Incidents such as civil disorder, flood, fire, robbery, etc can force a successful business to shut down permanently. This is why as an entrepreneur, you need to know all the tips that can help your business resume normal operations in the event of a disaster.
1. Supplier Support
In the event that you lose your products to theft or fire incidents, you should reach out to your suppliers. Your suppliers will be negatively affected if your business shuts down so chances are, they may be willing to give you products on credit while you pay after selling the products and this can go on until you get back on your feet. So it is a win-win situation for you and your supplier.
This kind of supplier support, however, can only be possible if you have a good relationship with your suppliers. Business success is defined by relationships and as an entrepreneur, it is important that you build a strong and healthy relationship with not just your customers but also your suppliers. A good relationship with your suppliers can help you satisfy your customers and gain their loyalty which in turn maximizes your income. It can also be your business lifeline.
2. Business Property Damage Insurance
The importance of property damage insurance can not be overemphasized, this is because it is the most reliable way to overcome common business disasters. Also, irrespective of the kind of business niche you are into, you need this kind of Insurance. In Nigeria, fire incidents and theft are the most common disasters that have destroyed many successful businesses.
Having to gather the pieces of your business all by yourself in the aftermath of a major disaster can be a much harder feat to achieve compared to starting that business, and that is why most entrepreneurs fail at it. However, with the appropriate insurance, this could be easy as one-two-three. If you have a business property insurance policy and things like your inventory, tools and equipment, furniture, computers, and other properties you use for business happen to get destroyed, damaged, or stolen the insurance cover the cost to repair or replace the property. To an extent, this type of insurance also covers, lost income and injuries to your customers at your business
3. Emergency Loans
In the event of a business disaster, you need to figure out a way for your business to resume full operation so as not to lose your customers. This means you need money and emergency loans can come to your rescue. With a valuable item that can serve as collateral, you can get loans from banks and other financial institutions. There are, however, other avenues where you can get loans even without having collateral. In Nigeria, there are online lending platforms where you can get up to five millionaire Naira loans
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