It doesn’t bear thinking about the events that could grind your business to a halt: adverse weather, fire, burglary, flu pandemics, power failures, legal action… they’ve all hit our headlines in recent years. If your business is affected, it could damage your customer service continuity, your reputation and your profitability.
Recently OBT helped a new client who had been through a very sticky situation: an employee carrying out works away from the business premises accidentally severed a telecommunications cable with a backhoe. With a major outage and service disruption on the telecom company’s hands, they soon went scalp hunting for damages placing fault firmly at the business owner’s door. The employee concerned was not liable – only the business owner and whatever unprotected assets were up for grabs.
When the claim for damages was finally processed, the business owner lost his business and his home.
OBT’s Brett Garmeister says, “To be confident that your business will stay open and operational in challenging circumstances you must prepare for the worst by planning like a pessimist and structuring like a gatekeeper.”
“A sound business structure is another form of insurance and in most cases we can minimise external risk by effectively structuring a business at start-up, or as part of the review process for established businesses,” Brett said. Before unforeseen circumstances impact your business, take time with OBT to review your structure:
- Minimise potential threats by structuring to protect and mitigate
- Define responsibilities and emergency contacts
- Protect essential services, equipment, documents and data – the lifeblood of your business
- Stay open for business even if the office is closed with back-up power, alternative communications strategy and site operations
- Recovery procedures
What happened to the business owner? He is extra cautious now that he has clawed back – he has a sound business structure and proper procedures in place to minimise interruption affecting income.
Gartner Research says, “80% of businesses that suffer a major data loss or failure for 24 hours close within a year!” Any time is a good time to review your business structure, so phone OBT’s friendly Business Solutions team on 07 5462 2277 or email us.
WINNER ‘Medium Business of the Year’ in STAR Regional Business Apprenticeship & Training Awards 2011