No one expects an emergency situation to arise. That’s what makes it an emergency situation. It can come out of nowhere and completely catch you off guard. So, while it’s no fun to think about it, business owners must consider contingency plans so that if and when an emergency situation occurs, they’ll be ready for it.
As Heather Ripley reminds us on Entrepreneur.com, anything can happen at any time. “A natural disaster such as a hurricane, flood, wildfire or earthquake could arise and destroy the company’s physical assets,” she warns, “Or a theft, a sudden death of a key executive, a bad investment, a scandal or a social-media crisis could damage a company’s financial health.”
So what steps should be taken to be prepared for such emergencies? First things first – the safety of any and everyone involved in your business must be addressed. Your employees should be well informed about such things as emergency exits, quickest routes for evacuations and the locations of fire extinguishers and first aid kits. According to the Canada Business Network, small businesses should especially be prepared for emergencies that are Mother Nature-related.
“There are many things to consider when preparing your business for an emergency,” notes their website, “From simple things like first aid kits and well-lit emergency exits all the way to fully-formed emergency plans, it is a good idea to put some thought into managing risk. Since most small and medium businesses are physically located in a single location, they are more vulnerable than larger organizations to major disasters and catastrophic accidents.”
Once safety is secured, how should an emergency be addressed? Believe it or not, one of your first moves should be addressing the public. Because you own a business, you’re forced to constantly think about your brand’s perception in the public eye. Neglecting this necessity can mean the difference between bouncing back and closing your doors for good. It’s important to adequately address your matter honestly and in a way that can calm the fears of those who may be impacted by your company’s unfortunate circumstance.
“Companies that wait too long to respond will find that the news media and the online community will seek other sources for information,” Ripley points out, “The end result could be that you waste valuable time trying to set the record straight. Offer complete transparency and honesty in all communications in the aftermath of a crisis. Don’t make the mistake of thinking you can spin the facts. Honesty is essential for rebuilding the trust of customers, employees and other stakeholders.”
How important is having money set aside for emergency situations? The old adage that recommends that you “put money away for a rainy day” comes into play here. However, it’s not always feasible. Some companies require all of their resources to purchase inventory, pay employees and advertise their events. This is especially true during the early stages of a business.
Synergy Merchant’s merchant cash advance program, however, is an ideal solution for business owners encountering emergency situations. Because of the expeditious nature by which we’re able to fund our clients, business owners can breathe easy knowing the money they need to remedy their unexpected problems is not out of reach and will not take long to get.
For more information about our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at email@example.com.