Once upon a time, there was an entrepreneur who started a business, and everything went completely fine — the end.
If you’ve smiled at this short tale, it’s probably because you know too well that nothing is entirely frictionless in the business world. Indeed, issues are prone to happen, especially when you depend on providers. Ultimately, nobody and nothing is perfect. So, it should come as no surprise that things sometimes break or that people could get confused and make mistakes. These hiccups are not only part of a typical business journey, but they are precisely what make your business journey worthwhile.
The hiccups shouldn’t stop you on your road to success. But you need to understand how to tackle the financial repercussions before they can drag your company down. Indeed, a hiccup is nothing more than a pebble on the way. But failing to react accordingly can turn the harmless pebble into a wall that prevents you from growing further.
Are you due maintenance compensation?
Your business premises are a crucial part of your everyday processes. Imagine a warehouse you can’t rely on because it gets so damp that your goods are too damaged to be profitable? Mould growth is not only a serious concern in a business situation, but it also affects the health of your staff too. But the question here is; who’s responsible for the warehouse – or the building altogether? If you’re renting out the property, your landlord should tackle the issue, and you might be able to claim compensation from your landlord and your insurance cover. Additionally, other problems occurring in the office, from your IT provider failing to catch a data breach to the landlord not replacing broken toilets. The responsibilities can go to the property owner, the cleaning crew, and ultimately, you too as a business owner.
What happens in the meantime?
There’s no denying that if any issue hits your business regarding poor maintenance, you might need to consider how this affects your cash flow. Indeed, when an accident occurs on the workplace, the business is the first to suffer, which means that you could take a financial hit as a result of damaged goods for instance. In a situation where you rely on other professionals to maintain the area, you can recover your loss; however, it can take time. Small companies with negative cash flow can benefit from professional business debt advice from Bennett Jones to handle financial issues in the meantime. Additionally, you can turn toward your investors to ask for support when your business is awaiting compensation for a loss.
Is there a lesson to learn?
Businesses do depend on many factors and actors to succeed. While it’s fair to say that you can control your input, how others handle their responsibilities toward your company is a different kettle of fish. However, you can run risk assessment audits in areas you entrust external providers. Additionally, if your provider fails to meet your expectation or fix mishaps, switching to a trustworthy partner can be a game-changer!
Every business needs to outsource elements of their processes, from the maintenance of the premises to the IT system. While you can control what you do, you can’t prevent your providers from making mistakes. But you can take precautions to avoid dramatic issues from auditing risks to switching providers!