My Small Biz Break partner, Maria, recently posted a great topic on her blog at Multi Entrepreneur Ideas, asking small business owners if they have a disaster plan in place. This question is especially crucial for solopreneurs.
Besides the lagging economy, there are a number of other factors that create risks, potentially disastrous risks, for your business. And I don’t say this to scare you. I say this to inspire you to take action, hopefully.
Let’s list out a couple of real life scenarios:
Your computer crashes and you can’t access your information – or possibly lose all of your data. How many times have you heard this story?
You become ill and can’t work for an extended period of time. It happened with my wife when we owned our restaurant. She developed a sudden, major illness that didn’t allow her to work for a couple of years. This impacted our business drastically.
You have your new marketing campaign planned out and save a budget for it, but then suddenly, you need to divert your cash reserves because you lost a major customer or a piece of equipment fails and you need to replace it.
No, you don’t want to spend your time constantly worrying about what could go wrong with your business. This will keep you from focusing on growing your business. To avoid this situation, take the time to review your business and protect your critical areas.
Even if you have limited funds you can still research and have ready the following:
- Outsourcing providers
- Software packages
- Data backups
- Health Insurance
- Business Insurance
- Access to loans
The worst time to figure out how to handle these scenarios is when the s*** hits the fan. Do yourself a favor and have a plan in place so you can keep your business moving forward if disaster strikes.
If you need help creating a disaster prevention / recovery plan or if you have a business disaster story you would like to share, please leave a comment below. The other readers would love to learn from it.
All the Best,
The Solopreneur’s Guide
Small Biz Break