Life is full of surprises, whether you’re a small business owner or not. But for small business owners, the unexpected surprises of life can do serious damage to their livelihood, and, in some cases, can even destroy the business itself. And, especially in this modern economy, small business owners are already in a precarious spot. Some experts estimate that half of all new small businesses will fail in the first year, and current economic trends are making the goal of success even more difficult. Fortunately, there are some steps that you can take to help keep your small business safe from the unexpected dangers that come up in life.
First, make sure that you have a plan in case of equipment failure. Many small businesses think that they’re prepared for emergencies, only to realize that they are completely dependent on the essential equipment that they use every day. If an essential piece of equipment broke down, how long would it take you to get it repaired? Do you have backup equipment? Or, are you willing to lose money for every day that production is down? Avoid this worry by making connections with trustworthy repair providers well in advance of any need. This way, for example, if you are working in LNG construction and a necessary piece of equipment fails, you can call a well-established and reliable provider like Fastech and get back to business quickly.
Second, check your budget and ensure that you’ve got a sufficient cushion of funds to withstand an unexpected emergency expenditure. When you’re first starting out and funds are very tight, it can be difficult to set aside extra money get in case of emergency. But if something happens and you can’t afford to deal with that, your entire business can go under in an instant. It’s better to tighten your budget in other areas, if necessary, to help you to afford to keep an emergency fund. Otherwise, the very first bump in the road will derail you permanently.
Finally, make sure you also have a plan for natural disasters and crimes. These terrible occasions may never affect you, but since they are fairly common, it’s smart to be prepared. Talk to your local government about natural disaster preparation. And reach out to local law enforcement for more tips on dealing with unexpected possibilities.