As an entrepreneur, you already know that time is money. The faster you fulfill orders, the more chance you have of receiving swift payment. However, what happens to your business when you can no longer fill orders, or even get into the building? A business that suffers through a fire or weather damage has to answer these questions. If you aren’t careful, a disruption like this can set you back a fair amount of time. Having a disaster recovery plan may just save your business. In addition, public adjusters can fight to get compensation for you. (For example: visit Miller Public Adjusters for more)
Lost Profits
Even a week without an office could lead to a substantial drop in profits. Admittedly, cloud capabilities now make remote work easy. But, if you offer a product, there’s no way you can keep on top of orders. What’s more, those lost profits will only sting harder the longer this goes on. For that reason alone, it’s essential you create a plan for how your business will survive this scenario.
Paying Your Staff for Time Not Worked
No boss likes the idea of paying staff not to work. Hence why many of us clamp down on office gossip and personal calls. You pay people to work, remember? But, when staff is willing yet unable to work, you have a legal obligation to pay them. Effectively, they’ll get a holiday, and it’ll come out of your pocket. That’s far from ideal. The best way to look at this, though, is that paying for one free day is better than forking out for a fortnight of fun. Your staff might not relish a fast repair job here, but your profits certainly will.
The Wrath of Angry Customers
Most companies have a backlog of orders at all times. It’s how they can ensure profits and continue custom. For the most part, it’s a good thing. But, if unseen circumstances lead to office closure, that backlog could be a headache. Admittedly, most people understand short delays for things like this. At least, they do if you inform them what’s happening. But, even patient customers are sure to lose their cool if you’re out of action for a week or more. If that happens, they’ll not only cancel their orders, but they’ll also tell their friends not to shop with you. That kind of damage sticks and you don’t want it on your reputation. So, remember the need for speed, and take action the moment disaster strikes.
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