Published On: Wed, Jan 25th, 2017

Existential Threats to Your Business & How to Battle Them

As an entrepreneur, you will want your business to be around for a long time to come. But if that’s going to be the case, you are going to have to get prepared. There are so many things that can go wrong for your business if you’re not careful. And many of these should be considered existential threats to your business. That means the business could fail completely if you don’t mitigate these threats in the correct kind of way. Read on to find out more about some of the biggest threats.

Fire and Natural Disasters

Natural disasters might not be the most common occurrence in the world, but they do happen. And if you know that your business is located somewhere that has a high chance of being hit by any natural disasters, you should make sure that your premises is prepared for this. Without the right preparation, your business could be vulnerable to any bad weather or natural disaster that hits it. Know how to react to flooding and how to prepare for an incoming storm. The other thing you need to think about is fire safety. If you are not protected from fires, your business will be seriously in danger. You need to have the right fire protection products inside your premises.

Losses to Your Core Team

Most businesses have a core team of people who are relied on to get the best results for the business. If this team is damaged and people leave, it could become ineffective. That’s why it’s so important to give generous contracts to your best employees and show them that they can progress through the business. If the don’t see that opportunity for growth and progression in their jobs, they will move on if a better offer comes along. Your team needs to be steady and consistent if it’s going to perform well and keep the business afloat.

Injuries and Compensation Claims

If one of your employees were to get injured while doing their job, this would reflect badly on the business. It could even lead to some negative headlines, and no business owner enjoys dealing with bad publicity. That’s not all either. The real threat could be to your finances. If someone does get hurt on your premises, whether they’re an employee or a customer, they could take legal action. They could fight for compensation for your company to pay for medical costs and any other losses, whether physical, emotional or financial.

Contract Disputes

Contract disputes are often nasty affairs, and they should be dealt with in an adult way. Unfortunately, that doesn’t always happen. So, if your business is in a dispute, try to mediate with the other side and come to some sort of arrangement. If not, this whole thing could end up in court, and if you lose the court case, you could be left facing huge financial losses. It’s best to avoid this kind of situation in the first place by making sure you know every contract you sign inside out.

business

Photo Source

Comments

comments

About the Author

- Young Entrepreneur & Daydreamer. Working towards making the HatchByte group among the top online media publication in India.