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Borrowing 101 for Small Business Owners
Are you thinking about borrowing money for your small business? Here's some helpful tips to make your trip to the bank easier!
Every business owner faces this day - when they need to borrow money. Some are prepared well in advance. Their...
Does Money Grow On Trees?
"Money Doesn't Grow On Trees."
Some of us even believe it. An orchard owner would say the statement is wrong.
His profits grow on trees…
As small business owners we are similar to tree farmers. We plant and nurture trees knowing that...
How To Start A Profitable Home-Based Business
These days, it's becoming increasingly more difficult to make ends meet with just one source of income. Thus, more and more people are investigating the possibilities of starting their own extra-income business. Most of these part-time endeavours...
Small Business 'No' How - Don't Give Away the Farm
You're pretty proud of yourself! After all, only four months ago you came up with the idea of opening your own business - "Jenni's Interior Design" Your friends have always said you were gifted when it came to arranging furniture and picking out...
The One Big Trick to Small Business Success
If you're looking for love. Get a dog. If it's tricks you want. Get a pony. Or is it the other way around? Sorry. I'm back. I was distracted by something I thought. Where was I? Oh yeah. This isn't about your animals. You're expecting something...
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Business Disaster? Won't Happen to Me
As fast as you can say business disaster, your business can go up in smoke. That's what happened a while back to Castle Carpet One. Gone were thousands of dollars worth of equipment and carpet, plus two smaller businesses that were housed in the same building. Luckily the owners, Larry and Diane Cox, had plenty of business insurance to cover their physical losses. But they lost their most important business asset - customer records - because of failed back up systems. Rebuilding their customer base will be tough and the long-term revenue impact is hard to measure.
With disasters like hurricanes, tornados, fires, floods and terrorism, to name a few, it's critical for small companies to have a disaster plan. And for companies with only one location, it's even more important. One location companies have the potential to lose the entire business if disaster strikes. For a home-based business, it's even worse. You could lose your home and your business in one swoop. Any small business owner can minimize the damage by simply having proactive strategies in place to deal with an emergency when it happens. What if:
* You arrive at your business to find it vandalized and all of your customer records missing?
* Your most critical employee becomes ill and requires an
extended absence?
* Your computer hard drive (or network) crashes?
* You become the primary care giver for a sick family member?
* You become ill and can't manage your customer commitments?
* Your business becomes inaccessible because of an emergency on your street?
What would you do?
Would your business survive? What would you grab if you had to leave your business quickly? After the emergency, how would you communicate with your employees? Customers? How long would it take to get back to business as usual?
Without a disaster plan, you'll have a harder time getting back to work. Most businesspeople think it will just take two or three days. That's tough to do if you have no plan for action and little money to move forward. The reality, experts say, is more like several months and at least 25 percent of businesses that experience a disaster never reopen.
But most small business owners just don't make time for planning. We think it's "never going to happen to us." It could. The time to formalize a game plan for an emergency is before it happens. Do it now.
About the Author
Denise O'Berry is a small business consultant located in Florida. For disaster planning tools and tips, visit http://www.myhurricanecenter.com
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| United States Small Business Administration |
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| www.smallbusinessbc.ca |
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| Small Business Service | Home |
| Provides information and advice to help small businesses realise their potential. |
| www.sbs.gov.uk |
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| NSW Small Business |
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| Small Business Development Corporation |
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