Ups and downs are part of every business, one day it might happen that your key employer quits your job, a short circuit destroys your whole office or a tornado hits your officer building or you may get bank corrupt by a fraud. Unexpected emergencies can shut down your business for sometimes or can put you out of market for a longer period of time.
Are you prepared for your business emergencies? Well it’s not a hard thing to do; there are lot of resources available online to help you with business emergency preparedness, and this article will serve as a starting point.
1- Find out what can go wrong:
The first thing you should do is the vulnerability or risk assessment, that can help you to find out what can go wrong and what will be its effects over your business and what precautionary measures you should take to minimize the risk exposure. In the process of assessment you will come to know about the:
- Threat and risks your business can face like infrastructure, natural threats, bank corrupt, technology threats and many others.
- Once you’ve recognized the possible threats and risks, determine how defenseless you are to them.
- After identifying threats and vulnerabilities, start ranking according to risk factor what will affect you the most.
2- Make a plan:
After identifying risks, you can start making emergency action plan to deal with these threats. Like for natural disasters you can look for an alternate business place and for bankruptcy you can keep an eye on emergency business loan providers and for resigning or accident of a skilled employee you can make a backup of him by attaching an employee with him.
3- Always ready to respond:
Once you are done with your emergency dealing plan, you can share it with your employee’s so that they should know what you are expecting from them in case business as to deal with an emergency and ask them to be ready for any type of emergency. You can also ask them to add suggestions if they want to give any.
At the end, when you are done with all three steps know you will be ready to face any kind of worse condition and you will have a plan to recover from the emergency.