Each and every small business needs to have a backup plan in place. You are very interested in your clientele and how they evolve over time. When choosing suppliers, you put in a lot of thought. You put forth a genuine effort to differentiate yourself from the competition in your sector, and you actively engage in community events.
You are incredibly focused, dogged, and determined. If a disaster strikes, however, your efforts can be undone entirely in a single day. Tornadoes, floods, and other natural catastrophes cause delays for businesses across the United States.
The Institute for Business and Home Safety reports that 25% of small businesses that experience a disaster will fail within two years. Stay away from the statistics! Have a backup plan ready at all times with the help of CFO services in Atlanta, GA, who can keep you prepared!
Think about these four things as you develop your plan:
- Among the preventative steps is the creation of a backup plan and its subsequent documentation, distribution to all personnel, and internet publication. Your plan should detail procedures for checking in, as well as evacuation routes, potential meeting locations, and more. Prepare an emergency kit with enough food rations, drinking water, and blankets for each member of the staff. Walkie-talkies and first-aid supplies are also essential additions to this bag.
- If you need to recover data, it is recommended that you keep copies of all contracts and other crucial papers, as well as at least one offline backup and any off-site backups you have maintained, in a fire-proof safe. Copies of all of these should be kept in a secure location, such as a bank safe deposit box or an attorney’s office. It is imperative that you get things going as soon as possible.
- If you have insurance, you should evaluate it regularly to ensure that you have enough money to keep paying employees and running the business if your physical location or IT infrastructure is damaged or destroyed. Inquire about “business interruption insurance,” which shields you from financial loss due to things other than typical damage. Store enough money to cover several months’ worth of operating costs in a fire safe or off-site safety deposit box if at all possible.
- Staff cross-training: hold drills on a regular basis to make sure everyone knows what to do in an emergency. Make the required changes to the blueprints. Cross-train dependable employees so that they can take over for an outgoing leader.
