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.
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.