Too many of us are aware of the phrase “too big to fail.” For most people, it gives us a shiver down our spine. That’s because, for those of us who can remember the 2008 financial crisis quite clearly, this was a phrase often used to justify the bailout of the banks that caused the crisis to begin with. Of course, it’s a difficult situation governments were put in (not that they couldn’t have helped prevent it in advance). But having multiple runs on the banks, and the entire financial system collapsing with nowhere to store money, well, that wouldn’t have been great.
So the phrase “too big to fail” often refers to priorities that supersede everything else, and must have all our resources thrown at them from time to time to ensure certain essential outcomes. It’s a concept that applies to business life and the running of your daily operations, too. Certain eventualities are simply unacceptable thanks to the damage or long-term consequences they could cause.
In this post, we’ll consider what those are and how to prepare for them:
1. Safety For Personnel
Nothing is more important in any business than the safety of the people working there. Without your team, nothing else functions. This means ensuring the right procedures are in place to minimize risk, for example emergency response plans to workplace training and proper equipment. Safety might mean following regulations to the letter, but more importantly, it’s about creating a culture where your team feels protected and knows they’re valued, so then all protocols can be adhered to correctly and constantly.
2. Safety In Materials Handling
It’s very important to never take materials storage for granted. Perhaps you stack large glass bottles and one fallen palette can lead to incredible danger for both visitors and staff. Or maybe you need to invest in bulk chemical storage tanks to make sure that your logistical network centralizes safety even when transitioning hazardous or raw materials. This is a too-overlooked aspect when talking about business safety but arguably one of the most important.
3. Data Management
If you’re not mindful, customer personal or even financial data, even worse, medical data, could be accessed by bad actors. A robust prevention and loss strategy should be in place at all times. Know where your most important data lives and back it up regularly. Cloud-based systems work well for this since they keep everything accessible, even if your laptop or server no longer functions.
It’s also worth making sure everyone on your team knows the basic necessary protocols, like saving work properly, handling sensitive data carefully, and avoiding careless mistakes (like deleting the wrong file or clicking on suspicious emails). Thorough and robust cybersecurity training even for staff who may not be in your IT team is important because as threats evolve, so should we.
With this advice, we’re certain that you’ll avoid some of the most important business issuse that are too big to fail.
