With the COVID-19 pandemic still going on, I wanted to take some time to discuss what is involved in disaster planning for small businesses. In its simplest form, it’s deciding what will need to happen if your business is closed for some period of time due to circumstances beyond your control.
Even though many of us are able to work from home, there still needs to be a plan in place. What is your plan for getting back to normal? Do you know how to entice customers to come back?
Have you decided how to move forward if your brick and mortar business presence is destroyed? Have you planned on possibly losing the tools of your trade? Can you get into another location quickly? Large retailers have distribution warehouses across the country to safeguard their inventory, and usually have an online presence as well. Are you able to do something similar? Can you order more inventory and be able to sell it quickly without a B&M presence?
If your computers are destroyed, have you backed your data to the cloud, or are you using SaaS (Software as a Service)? What if you lose the tools of your trade?
Do you have insurance coverage for your electronics? Have you included less-common disasters in your insurance, such as flood or earthquake insurance? Do you have insurance on your key employees?
If you’re closed for a month for reasons beyond your control, do you have the revenues to pay your expenses that long?
We can help you with the financial aspects of disaster planning. Please feel free to reach out to us at 801-692-0032 to find out more.