features
learn about business
finance options
quick enquiry
Business Continuity
It’s a simple fact that most small businesses don’t make adequate plans for business continuity during times of duress. It’s the same kind of over optimism about the future that leads many small businesses to run out of cash – even when they’re trading profitably.
If you run a small business, you need to address both these issues in plenty of time – by seeking expert professional debt advice.
For example, what would happen to your business if you were to fall ill, or if you lost an essential customer? Alternatively, perhaps a flood or fire could damage your premises, or there could simply be a huge seismic shift in the market-place that undermines your business. After all, how many businesses are going to the wall during the current economic crisis that felt their position to be completely unassailable just 18 months ago?
The Federation of Small Businesses says that around 80% of companies affected by a major incident close within 18 months. Of course, money solves most short-term business problems, so it’s always a good idea to have emergency finance in place for if and when the need arises. This will help you get over whatever obstacle is in your way as you begin to turn things around.
Effective business continuity planning should have contingency plans in place for all these eventualities – and should be integral to a good business plan.
You’ll need to think about what the immediate actions you’ll need to take are. Then think what you’ll need to do next to try and get things back on an even keel.
Remember, no-one else knows your business as well as you do. You’re the best person to create your own business continuity plan and to come up with solutions for different scenarios. But colleagues and friends can certainly help by brainstorming with you and helping to come up with creative solutions to these potential problems. And expert external advisers with many years’ experience in can certainly help with finance planning.