Small businesses are critical for job creation, innovation, and community development. But running a business comes with significant risks. This includes financial uncertainty, cyberattacks, and natural disasters.
To ensure your longevity and success, you must prepare for the unexpected. Some tips to help your business be resilient against the unexpected include:
1. Maintain adequate insurance coverage. When purchasing policies for your business ensure you include coverage for business interruption, and cybersecurity liability insurance.
2. Create a Contingency Plan which is a set of procedures that help you respond to unforeseen events such as natural disasters, supply chain disruptions, or unexpected financial setbacks.
3. Build strong relationships with your suppliers to ensure you have a reliable supply chain and reduce the impact of a disruption in case of the unexpected.
4. Build strong outsourcing relationships so you are covered when a key team member quits or if something happens to your staff or systems.
5. Investing in technology can help you prepare for the unexpected. Cloud-based software helps store your data off-site and automation can improve efficiency.
Get started on a path to resilience and protect your business interests. Give us a call today to start preparing.