According to the SBA, 25% of businesses don’t open again after a major disaster. Small businesses are the backbone of America, so that number is, itself, a disaster.
We are undergoing an unprecedented shutdown of the economy. Have you determined how you will get your small business up and running again when we go back to work? How are you providing for employees during the time you’re down? Do you know what your options are?
Unfortunately, the time to prepare was months ago. But now’s the time to prepare for the next emergency – and let’s be honest, there are always emergencies. Here in Utah, we had an earthquake days after the shutdown recommendation came down! (It was exciting because we seldom have quakes. If you live in Southern California, it may have been nothing new.)
If you are a brick and mortar business, do you have adequate insurance on your buildings? Do you have enough insurance on your personal property? Computers and electronics can be expensive to replace. What about your data? Has it been backed up to the cloud (or are you using SaaS so everything is already IN the cloud)? What if you need to temporarily lay off employees? That’s a last resort, but do you have a plan for that? Can they claim unemployment for a time? If you own a business and you’re a member of the military reserve or National Guard, what if you are called out?
When you have a solid plan of what to do when disaster strikes, and it will, you can move forward with peace of mind.
The first step to planning is knowing what your numbers are. We can get your books organized for you, and then if loans or assistance are called for, everything is ready for your lender. We also work with our preferred SBA lenders to help our clients in their times of need.
Contact us today. We want to help you get ready to get back to business.