Many women over 50 are choosing to set up their own businesses. Statistics show that businesses set up by the over 50s have a far greater success rate than those of their younger counterparts. Experience does have an advantage when it comes to being an entrepreneur !
When putting together a business plan , it is imperative to factor in contingencies for the things that could go wrong, and the best time to do this is when things are going well and you can look at the options with a clear head.
Here are some of the common scenarios you may want to address:
Protect your business from data loss
Something that is always going to be very important for any business is its data. You probably have data relating to every aspect of the business, accounting, customers, product/service development. Your data is potentially the most valuable asset of your business – so protecting it is a priority..
To protect your business from data loss, you should make sure that you always have key data backed up, and that you are doing whatever you can to keep your systems secure too. Also ensure that any databases are secure – and GDPR compliant. Data loss can be incredibly damaging and disruptive to any business, but if you prepare for it then you can completely nullify the damage it may cause.
Loss Of A Key Person
Which of the people in your business could you least afford to lose? What would be the impact on your business if you that individual was suddenly to have an accident or become gravely ill? Not a situation any of us want to really think about, but when it comes to business it is something that needs to be addressed objectively. It’s taken as a given that you would appreciate them and create an environment that they can thrive and wish to remain in, but from a business perspective you need to consider a worst case scenario and prepare for it. Any business has its key people, those who are an intrinsic part of its success, and you should ensure that you are protecting them as best as you can, and your business from the consequences of them not being there. When you have the loss of a key person to deal with, it can be particularly difficult for the business to bounce back. Explore whether key man insurance policies are an option for you , (such as www.mykeymaninsurance.com) , but definitely have a contingency plan in place and ensure that there are others in your business that could step into the breach if necessary. Make sure that one individual does not retain too much knowledge without sharing – for many reasons! Every business needs to have a recovery plan in place.
Fire and Flood
Apart from the threat to human life ( and every business should ensure its employees have access to escape routes with regular fire drills) consider the impact to your business in the event of stock damage – and ensure there are copies of date backups off site! How would your business function if you had to find alternative premises tomorrow and set up at short notice? Best to have a plan that has been well thought out and considered in advance in a non-pressured situation. It is one thing having insurance in place to cover financial loss, but in order to be able to have the business continue to function you must have a disaster recovery plan.
Nobody wants to think about the worst, but being prepared for the worst provides peace of mind and enables you to concentrate on your business when all is going well.