For an entrepreneur nothing is more traumatic than when the business you’ve worked so hard to build up grinds to a halt because of a crisis.
A crisis can present itself in many different forms: system breakdowns, theft of office equipment, fires or floods in the office or financial disasters. When you are hit by a crisis, it’s important to deal with it calmly, quickly and effectively. There are number of logical steps a small business owner should go through to ensure they are equipped to handle a situation and come out the other side with the business intact. These steps are preparation, planning and action.
Deepak Soni, small business insurance expert at Hiscox looks at how SMEs should prepare for a crisis.