Business owners, for the most part, start as a one-man army before they construct a legion for development. He/She is Chairman and collection boy too, to begin with. As things prosper, a group is set up and appointment begins. The business owner despite everything is commonly associated with the everyday happenings and will in general pass up a great opportunity little issue come because of the focal point of growing the business as right on time and big as could reasonably be expected.
The whole structure is so reliant on his/her and his/her business's insight and dynamic, being available, appointing the correct work, coordination with the group and so forth. A little talk in the wheel can wreck the moving train of his/her business. Subsequently, it is strongly prescribed to have a hazard alleviation technique from the very beginning. The equivalent ought to really be assessed and revised upon often.
For e.g.: Akshay and Jatin were accomplices owning a social media business with a gathering of seven originators to back him up. They were on a retainer premise with clients and would take on testing new endeavours based on the digital aptitude of their brand and good delivery model. Things were worthy, the business was rolling, team bonding was exceptional, orders were spilling in and there was no clarification behind worry for Akshay and Jatin.
Some Events which can create HAVOC -
- The core – Partnership fails – Focus shifts & Business crashes.
- One of the partners leaves for heaven. – Super challenging to the business & family
- During an office outing a couple of team members fell ill and one of them had to be hospitalized and the cost was huge.
- Theft & Fire in the office.
- All team members travel from long every day and someone meets with an accident.
- The owners are expected to pay for the same & sudden liquidity issue crops up.
Such huge numbers of such episodes can hamper the development; influence the morale of staff and leave the business unattended and with a descending diagram.
Here are the five products said by Akshay & Jatin, which could prove a bonus:
- Partnership Insurance – Business Protection.
- Keyman insurance – Financial & income protection for the family.
- Group health / Mediclaim / Disability coverage for self & staff.
- Workmen compensation for the team – Protection of an employer from his statutory liability.
- Fire Insurance – Basic coverage with various add-ons.
Planning for the above & more are simple strategies to make your business grow with good coverage and planning is great welfare & staff retention strategy.