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Here are a few things your can do – at no cost – to jump-start your business continuity plan:
Determine your greatest risk potential. It might come from loss of heat, frozen pipes (which can burst, causing water damage), or loss of access caused by icy conditions. What would happen if you had to shut down your business for several days? Look at the building where you do business and assess the property damage risks. If you do this early enough, you’ll have time to make structural upgrades that can prevent possible future storm, wind, water or earthquake damage.
Calculate the cost of business interruptions for one week, one month and six months. Once you’ve done that, you’ll be able investigate insurance options or build a cash reserve that will allow your company to function during the post-disaster recovery phase. It’s also a good idea to develop professional relationships with alternative vendors, in case your primary contractor can’t service your needs. Place occasional orders with them so they regard you as an active customer when you need them.
Review your insurance coverage. Contact your agent to find out if your policy is adequate for your needs. Consult with a business insurance expert to advise you on the right coverage for your situation. When buying insurance, ask “How much can I afford to lose?” It’s a good idea to know the value of your property.
As of January 31, 2012, most private sector employers are required to post a notice advising employees of their rights under the National Labor Relations Act (NLRA). The notice should be posted in a conspicuous place, where other notifications of workplace rights and employer rules and policies are posted. Employers also should publish a link to the notice on an internal or external website if other personnel policies or workplace notices are posted there.
For further information about the posting, including a detailed discussion of which employers are covered by the NLRA, and what to do if a substantial share of the workplace speaks a language other than English, please see the National Labor Relations Board Frequently Asked Questions. For additional languages visit the National Labor Relations Board website.
You may download and print the notice using the links below. You may also fill out this form or call 202-273-0064 and copies will be mailed free of charge.
How much does it cost to start your own business?
Of course, the answer depends on your business model and your chosen industry. However, a useful estimate based on a 2009 study conducted by the Ewing Marion Kauffman Foundation puts the average cost of starting a new business from scratch at just over $30,000.
Many small businesses, particularly freelance, online and home-based businesses come in a lot lower than this, often needing only a few thousand to get started.
But averages aside, what can you do to calculate your specific startup costs? Read on.
Understand the Types of Costs a Startup Will Incur
Before you do any estimating it’s important to understand how startup costs are categorized. All startup costs (meaning the period before you start generating income) include two kinds of spending: expenses and assets.
As the economy continues to gain traction, many small retailers are forced to put more of their economic eggs in the holiday season shopping basket. Hoping to take advantage of an uptick in consumer confidence, a three-month end-of-year holiday splash is possible, but may be more difficult this season.
So hiring extra help for the hoped-for push should be thought out more than ever. Here are some ways to help make short-term hires pay off.
10. Have a Staffing Plan
Know what it takes to get specific tasks done, and how long it should take for a competent person to learn what you want them to do. Resist the temptation to be over-optimistic about what you will need to handle holiday season volumes.
9. Know How Much a New Hire Really Costs
Recruiting, hiring, training, employment taxes, wages, etc., all have costs. Compare these costs against the expected benefits in increased revenues or saved expenses. Are you making a wise decision versus paying some overtime to existing staff?
The OSDBU Procurement Conference is a national conference fostering business partnerships between the Federal Government, its prime contractors, and small, minority, service-disabled veteran-owned, veteran-owned, HUBZone, and women-owned businesses. Now in its 22nd year, the OSDBU Directors Conference has become the premier event for small business throughout the United States.