Running a business allows you to call the shots and enjoy the financial benefits of a successful business. As the person in charge, however, you’ll also have to take on the responsibility of making multiple decisions that could affect your business’s ability to thrive.
Poor management and poor business planning are some of the most common reasons businesses fail, which is why you must concentrate on long-term business plans and prepare for emergencies. Here are some tips you can use to make sure your business is prepared for anything
Power
In the United States, the average consumer went without power for almost six hours during 2018, which is a notable increase from the average power disruption of approximately 3.5 hours in 2013 that consumers experienced. North Carolina experienced the highest average outages, with almost 30 hours during 2018 when consumers didn’t have power.
Most businesses can’t function when they lose power. Electronic doors and elevators won’t work. Cash registers, conveyor belts, computers, and machinery won’t function. Shutdowns can cost companies tens of thousands of dollars in lost sales and productivity.
You can protect your business by investing in a diesel generator. Diesel generators function as both primary and backup power supplies. Diesel generator suppliers offer new and used generators manufactured by reputable brands, such as Himoinsa and Yanmar. Companies can opt for large generators installed on their property or portable generators. Some generators need a canopy enclosure to protect them from the elements. Enclosures can also muffle the sound of the generator. If you opt for a generator that runs on diesel, you can buy red diesel fuel, which is cheaper than regular diesel used by vehicles with diesel engines.
Cybersecurity
Cyber attacks are on the rise, and experts project cybercrimes will cost more than $10 trillion globally by 2025. Cybercrimes include email fraud, data theft, identity theft, and extortion. Computers connect to a company’s data center and cloud services used to store data or provide staff access to business documents and dashboards.
Companies can turn to companies such as CastleLock to prevent cybercrimes. The cybersecurity experts at CastleLock.com have decades of experience developing cybersecurity strategies for businesses in various industries. Cyber supply chain risk management (C-SCRM) can reduce the risks of data breaches stemming from interconnected IT systems. Cybersecurity teams can also protect cloud-based systems and develop a security plan suitable for your company’s needs.
Your company’s credibility can be damaged if thieves steal consumer data. Some clients may not trust your business after a breach, which could cost you clientele. If cyber thieves steal product designs or operational data, they could undermine your company’s ability to compete in the global marketplace. Cybercriminals may also interfere with your company operations until you pay a ransom, costing your business millions.
Insurance
Investing in insurance ensures your business is financially prepared for a range of possibilities. Property insurance protects your company from property damage and financial hardships stemming from theft. Liability insurance covers the costs of legal fees and settlements if someone’s injured on your company’s property.
Key person insurance compensates businesses when a critical employee passes away. Say your company develops pharmaceuticals and has a lead scientist who’s internationally renowned, enabling your business to secure financing for development. If your lead scientist dies, it could jeopardize your ability to complete testing and product development. Key person insurance provides the financial resources need to maintain operations until you can hire a suitable replacement. Your business may also need car insurance, flood insurance, and workers’ compensation insurance.
On-Site Security
On-site security systems protect your company, employees, and clients. On-site security includes cameras and security personnel. Cameras record video footage. Security guards monitor live footage and patrol the grounds, looking for signs of unauthorized activity. Investing in on-site security can reduce your commercial property insurance costs while deterring thieves or vandals because they’re more likely to be apprehended by law enforcement if there’s video footage of their crimes.
Planning can protect your company from financial losses and operational issues. Investing in a generator can keep your business open during power outages. Investing in cybersecurity protects your data and prevents operational disruptions. Insurance policies offer a financial safety net to protect your business from losses due to theft, floods, or employee deaths. You can also protect your business from thieves and vandals by investing in on-site security.
