SBA Offers Tips for Disaster Recovery
Recovering from a disaster starts before the event happens, according to the U.S. Small Business Administration.
“Planning is one of the most important elements of recovery,” according to the SBA. “Writing and implementing a business continuity plan will help you minimize financial loss when your business faces a disaster.”
A business continuity plan should do several things, including identifying and documenting critical business functions, organizing a business security team and evaluating recovery strategies.
One of the lessons business owners learned during the Covid-19 pandemic was flexibility. Some businesses shifted production to needed goods such as sanitizers and personal protective equipment while others changed their workflow to accommodate social distancing practices.
After a disaster, the idea of “business as usual” can take on an entirely new meaning, according to the SBA.
That includes looking for new opportunities and market strategies to fit with changes in consumer behavior as well as streamlining operations to be more cost-efficient, the agency said.
Small-business owners can also help ease recovery after a disaster with access to information.
“Taking advantage of business training and counseling can empower you with the knowledge you need to recover from any disaster and develop strategies for growth,” the SBA said. That includes online learning opportunities from organizations such as America’s SBDC and SCORE
Businesses can also build their digital brand and work to increase online sales, the SBA said.
For more information, visit sba.gov.
SOURCE: U.S. Small Business Administration