Disaster preparation tips for the small business owner

How quickly can your company get back to doing business after a tornado, fire, flood or computer crash? The US Department of Labor states that over 40% of small businesses that experience a disaster never reopen, and of the remaining companies, at least 25% will close within 2 years.

• Create a continuity plan. Identify what types of emergencies – from a temporary electrical outage to a large geographic catastrophe - could affect your company.
• Determine your immediate needs. What data do you need the day after a disaster? Check with your IT provider on availability. Online backup is a safe, low-cost option which will allow you to resume doing business quickly.
• Does your telephone service have emergency options? Have your customer, vendor and employee information readily available.
• Establish a relationship with a competitor you trust who can meet your customers’ needs short term. This will help you maintain loyalty with your customers when you are not able to provide the product or service yourself.
• Have back-up vendors in place in case your primary ones are disabled. Place occasional orders so they regard you as an active customer when you need them.
• Have adequate insurance coverage.
• And, last but certainly not least, compile and asset inventory. This important document will save you a lot of time when you're really needing to spend the time getting your life and business back together.