March 29, 2024

The Game Plan

Secure It: Tips to make your business more secure

Cybersecurity • Disaster Planning • Insuring Property, People, Ideas

| 4/20/2018

Disaster Preparedness and Recovery
Disasters can happen anytime, anywhere, and they don’t have to be as catastrophic as a flood or a fire to seriously impact your business. Something as seemingly trivial as a half-day power outage or a dozen employees out sick with the flu can wreak havoc on daily operations. And if the disaster is a major one — say a Category 3 hurricane — 25% of the businesses affected will likely never reopen at all.

Little can be done to keep major disasters from occurring, but two important steps can be taken in advance to mitigate the results:

Step 1. Prepare for the Worst.

Think of disasters in light of the familiar adage “better to be safe than sorry,” and take these precautions in advance:

• Review your insurance policies now. At least once a year, consult with your agent to be sure you remain adequately covered; understand your deductibles, then adjust coverages as needed.

• Meet with your accountant, attorney, banker and other professional advisors. Know where all of your important records are located and how to access them quickly.

• Diversify your customer base geographically. If one area you serve is severely impacted by a disaster, you can continue business as usual in another that isn’t.

• Develop relationships with backup suppliers. In the aftermath of a disaster, everyone is looking for help. To avoid being put on a waiting list for repairs, become a “preferred customer” by building a network of reliable repair services you can call on anytime.

Step 2. Be Ready for Recovery.

As soon as the immediate disaster is over, the rebuilding process can begin. Florida businesses affected by disaster can find the help they need to recover through the Florida SBDC Network’s business disaster recovery services. The Network’s business consultants — many of whom are Disaster Recovery Institute (DRI) Certified Business Continuity Professionals — stand ready to provide no-cost consulting services aimed at minimizing losses and increasing business survivability in two broad areas:

FINANCIAL ASSISTANCE
Immediately following a disaster, funds are made available at the state and federal level to help affected businesses get up and running as quickly as possible. FSBDC consultants can help owners understand the options available and assist them in navigating the application process for securing Florida Small Business Emergency Bridge Loans, SBA Physical Disaster Loans and SBA Economic Injury Disaster Loans.

For businesses that do not qualify for these state or federal disaster loan programs, FSBDC consultants may be able to suggest additional options and can assist in determining eligibility for other loan programs, including SBA’s 7(a) Loans, Real Estate and Equipment Loans and Microloans.

ON-SITE RECOVERY ASSISTANCE
In times of disaster, the Florida SBDC Network deploys its Disaster Mobile Assistance Centers into communities with greatest need so that affected business owners can receive on-site assistance quickly and close at hand. These assistance centers are staffed by FSBDC consultants who can help business owners recover more quickly by answering questions, creating short-term recovery plans and assisting with the completion of loan applications.

Be Proactive

The best defense against disasters large and small is a ready offense. Don’t wait until the lights are out or a hurricane is bearing down to start thinking about what you’ll need to do first. Make a detailed plan now. The Insurance Institute for Business and Home Safety offers handy tips and worksheets at www.disastersafety.org.

 

Create a "Records-to-Go" Box
Place important documents and supplies in a water- and fire-proof box you store in a safe, off-site location. If you must evacuate the area, bring the box along.

Suggested records/items to include:

• Business continuity, emergency preparedness and disaster recovery plans

• Emergency contact list of employees and key customers

• List of suppliers and vendors

• Insurance policies and agent information

• Backup computer systems and data files

• Bank records

• A list of bills that regularly need to be paid

• Emergency cash

Tags: Florida Small Business, Business Basics, The Game Plan

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