Sink Or Swim? Could Your Business Survive An Unexpected Disaster?

There is no doubt that 2020 has been a year of highs and lows. The first six months of this year highlight the unpredictability of life and the importance of being prepared for every eventuality in business. It is always beneficial to have plans in place to increase your survival chances. If there was an unexpected disaster tomorrow, would your business sink or swim? Here are some tips to ensure you are able to navigate choppy waters. 

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Investing in comprehensive insurance

Insurance is essential for businesses of all sizes. If you don’t already have robust insurance policies in place to protect your company and any physical premises or assets you own, now is the time to shop around to find a policy that offers a suitable level of cover. Look for plans that are tailored to businesses within your sector or industry, and consider paying more for a more comprehensive option. It’s important to bear the value of your business in mind and to think about potential threats, for example, adverse weather and storm damage if you live in an area where hurricanes can wreak havoc. It might be worth noting down names of local contractors who you may need to call upon should a storm hit particularly hard. That way, should you ever need someone like this morrison roofer, for example, you’ll know exactly who to call.

Securing your IT systems and disaster planning

Most businesses are reliant on IT systems and networks. If you are the victim of a cyber attack, or you go offline for a period of time, there’s a risk of losing substantial amounts of money and your reputation may also suffer. Clients and customers want to be able to trust businesses that operate online and ask for personal information, and security breaches can affect brand image and consumer confidence levels. The best way to prevent cybercrime and minimize the risk of downtime is to work with an experienced managed IT services provider that offers backup and disaster recovery solutions. If you have cybersecurity policies in place, your staff are trained in recognizing threats and you use the latest security measures to make your systems and networks as secure as possible, this should reduce the risk of security breaches dramatically. 

Lawyer up in advance

Lawsuits aren’t just a knock-on effect of a disaster – they are a disaster in themselves, often leading to huge amounts of money being spent in litigation fees and bad publicity.  While you may be able to defend yourself by hiring a lawyer, you shouldn’t wait until you are sued to seek out legal support. It’s good to develop a relationship with a lawyer so that they are familiar with your business and so that you can put in place legal defences to prevent yourself being sued. You can hire specialist lawyers to protect you against specific risks that you think could be a danger to your business. For instance, if you own a fleet of trucks, an expert trucking lawyer could be worth hiring to help you put in place protective legal measures such as doing certain checks on drivers and recommending safety measures.

Embracing flexible ways of working

The pandemic has taught us how valuable it is for businesses to be flexible. Millions of employees are currently working from home, clients and customers are shopping online or clicking to collect, and the world is adjusting to a ‘new normal.’ Being flexible is incredibly beneficial for businesses looking to pull through and even thrive during difficult periods. Remote working is an effective solution for businesses facing challenges ranging from pandemics to natural disasters and it also offers advantages for employees. Today, employees rate work-life balance as a more important contributing factor than salary when choosing a job. Employers can adjust to changing trends and preferences by being open to new ways of working. 

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Nobody wants to dwell on the fact that a disaster could be around the corner, but it’s critical to understand that icebergs can emerge from calm and tranquil waters with little warning. In a world where threats are diverse, and no business is guaranteed to stay afloat, being prepared will help you boost your survival chances.