We’ve spoken a lot about the law of attraction on this blog and how it could relate to starting a business. If you haven’t read these articles we encourage you to do so. However, the principle is quite simple: positive thoughts will result in positive consequences.
There’s a lot of debate about why this might be. For instance, some research suggests that when you are more positive people are drawn to you. So, you will find greater success in both your personal and professional life. Others have suggested there’s a spiritual element behind what occurs.
However, even if you are positive about the future prospects of your business, you need to keep the potential issues in the back of your mind. In doing so, you can guarantee that you will prepare for them the right way.
So, let’s look at some of the issues that you could encounter.
A Tech Disaster
These days, technology is at the heart of every major business. It even has a presence in business models where you perhaps wouldn’t expect it. For instance, you might find that a baking business relies on tech as well as a retail store.
So, what happens if the tech stops working or encounters an issue. When this happens, a business will go into a period of disaster recovery. It’s absolutely vital that you prepare for this possibility. Disaster recovery can last for a few minutes or a few months depending on your setup. The longer it lasts, the more damage it causes.
If you are worried about running into issues here, then the option is simple. You need to recruit an IT support company for your business. They will keep things running smoothly and ensure that a hit to your tech doesn’t cripple your business.
Employee Churn
You also need to think about the problem of employee churn. This can cost typical business thousands every year. It can be a massive burden on your business model. The easiest way to deal with this is to spend extra time and effort on your hiring process.
Think carefully about whether an individual fits into your office culture. If they don’t then there’s a good chance that they will move on from your business sooner rather than later. Be aware that you will also need to offer incentives for employees to stay on board. This can extend beyond financial benefits.
A Scandal
Finally, we have seen numerous businesses in recent months face scandals that would destroy smaller companies. From unfair labour practices to sexual harassment claims, there’s more transparency than ever about what happens behind the scenes of a business. Recruiting a legal advisor can help ensure that you are on top of issues like this and that you don’t cross any lines.
We hope this helps you understand why it is absolutely vital that you do prepare for the negative issues that can hit your business hard. If you do this, you will ensure the longevity of your company and guarantee that an oncoming storm does not sink your business.
- DISCLOSURE – This post has been written by an outside source for Morning Business Chat.
