Challenges are a way of life for entrepreneurs. However, the one that they are currently facing due to the Covid19 pandemic is truly unprecedented. This is the view of Eric Dalius, who has spent more than two decades as a successful entrepreneur and marketer before hanging up his boots and turning to philanthropy, which is his latest passion. While everyone saw some silver lining in the reopening of businesses after prolonged lockdowns and quarantines, it now seems that businesses’ troubles seem not to end.
Businesses have learned some lessons from the massive disruptions due to riots and unrest. They are ready to implement some new strategies that should help survive the business and thrive when the time comes amid a new normal.
Focus on asset protection
Now that we are experiencing something that no one had ever imagined, it is better to prepare for the worst, hoping to see the light at the end of the tunnel. To keep your business afloat under all circumstances, Eric J Dalius recommends that you take all measures to protect your business assets, without which it will be impossible to make a comeback once the bad times end. Indeed, insurance can help you make up some of the financial losses. Instead of the tedious process of insurance that consumes enormous time, it is better still to avoid dealing with it because little does it help to get back your business on tracks. Remove the key assets like business equipment and inventory to a safe location and backup all data before leaving the premises well locked and secured.
Document your inventory through images
During times of unrest or calamity, you never know when your business premises might get damaged that could even destroy your business infrastructure together with all your belongings. To prove to the insurance company later about the existence of your business and the goods and assets that were in place, take videos of the entire premises covering the office, storeroom, any other structure that would bear evidence about what existed. Do not forget to date stamp the videos or capture the picture of a current newspaper. Photograph every minute details of everything that lie within the premises and then store the images offsite to serve as proof later. Consider this as a piece of advice from EJ Dalius, a seasoned entrepreneur and marketer who has the first-hand experience of facing such situations.
Take care of your team’s wellbeing
Like protecting your physical assets, protecting your human assets or your employees should be your priority. Ensure human safety and allow employees to go home early while closing the shop because nothing can be more important than ensuring your people’s safety. Never take the risk of exposing your people to any danger that can label you as a business owner who makes newspaper headlines for all the wrong reasons.
Avoid any heroics in trying to protect your property and assets but ensure that you evacuate the area only after taking proper measures to protect your business.