Hurricane season officially begins on June 1st and runs through the end of November with the peak months being August and September. Planning ahead can help you protect yourself, your family and your business during hurricane season.
Since its inception in 1953 the US Small Business Administration (SBA) has served to aid, counsel, assist, and protect the interests of small businesses. While SBA is generally known for the financial support it provides to small businesses, it also plays a critical role in assisting the victims of natural and other disasters. SBA provides disaster assistance through capital, counseling, and contracting services. Its Disaster Loan Program helps homeowners, renters, businesses of all sizes, and private non-profits fund their recovery.
Here are a few things you can do, at no cost, to jump-start your business continuity plan:
1. Determine your greatest risk potential – it might come from wind damage or inland flooding. Your business could suffer financial losses due to road and bridge closings. Power outages are a major threat, especially to businesses in the food and hospitality industries. What would happen if you had to shut down your business for several days? Look at the building where you do business – inside and out – to assess the risks.
2. Calculate the cost of business interruptions – for one week, one month, and six months. Once you have done that you'll be able to investigate insurance options or build a cash reserve that will allow your company to function during the post-disaster recovery phase. It's also a good idea to develop relationships with alternative vendors, in case your primary vendor can't service your needs.
3. Review your insurance coverage – contact your agent to determine if your policy is adequate for your needs. When buying insurance ask "how much can I afford to lose?".
4. Build a crisis communications plan – so you are able to make sure your employees, customers, vendors, and contractors know what's going on.
DRDA's experienced Business Consultants can assist you with this. Please give us a call at 281-488-2022 for a consultation.