Managing Key Business Issues

Tue 11th Dec, 2012

A wide range of potential risks exist for all business but good management & contingency/disaster recovery planning can significantly reduce them. Following are some actions you can take to minimize the risk you face.

Insurance Cover

Check that your business has adequate insurance cover, such as public liability, professional indemnity & director's insurance. Any claims to your business could severely impact on its financial survival.

Asset protection & business disruption insurance can also be critical to protecting assets & revenue if your business is hit by a disaster such as a fire, flood, virus or earthquake. Make sure your insurance payments will be made on time so no loss of cover.

Premises Protection

Major problems with your premises can be both disruptive & expensive, so take steps to secure your premises. Common problems include failing to act soon enough when a lease is due to expire, or being caught out by large increases in rent & rates. If location is vital to your business, consider buying the premises to secure your position.

Cash Flow Management

Monitor your cash flow closely & use a cash flow forecast to manage your business. The more you are aware of cash flow peaks & troughs, the more time you have to deal with them. If additional funds are required then your cash flow analysis will assist your application.

IT Systems

Make sure your computer systems and the data stored on them are secure. Make regular backups so you can restore data if your system crashes, & store at least one set of backups off site. Have you thought of storage 'in the cloud'. Check from time to time that you can restore data without disruption. Develop 'Plan B' systems that will allow you to carry on working if an IT issue occurs.


Your customers are your business. The following steps can help reduce risks to your revenue: