3 Ways Your Business Is Losing Money

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ways your business is losing money

Often when people say your business is on fire, they mean it in a good way. As in, you’re hot stuff; your products are burning their places in people’s lives.

But, when it comes to fire in your business premises, the results won’t be as in your favor. In fact, the Federal Emergency Management Agency states that 40% of businesses don’t open after disasters like these. What’s more, 25% go on to fail in the first year after.

Those are grim statistics. And, if your business has recently fallen foul to fire, they could be enough to make your head spin.

Sadly, we aren’t going to sugar coat this. You have a rocky road ahead and a lot of expenses to consider. But, by taking time to think about each one, you stand to save yourself as much money as possible.

Don’t doubt that there will be costs involved. But, dealing with the damage can at least limit those a little. Read on to find out the losses you face, and how you can stop them burning your finances to a crisp.

Damages and repairs

Most notably, you face damages and repairs on your commercial property. And, if the fire damage is extreme, so too could the cost be.

The first thing you need to consider is your business insurance. Contact somebody like Andrew Knox insurance adjuster who can come out and assess the damage. Getting the ball rolling here can ensure you gain financial help during the cleanup.

Taking this step can also help you get back to business as usual fast. And, that’s sure to work well for your financial situation. If you don’t have insurance, shop around for the cheapest repairs possible, and focus on getting some as soon as you’re able.

Lost business

As mentioned above, one of your main focuses should be reopening fast. After all, lost business is yet another area in which this fire could cost you.

If your shop or workspace is shut for a week or more, you’re looking at a lot of lost money. To make sure that doesn’t happen, focus on acting fast with everything you do. Don’t hesitate to contact insurers and repair companies.

It may even be worth paying extra to finish work quickly. That amount is still likely to be less than you’d pay for all that lost business.

Sick pay and compensation

If staff members were injured or caught in that fire, you have a whole other kettle of fish to boil. For one, you’ll need to cover sick pay, as well as funding cover when you reopen. What’s more, you may face legal proceedings and lawsuits.

In that instance, it’s entirely possible you may need to pay compensation. After contacting insurers, then, it’s essential you don’t hesitate to contact your lawyer. By letting them know what’s happened and when, they stand the best chance of being able to legally protect your business. And, that’s the only way to avoid expenses in this area, too.