WAYS TO STAY AFLOAT IN A ELECTION YEAR
Hello! Hello! The elections are around the corner again. And like it happens every five years, there are winners and losers. I mean this both literally and financially. Some businesses are making money hand over fist during this electioneering period.
If the last three elections are anything to go by, this election might have its fair share of challenges. The business environment in the country is already responding to these challenges. All factors considered and hoping for the best case scenario, here is how to stay afloat during this tough period.
- MOVE TO BUSINESS ONLINE
Due to the risk of physical locations being damaged or rendered inaccessible, moving business online would be ideal. It offers the security of protecting stock, providing security to staff. It also eliminates the cost of holding a physical location. Minimize the number of actual staff you need to engage physically during this time.
- Ensure you have contingencies
Make sure you have a backup plan for every scenario. First plan would be to take out an insurance policy suitable to your business that covers election related damage. Furthermore, plan alternative supply routes and alternative suppliers should need arise. Moreover, ensure you protect your staff by providing transportation to and fro the workplace. You could also invest in staff insurance so that they are more at peace during this period.
A number of international companies have already moved offices and major assets to neighbouring countries. They have also taken steps to protect key personnel and idetified the skeleton staff to hold down the fort should need arise.
- Postpone major plans
As the future is uncertain, it is necessary to hold off on any extensive plans that might be physically, mentally or financially tasking. Expansions, opening new outlets, mergers and installation of new equipment or assets should be put on hold. Also any expensive equipment should be moved to a secure location or insured.
- Back up data.
Any financial, legal and customer data should be backed up. This is especially key since most relationships are built over time. It is necessary to have both physical and digital copies secured. Back up on a daily basis and to various servers to ensure you are protected. Furthermore, any agreements entered into should be witnessed registered with appropriate court clerks or agencies.
- Enhance situational awareness
A keen awareness of the political temperatures around your premises is key. If you are around schools, police stations or designated hot spots (polling stations), be keen about the slightest chance of risk to your business. Also if you are in the delivery business, door to door deliveries might have to be suspended or evaluated on a case by case basis.
Also, regardless of your political linings or views, be careful not to antagonize any groups or draw a target to yourself.
- Have a go bag
Should shit hit the fan, identify what it is you prioritize and have it at the ready. It should have enough money and the necessities to get you to a safe space in case the need airses. These should be items of value to you and the business. Remember, stock can be replaced and you are way more valuable
- Boost security
Assess your business’ security needs and bolster them as thoroughly as possible. Keep track of police bulletins to gauge the level of threat to your business. If community policing can be used, I would encourage it. It is a lot easier for a group of business people to protect their investment than it would be for one person to protect theirs.
This stated, I would like to pray and hope for a smooth election year.
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