One of the most stressful elements of running a business, whether you’re at the helm of a global empire or running a small corner store, is the element of surprise. Surprises, in business, are not something that anyone welcomes with open arms. A business is something you want to run like clockwork, and unexpected costs throw a spanner in the works, as all plans fly out the window and future projections might have to be recalculated.
Is there anything you can do to predict unpleasant future costs? Well, unless you’re prophetic, no. However, we do have some tips and general advice that you might want to take on board if you want to have a preemptive plan of action, should an unexpected expense or nasty surprise ever arise at an inopportune moment.
Lawsuits are a big killer of small businesses.
As a small business, it’s easy to focus on your concept, determination and expertise when it comes to the area of your industry or your specific service. Of course, you’d do well to remember that there will be other outgoing costs than the ones for which you’ve planned. Lawsuits are one such example, and, no matter how stupid the claim, you may find yourself paying them out, simply because you can’t afford the time or money needed to take such issues to court.
The answer to this one is simple: get a good lawyer. Okay, you might not be able to predict when and from where these claims will come, but you can build a solid wall of defence when they do. Get some good insurance, and preemptively plan to knock down any underhanded, cunning claims clients or potential partners might make against your business.
Unexpected maintenance can incur huge costs.
Nobody ever expects anything to break at a certain point, but you should expect that things within your business will need maintenance at some point. Some minor repairs might be repairable internally, but when it comes to technological malfunctions, the problem becomes harder to fix – both from a technical and a safety perspective. If you considered enlisting the help of electrical contractors, you might find that you avoid unexpected costs down the line – both in terms of the repair itself and time, or profits, lost through disrupted company operations brought about by this electrical failure.
You might find that it helps avoid some nasty costs in terms of both time and money if you know you can call somebody the second something breaks. Time is money, after all, and you might find you incur more costs through acting too slowly to fix any electrical problems. Moreover, this poses a safety hazard to both you and your employees.
Unexpected accidents in the workplace can be avoided.
In terms of insurance, the company premises might be covered in an accident, but the costs are bound to stretch beyond this to cover any medical costs for injured employees. Checking and re-checking all aspects of your company workplace, as well as training your employees well, could avoid a nasty cost down the line by preventing an incident from ever occurring.