If you own a small business and have a plan, you are ahead of the game. Now is a good time to review and tweak it.
If you need to create a plan, here are 10 things to know from our colleague Laura Schafsnitz, Public Affairs Specialist, U.S. Small Business Administration.
The financial cost of rebuilding after a disaster is overwhelming. Preparation puts you in a better position to recover and continue operations if disaster strikes. Check out the online SBA Guide to Manage Your Business – Prepare for Emergencies.
The Insurance Institute for Business & Home Safety (IBHS) toolkit includes a checklist for these topics.
1. Insurance – policies, coverage, deductibles for specific scenarios.
2. Risks – identify each. What if your supply chain goes down—like during the pandemic? What if you lose online connectivity for your e-commerce business?
3. Operations – know your processes, have them in writing and accessible.
4. Employees – contact information and best way to reach them. Be empathetic of their struggles during this time.
5. Equipment – complete an inventory and identify what’s necessary to stay operational. Photograph and video your facility and its contents. Keep warranties and maintenance receipts organized.
6. Customers, contacts, vendors – plan how to contact them during an emergency. What are their emergency plans?
7. IT – it’s more than your online presence. Think point of sales system, network operations to run equipment, machinery, etc.
8. Finances – SBA recommends 6-12 months working capital to stay operational.
9. Getting help – including local, county, state, national emergency management teams. Follow them on social media.
10. Preparedness plan – test it. A practice run under your belt will help you address any kinks in the plan.
Schafsnitz says, “Prior planning prevents poor performance.”
