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Could Your Business Survive a Disaster?

7/24/2017

 
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As business owners, we want to remain optimistic about our business’ future. But life can happen, and we need to be prepared. 

A good business owner thinks about all the risks to their business and has a plan in place to reduce or eliminate them.  In 2017, we have already seen floods in the Midwest and California, a healthy dose of tornadoes, and an ice storm earlier in the year.  And those are just the weather disasters.

Are you ready?
 
In 2015, Nationwide ran a survey that revealed that three out of four small businesses do not have a disaster plan.  The same survey noted that 52 percent of small business owners thought it would take three months to recover from a disaster. 
 
The most common solution is to create two plans:

  • A disaster recovery plan, which details the steps needed to recover the business from a catastrophic loss
  • A business continuity plan, which details the steps needed to keep the business running in case of a major loss, such as a loss of electricity, location, or key personnel

There’s a lot of help online to help you create your plan. A few of the major items that should be covered include:

  •  Employee safety: You’ll need an evacuation plan in case of a disaster that is life- or health-threatening.
  • Communication plan: How will you reach employees in an emergency?
  • Electricity contingency: Will you need to access a generator?
  • Internet contingency: Can your business survive without the internet for long periods of time, or will you need to find a way to get connected?
  • Location contingency: If your worksite is inoperable, do employees have another place to report to?
  • Employee roles: Who will carry out the plan?
  • Private data: How will you safeguard private company and customer data?
  • Systems:
    • Do you have an inventory of hardware and software, including vendor technical support contacts?
    • How will you prioritize which system to get back up first?
    • Do you have agreements with vendors who can come to your aid quickly?
 
Creating a disaster recovery plan can be the lowest priority item on your to-do list as a business owner – until it isn’t.  If you have a lot to lose, then consider spending some time on a plan to give you peace of mind.  

This is general information and should not be acted upon without first determining its application to your specific situation. Please contact your business advisor for additional details.

Comments are closed.

    Author

    Successfully meeting the challenges inherent to new and smaller businesses provides me with a special type of satisfaction. 

    Supporting businesses that have the potential to become amazing – from both the perspective of owners and team members as well as their clients – is what I enjoy. 

    I hope to use this blog to provide information specific to businesses that are growing from small beginnings into exceptional companies.

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  • Home
  • Why Us?
    • Reviews
    • Open Positions
  • Client Services
  • Resources
    • Save on QBO Subscriptions!
    • Tax Refund Status
    • Gusto Year End Checklist
    • Videos >
      • Business Taxes >
        • 2019 Business Tax Highlights
        • 7 Ways Small Business Can Save On Tax
        • Taxes for S-Corp Owners
        • The IRS Loves Businesses
      • Personal Taxes >
        • 2019 Tax Highlights
        • Five Yearly Tax Essentials
        • 4 Common Tax Surprises
        • Retirement Can Be Taxing
        • Advance Child Tax Credit Reconciliation - 2022
        • Make the Most of Your Donations
        • Five Great Tax Secrets
        • Renting Your Property Tax Free
        • Ideas to Audit-Proof Your Tax Return
      • The Tax Cuts & Jobs Act >
        • The Tax Cuts & Jobs Act: What You Need to Do Now
        • The Tax Cuts & Jobs Act: Are Itemized Deductions A Thing of the Past?
        • The Tax Cuts & Jobs Act: The New Child Care Tax Credit
      • Tax Topics >
        • Tax Season is Coming!
        • The New World of Deductions: What Everyone Needs to Know
        • Proving Your Deductions
        • How to Fix a Mistake on Your Tax Return
        • How Long Should I Save It?
        • Tax Credit vs Tax Deduction
        • Understanding Effective Tax Rate
        • Understanding Marginal Tax Rate
      • Life Events >
        • Life Events: A New Birth
        • Life Events: Marriage
        • Life Events: Divorce
    • Articles >
      • Accounting & Bookkeeping >
        • How to Get the Most Out of Your Accounting Fees
        • The 10 Biggest Money Leaks in Your Accounting System
      • Business Factors >
        • IRS Rules for Classifying Workers
        • Checklist for a Healthy Cash Flow
        • 12 Ways to Improve Your Business Profits
        • 10 Step Annual Business Check-Up
      • Tax Topics >
        • Tax Guide for Self-Employeds
        • 15 Things Every Tax Payer Should Know
        • Disaster Casualty Losses
        • Travel & Entertainment Deductions
        • Tax Guide - A Deduction Checklist
        • What You Should Know About Tax Audits
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      • Newsletters - Monthly Editions >
        • Newsletter - Monthly Edition
      • Newsletters - Quarterly Editions >
        • Newsletter - 2019 Fall/Winter
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    • How To's >
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      • How To - BILL
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