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