Business continuity planning and recovery tips for your small businessesMunira Rangwala
Pitfalls, disasters, and failure are an inevitable part of every business, and picking up the pieces after failure is one of the hardest things to do. This is especially true if you're running a small business and the disaster has impacted every aspect of your company, right from your employees to your clients. While surveying the damage, it is easy to feel overwhelmed by all the steps and remedial measures you'll have to undertake to set your business back on track. However, don't let your emotions get the better of you. Your post-failure actions directly impact how quickly you'll be able to get your business up and running.
Image : Shutterstock
Here are a few useful disaster recovery tips for small businesses.
While it is easy to write down enthusiastic methods to get your business on its feet again, you need to be objective about the timelines. If you want your business to recover lost ground at a rapid rate, you'll have to shell out a lot more money than you initially expected. Balance your company's needs carefully against what is possible with the available budget. Being pragmatic will take you a long way.
Reach out for help
The pyramids weren't built by a single hand and same goes for your business. All entrepreneurs have help from several people who contribute their ideas and suggestions to help the business get where it is today. Now that your business is in difficulty, reach out to these people for help again. This help doesn't have to be limited to monetary support, it can be moral support and advice, even emotional backing for that matter.
Explore your options
Try to do some thinking now that your business has hit rock bottom. Do you really want to continue with your business or is it time to start something new? If you want to get your business up and running again, seek out other options for financial relief. Do some research to find out if you qualify for a disaster loan? If not, you can use your good credit standing to take a small business loan. However, make sure you don't make any rash financial decisions that will backfire on you and land your business in a different problem.
If your clients are going to get affected by the disaster, even indirectly, they need to first hear it from you. Reassure them that you're taking every measure to get your business back on track. Reassure and keep them on your side while you recover, and keep your company's leadership visible and reachable. Your clients and vendors are bound to have hundreds of questions. Being transparent will help you retain your clients through the recovery stage and beyond.
The best recovery plans are the ones made before you need them, not after. It's therefore advisable to plan ahead for a disaster that may or may not occur to keep your business secure.