Is Your Local Business Ready for a Natural Disaster?

Although we don’t like to think about it, a natural disaster can occur at any time. Further, there’s often little we can do to avoid the disaster if our business is in its path. However, what you can do is create a plan to help your business remain as operational as possible in the midst of a natural disaster, such as a hurricane, and recover to full business operations as quickly as possible. Your disaster preparedness plan should include the following.

Consider arranging for a remote location from which to work. Depending upon the natural disaster, your local business facility may be unusable for days, weeks, or even months. Further, in the midst of a disaster, you may not be able to make it into your business location because of road closures or conditions which make driving unsafe. Therefore, it’s always wise to have a remote location from which your local business can operate.

However, it’s not enough to merely designate a possible working location, it’s also necessary to conduct a mock disaster drill and utilize the location as you would in a true disaster or emergency. One of the most important items to verify is that you can access needed computer systems and files from this location. Create as realistic of a scenario as possible in order to be able to troubleshoot issues which could arise during an actual situation.

Review and update business contact list and emergency contact procedures. In the case of a natural disaster, you want to have a plan in place for notifying your employees about what is happening with the local business and what you expect from them. One step to this end is to create/update your emergency contact list; ensure all the necessary parties have a copy of this list. You … Read the rest

Small Business and Personal Debt Settlement – Why is it So Important?

Small Business and Personal Debt Settlement - Why is it So Important?
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Why is it essential to get rid of your personal debts if you want to run your small business properly? One of the biggest advantages of running a small business is that you can avoid all formalities and technicalities. You can use your personal credit card to make any payment for your small business without being answerable to anybody.

You can withdraw money from your business and repay your credit card debt with no questions asked. This gives you the ability to exploit business opportunities better.

However, this interrelation between small business and personal debt can also work to your disadvantage. If you are over drawn on your credit cards and if lenders are putting pressure, you may develop the tendency of pulling money out of your small business to repay these debts.

This is not a smart move because the money that you have earned from your small business, which ought to be reinvested in the business, will be pulled out of the same. Sooner or later, you will find it difficult to repay your debts on time as well.

Hence, do not presume that excessive debts in your personal life will have no bearing on your small business. If your lenders are prepared to offer generous settlement for your personal credit cards, you should make use this not only to improve your personal finances but also your small business finances.

If you manage to get rid of your personal credit card problems, you can start using the same for your business again. This will help you steal a march over all other competitors who are still struggling with debt. Of course, a personal bankruptcy will have an immense impact on your small business as well.

Considering the complex relationship between your personal and your commercial finances, … Read the rest