Learn from Your Mistakes!

We all make mistakes! The important thing is that we learn from our mistakes. After opening a dollar store you will likely be giving yourself negative feedback about the items that you had planned to order but had forgotten. Or maybe it is during the grand opening. There were some giveaway items that didn't arrive in time. Or maybe it was something as simple as forgetting to order tape for your cash registers.

The important thing is not the mistake. Rather it is what we learn from our mistakes. If you made any mistakes when first opening a dollar store determine how you can keep those mistakes from repeating themselves. Put systems and processes in place to catch errors before they are even made.

If you forgot to order backup cash register tape then set up an easy system where you check office supplies on a weekly basis. That way any items that are running low can be replenished before you run out. A simple checklist would work well for this purpose.

If the mistake is harder to solve, then don't forget to get down to the root cause of the issue before you stop gathering data and investigating it. By not stopping too soon you get to the real issue and then you can fix that issue so that it never returns again.

Remember that if someone else made a mistake the goal isn't simply to find the scapegoat and then move forward. That approach typically means that the issue will come up again in the future. When opening a dollar store don't set yourself up to have repeated mistakes and problems because efforts weren't made to fix them permanently.

If you are planning on opening a dollar store then always learn from your mistakes. No matter how it happened or who made the mistake take action to put a real solution in place. That helps to assure that the problem or mistake won't be repeated. By learning from mistakes we can move ever forward in the quest for business success.

To Your Dollar Store Success!

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Disaster Preparedness for the Small Business Owner

How quickly can your company get back to doing business after a tornado, fire, flood or computer crash? Every year, thousands of companies are unprepared. The US Department of Labor states that over 40% of small businesses that experience a disaster never reopen, and of the remaining companies, at least 25% will close within 2 years.

1. Continuity plans. Most business owners agree that having a plan is important, but too few take the steps to prepare. Plans vary according to each individual company's needs, but the basics are the same no matter the industry, size or location.

Identify what types of emergencies - from a temporary electrical outage to a large geographic catastrophe - could affect your company, the likelihood of each happening, and how they could affect your business. Then, with that in mind, determine your needs. Once this information is collected, it is easier to put a plan in place to help resume operations.

2. Determine your immediate needs. What data do you need the day after a disaster? Check with your IT provider on availability. Does your telephone service have emergency options to ensure you don't miss any phone calls? Have your customer, vendor and employee information readily available.

Can you run the business from a different location? Develop relationships with other companies so you can set up temporarily. Also, create a relationship with a competitor you trust who can meet your customers' needs short term. This will help you maintain your relationships with your customers even when you are not able to provide the product or service yourself.

Have back-up vendors and shippers in place in case your primary ones are disabled. Establish relationships in advance and maintain them. Place occasional orders so that they regard you as an active customer when you need them. Keep extras of hard-to-replace parts or supplies on hand and store them off site.

3. Information. Many companies store their important files in a safe or on an external hard drive in the office. If the building is damaged or items stolen, it is highly likely your data will be, too. Online backup is a safe, low-cost option. You can establish frequency of backup, which will allow you to resume doing business quickly.

4. Have adequate insurance coverage. Review your policy with your agent so you understand what is covered and what is not. Do you have Cash Value or Replacement Value coverage? Is this coverage on your building or contents or both? Do you have flood insurance? Should you? And don't forget about coverage for water backup of sewers, drains, or sump pump failure. Another area many business owners don't consider is Business Interruption Insurance. These are issues only you and your agent together can address.

In conjunction with your insurance policy, compile an asset inventory with photographic records and a written report. Knowing what you own, when the items were purchased and the cost will help reduce the process when filing your insurance claim because it will help you remember everything you owned. Even if you have adequate insurance coverage, most policies require a detailed list of what was lost, damaged or stolen. During the stress of recovering, you will most likely forget many items, and the time savings is imperative so you can begin rebuilding your business. Be sure to secure this information off site, and update the inventory annually.

Disaster may never strike, but if something does happen, having plans in place will help you through the transition and increase the odds that a temporary business interruption does not become a permanent one. According to the SBA, small businesses provide nearly 45% of the nation's payroll. A commitment to being prepared will support your employees, customers and the local economy.

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Disaster Recovery and Planning - Business Documents and Records

Disaster wears many faces. People know the importance of insuring their homes, vehicles, businesses, and lives from both natural and man-made disaster. When tragedy strikes, the most important concern is obviously human welfare - surviving the event with minimal or no permanent damage. The next concern, however, is the kind of permanent damage that can feel like a life has ended: losing imperative data. While facilities and equipment can be replaced, nothing can replace damaged or destroyed documents. Every company keeps data that is so important; losing it would be catastrophic to the business. However, many businesses have unreliable disaster plans, or none at all. These companies are facing very large and unnecessary risks.

There are hundreds of news articles featuring businesses that have lost invaluable information to natural disaster. Consider the possible flukes that can set a building ablaze: gas leak, poor wiring, equipment failure, and negligence. Weather concerns are relevant across the world. The source of destruction depends on geographic location, but severe weather happens everywhere. The point is that every business is vulnerable to disaster, and no business can afford to lose their most valued data and documents. This article will discuss the aspect of document recovery in disaster planning. To efficiently and successfully prepare for the worst, several points must be considered:

Nature of disaster capable of occurring

Type of information that would need to be recovered

Format of documentation or information

How these factors affect the decision-making process

What could happen?

As stated earlier, the two kinds of disaster that can ruin a business are natural and man-made. Each is a separate and real risks.

Natural disasters: The most common natural disasters, depending on geographic location, come by way of hurricanes, tornadoes, lightning, earth quakes, floods, volcanic eruptions, extreme cold or heat, landslides, snow or ice storms, hail, and fire.

Man-made disasters: This category may include explosions, arson, hazardous materials, terrorism, sabotage, theft, structural collapse, nuclear catastrophe, computer viruses, power disruption, and power spikes.

Either form of destruction can have an enormous impact on records and files. Without backup copies or alternate forms of recordkeeping, this data may be gone forever. No matter how unlikely it is for such an event to take place, it is always a possibility.

What information needs to be saved?

There are numerous categories of information that may need to be recovered in the event of a disaster. Some include:

Drawings

Specs

Vital HR records

Video or audio records

Procedures

Financial records and information

Customer information

Quality and product tracking records

Inventory

Certificates

Licenses

Security information

Assess which records and data would be most vital to recover if all was lost forever. How would the organization function without them? What is the safest way to ensure a copy is available if the building and equipment are destroyed? How do you go about recovering this document in the event of a disaster?

How the information is kept

Businesses that most urgently need disaster planning are obviously those whose records are only kept on paper. Drawings, manuals, and books are often kept in filing cabinets, drawers, shelves, and boxes on-site. Even paper files that are kept in an off-site storage facility are susceptible to destruction. It is wisest to keep records in more than one format. Following is a brief description of non-paper methods of keeping and storing information.

Electronic Format: Files stored and retrieved by computers. Some common formats for vital records include TIFF images, PDF/searchable PDF, databases, video files, and audio files. Electronic files can be stored on hard drives, CD's or DVDs, flash drives, floppy discs, and tapes. This would include paper documents that are scanned and indexed for fast retrieval.

Microfiche: A flat film that contains a matrix of micro images that can be stored in boxes, file cabinets, drawers and envelopes.

Microfilm: A reel or roll of film that can be perforated in 35mm or 16 mm format and contains micro images. Microfilm is typically stored in open-reel type systems or in cassettes.

Aperture Cards: A punched or non-punched card with a microfilm image mounted. They can be stored in boxes, file cabinets, drawers and envelopes.

Putting it all together

Knowing what could happen, what would be destroyed, and what is most important to recover, you want to decide on the disaster-recovery plan that is best for you. Here are a few key elements to consider when choosing a method of document safekeeping:

Prioritize: Not every record or document is critical, and the likelihood of a hurricane hitting South Dakota is zero. It is ridiculous to address every possible situation, so address the most catastrophic situation that is most likely to occur.

Storage: Very few storage systems are 100% disaster proof. Humidity, extreme temperatures, fire, water, and chemicals will destroy or degrade paper, microfilm, microfiche, and aperture cards. Even electronic formats are susceptible to the elements. Duplicates of your vital records should be stored in an off-site location. To minimize damage at the off-site storage, consider the type of destruction possible. For instance, if hurricanes occur in your area, it may be wise to choose a site that would likely be out of harms way should a hurricane destroy your site.

Document Integrity: Time alone can compromise paper, microfilm, microfiche and aperture cards. Be prepared to replace that which degrades over time.

Access: Documents that are difficult or impossible to retrieve are no more useful than destroyed documents. Your retrieval system must ensure that any given document or record can be found quickly. In the case of electronic storage, images need a logical indexing format for easy search and retrieval.

Conversion: Microfilm, microfiche, paper, and aperture cards can all be converted to electronic format with digital scanning technology. The most common electronic formats are TIFF (image) and PDF (including searchable PDF). While scanning, a document can be indexed for efficient retrieval. Indexing allows the documents to be searched or cross-referenced by a number of fields, such as: name, SSN, model or serial number, date, etc.

Electronically-formatted documents are easiest to store and retrieve. One can rent electronic storage in a dozen locations around the world at a minimum cost. Retrieval is instantaneous. Electronic data can be automatically backed up to off-site locations daily or even hourly if needed. Cost is typically based on the amount of memory needed, but is relatively inexpensive compared to physical storage facilities

Documents may also be converted from electronic format to eye-readable formats (such as microfilm or microfiche.) From a security standpoint, retrieving electronic information may be impossible if power or internet access is interrupted. For some, computer/network hacking is a greater threat to security than a physical break-in at a secured storage area.

Above all, be realistic and take disaster recovery-planning seriously. Choose only what is most likely to happen and thoroughly prepare for it. Devise a plan that will work, not just a checklist that no one can put into action. Hopefully your company will never suffer the kind of disaster that can destroy a business. If the worst were to happen, though, there's no turning back. Preparing for disaster today may save your business tomorrow.

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