One of things that few entrepreneurs battle is disasters. The expectation is that bad things don’t happen that are sufficiently grave to warrant pre-planning to either head them off or better deal with them should they occur. However, many times a major loss of a key person at the business due to a death or a fire at the premises is enough to decimate the operation and bring the company to its knees within mere months.
Here are a few examples of mini and major disasters and how to plan for them or resolve them.
Hard Drive Failure
A hard drive failure on a work PC can spell disaster for whichever employee it affects. Some companies will have spare hard drives on hand and personnel who are knowledgeable to fit them, but recovering the data is another matter entirely. In most cases, unless your business has someone trained in computer engineering or repairs, then seeking out a professional service like Secure Data Recovery to assist you is a good idea.
Zero downtime with storage technology is a hot trend right now. Your best bet to achieve this is to have either a spare hard drive or a spare PC sitting ready while sending the hard drive off to be repaired or the data recovered. While not all the data may be recoverable from a damaged or worn out drive, at least some of it might be. In the meantime, ensure you have a solid backup procedure in place. This way, staff can get back up and running quickly using a backup service.
Fire at the Premises
A fire breaking out at the office is not seen as a likely event, but it is often unrecoverable. Not only due to the risk to personnel and the office, but the equipment too. One of the greatest business risks of a possible fire is the potential loss of confidence with client. A serious lack of preparation causing office downtime often results in a temporary shutdown of services. The setback can be so severe that no amount of reassurance or advertising can replace the trust in the business operations after the company is back up and running once more.
There are companies that provide emergency office space within a certain number of hours to move right into. A phone service along with internet is usually available immediately. Alternatively, companies can hire a temporary office from a short-term office rental company for their employees to work in until the matter has been resolved. When there’s a fire disaster recovery plan already in place, most companies tend to survive an unexpected fire; ones that have no plan often fold soon after.
Key Personnel Losses
The loss of a key person from the business due to a death is a sad event that affects a company profoundly. It can be the CEO or a President or Vice President, with their loss affecting the ability of the company to survive. Finding a suitable replacement tends to take longer the more senior the position.
To protect against the loss of someone important, insurance companies offer key person insurance to businesses which is essentially life insurance cover for companies. Covering the people who are crucial to the business with a substantial payout to the company should they die unexpectedly, provides time for the company to recover and replace them with someone suitable to keep the company alive.
It’s possible for an entrepreneur to protect their business if they plan well. Covering the sudden loss of key personnel, a technology failure or fire at the premises requires not ignoring each potential problem and addressing it before it ever happens.