage control plan. Just like on an airplane during an emergency, you need calm, assertive people making sure the emergency doors get open.
The best reason of all for your disaster/damage control plans?
If nothing ever happens, at the very least, you are prepared. You will rest easy because you know your company has acknowledged possible disasters, faced them head on and created your ‘Emergency Business Plans’.
As the Boy Scout motto says, “Be Prepared”.
How does your business minimize risks and are you structured to recover quickly? Thanks again for sharing your tips in the comment section below.
About the Author, Pamela Chatry
Do you work too hard? Is your business in chaos? If you are struggling with business issues, contact Pamela Chatry for a complimentary assessment. Pamela has been a trusted and highly respected Business Consultant, Mentor for Women in Business, Self-Employment Advocate, Trainer and Keynote Speaker for over 25 years.
Visit www.pamelachatry.com or call her at 778-856-8970 for help in getting your business to its fullest potential.