Be prepared! The scouting motto that will save your business. It’s the motto that has been handed down to scouting groups the world over, and it’s the motto that should be worn as a badge on every business owner too.
If you’re running your own business, this is something you need to remember.
You might lose your way if you don’t, and like a lost boy scout who had forgotten his compass and ball of string on a wilderness expedition, you might later regret not taking the necessary precautions ahead of time.
So, to qualify for your ‘being prepared’ badge, you need to focus on the following.
Scouting Motto #1: Take out insurance
In a bid to cut costs, you might forsake certain kinds of insurance, but you really shouldn’t. As a business owner, you need to be ready for every inevitability, including weather damage to your premises, theft, and compensation claims made by employees and customers injured at your place of work. So, protect your business with the right levels of insurance, including those policies relating to building and contents, business interruption, and as advertised here, public liability. Research any other insurance types that pertain to your business.
Scouting Motto #2: Put money into an emergency fund
Should you be hit with a money crisis, you might fall into the trap of debt without an emergency fund in place. However, if you had cash reserves at the ready, you would cushion the blow of whatever disaster had befallen you. Also, you wouldn’t need to take out a loan to dig yourself out of trouble. So, if you haven’t yet done so, start to put away money today. You will be glad that you did should your bank balance ever take a hit.
Scouting Motto #3: Come up with a disaster recovery plan
What would you do if your computers shut down unexpectedly? How would you cope if your employees couldn’t make it into work? Where would you work if your business premises became unusable? Disaster might strike at any time, and if you didn’t have a disaster recovery plan in place, your business might then suffer from downtime and even closure. So, think about the risks that pertain to your business, including the suggestions we gave you. Then work with your team to come up with strategies that could be put in place should disaster ever strike.
Scouting Motto #4: Build a support network
Do you have an accountant for your business? Do you have a solicitor on speed dial or do you have a business mentor on hand to lead you out of trouble? These are just a few of the people who can make up your support network, and while you might never need them, there could be one day that you do. So, make contact with the relevant people. Ask for any advice you need now. And should you ever run into a problem, get back in touch with them, as they might just hold the answer to saving your business.
So, for the sake of your future in business, do whatever it takes to be prepared. You will only tie yourself up in knots if you aren’t, and that is one scouting tradition you don’t want to get into.
Thanks for reading!