Wednesday, May 29, 2024

Business: Covering Yourself From All Angles.

August 5, 2019 by  
Filed under Money/Business, Weekly Columns

( When it comes to running a business, there are no doubt a million things on your mind, every single hour of the day. But what you might not realise, is that these thoughts largely revolve around making money, and keeping the money that you have. But a good business owner is one that’s thinking about all of the things that could go wrong, and how you can protect your business from all angles. But even when you think about the ways that you need to protect your business, you most likely only think about the simple options. You might think about cyber issues, or perhaps even a break in. But there are some deeper issues that you need to be thinking about, that could pose a big threat to your business. So we’re going to explore some of the unspoken problems, that should really be spoken about a bit more if you want to make sure your business is covered from all angels.

Can You Smell Burning?

No? Good! But it might not be long until something happens, and burning is all you can smell. No, your employee is not burning toast either. The type of burning that we’re referring to, is burning due to a big fire, which every single business is more susceptible to than you think. With all of the electric running through your office alone, you’re really at risk of a fire breaking out. So one thing that you could think about installing, is fire rated doors. These doors will slow down the spread of a fire, meaning that although one part of the office might be ruined, the rest can still be saved. It’s also important that you get a fire safety assessment as well. Fire trained specialists can come in and review your office, tell you what areas you need to improve on, and can educate you as to what to do in a fire. Everyone assumes they know what to do, but you wouldn’t believe the mistakes people make!

Can You See Losses

Covering yourself in terms of profit losses is super important, yet easy to forget. We’re usually aware of keeping profits high, but we don’t often think about the consequences of actually losing out on a ton of profits. So you always need to have a back up plan so that your business can function on a lower income, just like you’d have to in your personal life. Think about making cuts to marketing, sales productions, and your own dividends. If you have employees working for you, cuts to their hours is the last thing that should come, in super desperate time.

Can You Feel Tension

If you can feel the tension, it might be because your business isn’t playing the ball with the rules. So many companies are going dark with things like taxes, simply to try and bag more. But always make sure that you’re playing by the rules, because even the smallest of companies get investigated in the end.

Staff Writer; Doug Wall

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