No matter how well you plan, how thoroughly you have prepared, and regardless of the protections you have put in place, sometimes, you cannot avoid a business disaster. Nonetheless, how you manage after the catastrophe is more often than not what ultimately determines whether or not your business will emerge unscathed.
This blog will cover some of the considerations that can help you put a disaster recovery plan in place so that you are well prepared for the inevitable.
Make sure you back up your data off site
One of the fortunate realities in today’s age of technology is that data is stored digitally, and not in vulnerable, paper files that can be easily destroyed. Making sure that your data is properly saved and backed up is critical. Cloud technologies offer affordable and accessible solutions to even the smallest businesses.
Understand your minimum point of viability
When disaster strikes, it will be almost impossible to return to full productivity in the near term. It is important to recognize your minimum point of viability so that you can work towards just that. By stripping down production, overhead and other variable costs, you can enhance efficiencies. Post disaster, and for the short term, it is not necessarily about generating profit – it is about doing what you need to do to stay above water.
Create an emergency fund
It is always smart to allocate budget towards the possibility of an unexpected disaster. If you don’t spend it – no harm. But having it there, available if need be, will provide enormous peace of mind. If you have a good sense of your minimum point of viability, you will be able to determine what amount is required to set aside.
Make sure you are properly insured
Even the smallest businesses can make sure they have appropriate insurance. What you pay will depend on the size and nature of your business, and an experienced broker can help to identify the policies that are right for you.
Be willing to modify your business plans
After disaster strikes, you may be faced with a new reality. That does not mean that you cannot succeed, or grow, or thrive. But it may mean making material adjustments to your business plan, and you should be flexible enough to embrace those changes and forge ahead. Change is not always a bad thing, and sometimes it is necessary when things go badly awry.
If you are on the heels of an unexpected business disaster and you need help getting your business back on track, contact Miller Bernstein today.