Starting a business can be both exciting and scary at the same time. Once you’ve established your brand in the market, those immediate startup worries soon become a thing of the past. However, this pandemic has taught us that we should always have a business continuity plan.
As any entrepreneur will tell you, running a business can be challenging at times. Especially when you’ve got to account for unexpected problems or events that could disrupt what you do. To that end, it’s worth having a “Plan B” in place in case of any disasters in the future.
So, how can you protect your business when unexpected problems arise and threaten to jeopardise your livelihood? Here are some things that you can do to protect your startup business. Note that these ideas are useful to well-established firms too.
If you’re a sole trader and you already work from home, you can ignore this section. But, if you operate your startup from business premises, have you made any provision for remote working?
It would help if you had a backup plan should there be a reason preventing you and your team from working out of your premises. The good news is enabling remote working for your startup isn’t as hard as you may think.
Unified communications solutions by Gamma, for example, can ensure your office phone lines get directed to your team’s laptop or mobile devices. And cloud solutions such as Microsoft OneDrive offer group file editing and collaboration.
You might have an excellent working relationship with your existing supplier, but what would happen if they went out of business? Or a natural disaster disrupted their product output? With that in mind, it makes sense to work with two or more suppliers.
A more common problem you might find with suppliers is lack of stock. If you use several suppliers, you won’t face issues producing the things you sell. So if one of your suppliers has stock issues, you can order from the others you use.
The sad truth about startup businesses (and even established ones) is many go bust because they run out of money. You might think the issue is due to lack of sales. However, the problem is more down to customers not paying their bills on time.
Bibby Financial Services, for instance, can provide your business with invoice factoring services. So, if you’ve got some high-amount invoices to issue, they’ll cover them and chase your clients for non-payment.
Of course, invoice factoring comes at a price. But, if you’ve got doubts that some customers won’t stick to their payment terms, invoice factoring gives your business peace of mind.
Lastly, people sometimes take the Internet for granted as they might utilities such as electricity and running water. Such services are brilliant for business, but they can also spell disaster when disaster strikes.
If your business relies on Internet connectivity, you need a backup plan in case your primary connection method goes down. For startups using landline-based solutions, it makes sense provision a 4G router so you and your team can still get work done.
What are your top tips for business continuity planning?