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Protecting Your Business Is In Your Hands

Wednesday, November 30, 2011   By Mike Reddy

 

2011 has been a tumultuous year. We have seen plenty of evidence of nature at its worst and the economic decisions made by various parties haven't made for a jubilant time either.

If you haven't done so already we strongly recommend that you take a look at your business and identify the areas of risk.

Which areas, if adversely affected, would have the greatest impact on your ability to conduct your business?

Disasters can be quantified in many terms. Some risks can be covered by insurance while others can be reduced by the manager working ON the business rather than IN it.

Start with the basics and protect your business records and inventory. Make sure electronic sources are backed up and stored safely in an alternate location. Losing documentation is usually detrimental. Stay up to date on your emergency protocols.

There are many resources on the internet that are specifically designed for smaller businesses allowing you to prepare for the worst case scenario.
 
Research and compile your own contingency plan. The more detailed your contingency plan the better and make sure the information is shared with your team.
 
Businesses prosper based on what they do, how they respond to change, how they capitalise on opportunities and how they respond to challenges.
 
There lies the key difference between businesses that succeed in adversity and those that don't.


Mike Reddy is a Chartered Accountant, business coach and advisor helping businesses in Sydney, Melbourne, Brisbane and Gold Coast to easily increase their profits and cash flow. He is currently President of the North Sydney Chamber of Commerce, a Regional Councillor for Sydney North East and a member of the Institute of Chartered Accountants Sydney leadership team. As well as advising businesses, Mike presents business development seminars and webinars and is regularly contacted by the media to comment on small business matters. You can connect with him on Facebook, Twitter and Google+.