How to Manage Small Business Risks

2020 has seen the impact of the Coronavirus outbreak and one of many communities that felt the effects of it is business owners - especially small and medium business owners. More than ever, it is important be proactive, to understand and manage your small business risks. Doing so can help prevent a financial loss and ensure your survival as the effects of the outbreak continues.

The impact of the coronavirus on Canadian SMEs

Source: https://www.insurancebusinessmag.com/

Reduce your risk

There are ways to mitigate the risks arising from a widespread outbreak. Here are four measures that you can implement for your business now:

1. Evaluate your suppliers

"Take a look at your suppliers - and their suppliers in turn. There's a ladder up effect when it comes to kinks in the supply chain," says Mark Wyatt.

For instance, is your business exposed to parts of the world that could cause interruptions? If so, have a conversation with your supplier about their own contingency plans to meet delivery requirements. Having a back-up option is critical in order to safeguard you in case of an incident.

2. Check in with your customers

Are there key customers that would reduce the demand for your product if they were shut down temporarily? A customer's contingency plan is just as important, so it's critical to connect with them to see how they would handle any disruptions to their business.

3. Be proactive

After your supply chain review is complete, make an effort to proactively contact your key customers and suppliers to advise them of any impact you expect to your business. Even if you don't anticipate any impact to your business, let your customers and suppliers know - no news is not good news.

4. Look after the well-being of your employees

Prevention is the best approach. "As a business owner, you already know how big of a role your employees play, so it's important to look after their well-being alongside the company's operations. The best way to do this is through prevention," adds Wyatt.

Implement all government of Canada travel advisories and restrictions and check in with employees to see if they or any household or family members have traveled to the affected areas recently. For anyone with direct or indirect exposure, ensure you have a work from home protocol for a 14-day period. Post signage around the workplace outlining proper hand washing and other hygiene practices in washrooms in the workplace.

Read more.

Check out more safety tips for your business during the Coronavirus outbreak to protect yourself, your employees and customers.

At Foxquilt, one of our core values has always been supporting the business community, especially small and medium businesses. We hope that these tips on managing and reducing small business risks can help you during these unprecedented times. If you have additional tips for businesses or would like us to promote your small business, we're happy to lend a helping hand and share our platform; comment below or contact us!

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