When you’re setting up a business, it’s only natural that your primary focus is going to be on all of the positive things that are going to come from it. After all, if you didn’t focus on those things, then there’s a pretty good chance that you wouldn’t bother doing it in the first place. But there comes a time when you are going to need to think about the other side of running a business. The hard work, the sleepless nights, the risks. There are a lot of risks that come with running a business. Hopefully, that’s something you’re already aware of because otherwise, you’re in for a pretty nasty shock. The list of risks and dangers present in any business is almost as long, if not longer, than the rewards and benefits. But that doesn’t mean those dangers have to get in the way of your creating the most successful business possible. The key is knowing how to prevent, and deal with, these risks as they happen. The problem that many business owners have is that they bury their heads in the sand and avoid think about the risks involved in running a business right up until the moment where it’s too late. The make sure that you don’t end up in that situation, here are some of the most common, and most dangerous, things that can happen to your business, as well as how to avoid them.
Customers who won’t pay
In a perfect world, your business would always be paid, on time and in full, for the service that you provide. Of course, it should come as no surprise that we don’t live in a perfect world and there are plenty of customers out there who will do everything they can do avoid paying what they owe for as long as possible, even going so far as to try and avoid paying altogether. There are plenty of ways to deal with this, but the first thing you need to do is to make sure that your company isn’t suffering financially because of this customer. Luckily, there are companies that offer factoring for businesses which allows your business to get the money it needs fast without having to worry about the customer. That will at least give you the time you need to get the customer to pay up rather than being left in a dangerous financial position until the time comes that they finally pay the money that they owe to you.
Employees who aren’t pulling their weight
Employees should be the beating heart of your business. They should be the ones who take your vision and turn it into a reality. However, they can only do that if every single person in your business is pulling their weight in the exact same direction. It really cannot be overstated how much damage an employee who’s not pulling their weight can do to a business. Not only does it impact productivity, since it forces everyone else to pick up the slack for them, but it can also harm the public perception of your business. If customers interact with an employee who doesn’t care or is actively hostile, then they’re not just going to think badly of that one employee, it’s going to impact their perception of your business as a whole. A customer might tell a few friends about a business that they love, but if someone has a problem with your business, then you can rest assured they will tell every single person that they know.
Accident or injury
An accident in the workplace is one of the most common, and most preventable disasters for any business. Accidents and injuries are incredibly dangerous to the productivity level of your business as a whole since they can potentially take an employee out of commission for some time. The best way to avoid an accident is simply to make health and safety your highest priority. Make sure that the work environment is kept safe and clean and that each and every employee is fully trained in all relevant procedures. Safety is everyone’s responsibility, but you need to be the one to encourage that attitude throughout the business as a whole.
Of course, if you don’t follow the correct health and safety procedures then you’re not only putting your employees in danger, but you’re going to liable on a legal level for anything that happens to them. Legal action against your business is something that is going to happen and when it does you need to be prepared. Focussing on preventative measures is incredibly important. Make sure that you never ignore any legal guidelines or procedures, whether that’s workplace safety, employee contracts, or making sure that your products always meet all relevant safety standards. Not only that but it’s important to have legal representation for your business on hand to help you deal with anything that happens. Not only that but it’s incredibly important to watch what you say in any public space, especially places like social media. Anything that you say online can not only be used against you but will also have a major impact on the way customers think about your business as a whole. Speak to your legal representative about what to do and say online and how to best avoid any potential legal action against your or against your business.
Don’t think of this list as an attempt to scare you away or discourage you from starting your own business. On the contrary, you should come away feeling even more prepared to face the dangers ahead. Being prepared is the only real way to avoid disaster. If you’re not prepared, then you’re going to find yourself panicking and potentially falling apart when something does happen. The only way to deal with problems is to have a plan in place beforehand. Hopefully, thanks to this list, you’re going to be in a position where you can avoid being taken by surprise when one of the many possible dangers to your business rears its ugly head.