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What to do when an unexpected event hits your business

What to do when an unexpected event hits your business

See how you can stay in control even when things feel out of control.

In business, like in life, things can go wrong, sometimes without much warning.  Here are some ways to help you cope with the unexpected.

Take a moment to think

When something stressful happens, you may feel like you need to act quickly and this might impact negatively on your decision making. Talk things through with a business mentor or someone in your community to help you get perspective.

Make sure you have enough information

Get as good an understanding of the issue as you can. Is it causing time pressure, financial pressure, or reputation damage? Is it an illness or an accident? Is the impact likely to be temporary, or longer lasting? These considerations can help you plan your response.

Consider your options

If you have insurance, contact your insurer to understand what it covers. If you need more money, check your cash flow report or budget, or consider short-term business finance. Your accountant or another business adviser can be a good source of support here.

Keep communicating

Reassure relevant partners, like your staff or broader team, by communicating your plan. This will help you to control the spread of information and make sure people who need to perform key roles know what they need to do.

Plan for next time

Once you’ve responded, take some time to reflect on what has happened. Complete a risk assessment to help plan for future unexpected events. You can build this into your business plan.

Next up: How to handle difficult business conditions

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs, you should, before acting on the information, consider its appropriateness to your circumstances.