Every business owner knows that everything can't be planned. There will be surprises and there will be emergencies. In an emergency situation, small companies need to be able to be flexible and respond quickly. Emergencies can be catastrophic for a business on a tight budget. However, there are steps you can take to minimize costs and delays in order to get back on track faster.
No one may know when an emergency will occur, but that doesn't mean you can't have a plan in place to react to one when it happens. Create a list of the most likely things that may occur and consider how each might be handled. Share these thoughts with someone else at the business, because an emergency might not always occur while you're reachable.
Another way to recover from emergencies quickly is to have a way to access needed funds. Business prepaid cards from PEX Card are a good way to do this because extra money can be sitting in the main account and can be put on any employee's card immediately. So if an employee has a broken down vehicle, that card can have money added to it to pay for the expense. As long as there are funds available in the main account, you can quickly get money to whoever is best equipped to handle the emergency and get back to business as usual.
And, unlike a company credit card, you can make sure that the emergency is being dealt with in the most cost effective way possible before transferring over the needed funds. This gives you an added level of control over what might otherwise be an uncontrollable situation.
How do you handle emergency situations at your business?