Most business owners are optimists! That is why they went into business in the first place.
However, being optimists, many business owners don’t consider the risks that can threaten the very existence of their business, and as such, their own and their employees’ financial well being.
The purpose of this blog post is to get you, the business owner, thinking about the very things that could occur and the impact of these events on your business.
Alan Weiss, a respected American business consultant talked about managing risk and how to assess it. This was simply to:
So, what are the types of events that could occur that could threaten the viability or future of a business? This will vary for different businesses in different industries. However, some examples may be, not necessarily in order of any importance:
We strongly suggest that you take the time to brainstorm the potential disaster events that could impact on your business and put in place plans to minimise the chances of an event occurring, minimise the financial impact of these events and steps necessary to recover should an event occur.
Steps to minimising an event occurring might be to:
There are many other strategies that could be identified and employed. The purpose is of this blog is not to be all inclusive, but to get you thinking and acting.
There are many resources available on Google under disaster recovery planning. Your starting point may be to look at these and then start your planning, assessment then implementation.
Don’t delay – start now!