There are many unexpected events that could arise and cause problems for your business. We’ve listed some of the most serious ones on this page. However, it’s vital that you keep your eyes open and spot potential issues early. It’s also important that you keep a rainy day fund in your business account. Failure to do that could mean your operation goes under when something unpredictable happens.
- Natural disasters
Natural disasters could have terrible implications for your company. Unless you buy the right insurance policies, you might not have enough cash to get things back on track. Floods and earthquakes are some of the most common problems as the infographic shows.
- Market competition
There is no way of knowing when a new company will appear on the market and steal your custom. To limit your exposure to that risk, you need to keep your prices as low as possible. That way, other firms will struggle to undercut you and entice your customers to use their services.
- Personal injuries
You need to ensure that health and safety are at the top of your priorities list. Workers who suffer an injury are sure to apply for compensation. You might end up paying thousands if you did not perform risk assessments and deal with health and safety properly.
Those were just some of the most common unexpected events. There are plenty of other things that could halt your business ambitions. So, keep your ear to the ground and make sure you act fast when issues arise. Otherwise, you can kiss goodbye to your company.
Produced By http://www.continuitycompliance.org