Power outages are risky for any business as they can drain your bottom line faster than you expect. There is a lot to lose, from employee productivity to customer trust and business reputation. These implications make power outages an even bigger concern if you own a startup because you are already in a fragile state. Fortunately, you can embrace some tangible measures to prevent these incidents and address them if they still happen. But you have to be cost-conscious before going ahead. Let us share some cost-effective strategies to manage the risk for your startup.
Evenfy is a collaborative free app to help you organize, track and talk about your shared expenses
Automate Marketing KPI Reporting
Identify your vulnerabilities
A clear view of your vulnerabilities can help you concentrate your efforts on the right places. It is crucial for startups as your resources are limited, and you must use them only where needed. When it comes to outage risk mitigation, you need to pick your weak spots. For example, plant operations are the most crucial element if you run a manufacturing business. Similarly, your in-house server is the vulnerable point if it runs the website of an e-commerce business. Knowing what you need to protect gives you the right start.
Cover the basics
While your preparation will depend on the business types, there are some basics that every startup needs to cover. Scheduled backups keep your information and documents safe, so you must not go slack with them. Cloud storage is the right choice as it serves as a safety net in the event of sudden outages. You must also have a continuity plan to get the operations back on track if things take some time to resolve. Have the essentials like first aid kits, flashlights, and surge protectors at hand. They do not cost a fortune but can save a lot.
Have a plan B in place
After covering the basics, you must start working on a plan to address the risk when an outage occurs. An emergency response plan can save your new business from extended downtime and equipment damage. Embracing a smart outage management solution like Milsoft OMS is the best place to start. Further, you must communicate your plan with the employees so that they have an idea of the plan of action when disaster strikes.
Invest in backup power
Backup batteries and generators are a necessary expense for a startup because they keep you going even during an outage. Moreover, it lets you turn off equipment and appliances safely till power is resumed. Leaving them on is risky because a sudden surge can damage sensitive equipment when the electricity comes back. It is the last thing you would want to happen because replacing equipment can be a massive burden for a new business.
Get business insurance
Even as business insurance may seem like a considerable expense for a startup, it isn’t the right place to cut corners. An outage can incur some financial impact on your business, no matter how well prepared you are. Insurance helps to minimize the blow, so you should get a plan that offers coverage for business disruptions such as outages. Although you may have to spend a bit, insurance gives you confidence and peace of mind. It makes sense to stay a step ahead of power outages with proper planning and management, even if you run a startup on a shoestring budget. The best part is that you have options that let you manage things without burning a hole in your wallet.