The devastating losses (human life and property damage) as a result of hurricanes Harvey and Irma in recent weeks is the focus of Septembers There’s Money Out There broadcast. Although we empathize with the victims of these catastrophic natural disasters, all too often we forget the same can happen to us and have a monumental impact on our businesses, the people we employ and our own families. The discussion will focus on actionable steps that you, as a business owner, can take to prepare in advance for a disaster; natural or man made.
Business Continuity Planning in the Face of Natural Disasters
Only 25% of businesses that close due to a major disaster ever reopen, according to the Institute for Business & Home Safety.
Natural disasters often strike with little to no warning, but their operational and economic impact to organizations can be devastating. As scientists expect the future will likely include more cases of extreme weather, organizations should leverage the calm before the storm to ensure that business continuity plans address key impacts of a natural disaster event. Well-considered planning can reduce the risks any business might face and the losses it might suffer should a disaster strike.
75% of small businesses do not have a disaster recovery plan in place, according to a 2015 survey of 500 small business owners conducted by Nationwide. And, Only 18% of companies surveyed that have fewer than 50 employees have a disaster recovery plan, according to the same survey.
You’ve invested significant time and resources into making your business work. It pays to know the risks facing your business. By following the recommendations in this guide, you can improve the chances of avoiding a closure that will cost both time and money.