Disaster-Proofing Your Business

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14 Oct. 2020. If the recent Covid-19 crisis has taught businesses anything, it’s this: A disaster can happen at any time. Businesses across the world have suffered because of the pandemic, and there is still no end in sight for some. Still, those who did prepare financially and logistically for such an event may have been better off than those that didn’t.

Of course, worldwide pandemics are not the only things businesses need to worry about. Data breaches, compensation claims, and the competition are just three of the other issues that could hold disastrous repercussions for businesses.

So, if you are a business owner, the advice to you is this: Disaster-proof your business.

Admittedly, we don’t always know what disasters might unfold, or when. However, there are some simple steps every business owner can take to protect themselves from the most common disasters.

1: Protect your business from compensation claims

We are living in a time where a compensation culture is prevalent. People are always ready to sue a company, even if their reasons for doing so are slight and insignificant. Should somebody hurt their big toe on your premises, beware: They might sue you! Of course, not every claimant will sue because of something that appears minor. There could be times when your business needs to pay up due to negligence or a mistake on your part.

You can do much to protect your company from general claims by getting the right insurance (check the link). This will ensure you don’t have to pay out of your own pocket if somebody does sue you. You can also take preventative measures to avoid any claims. So, you might be diligent about searching for health and safety risks and dealing with them, for example. If you manufacture a product, you should also test it thoroughly for faults. Such steps will protect your business from a potential financial disaster instigated by an insurance claim.

2: Protect your data

Businesses both large and small are vulnerable to hacking threats, so don’t let the hackers get in. If they do, you could lose your business and customer data, and this could have both financial and reputational repercussions.

To protect your data, there is much you could do. Fire-walling your computer systems is one step you could take and hiring an IT professional to advise you is another. Check out these security measures too, and follow each one to ensure your sensitive data is protected.

3: Protect your business from the competition

If your nearest rivals better you in any way, your customers could migrate over to their side. For you, this could be catastrophic, as sales might drop, and your finances could dwindle.

To protect your business, keep an eye on what the competition is doing. If you notice they are doing something better than you, or if they are beating you on prices, take the necessary steps. You could improve your product, for example, or offer services that your rivals aren’t. You might not need to lower your prices if your business is obviously better than another. Still, check out the following article on how to win a price war, and commit to further research for tips on beating low-price competitors.

These are just a few ideas, but there is always more you can do. Preparing your business for remote working is just one other example, as this would help you ride the storm of the current or future pandemics. Putting money into an emergency fund is also a good idea. Do what you can then at your earliest opportunity to protect your business from disaster.

Editor’s note: The views expressed in this article are the contributor’s and not those of Science & Enterprise.

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