Can Your Business Weather the Storm? The Five P’s of Preparedness
With Tropical Storm Bill headed for the Texas coast, Houston may find itself underwater yet again very soon. We can only hope that it passes quickly without doing much damage. Whether or not this proves to be a big one, however, this is a good opportunity to determine if your business is prepared to weather a storm. According to the U.S. Department of Labor, 40% of businesses “never reopen following a disaster” and over 60% say they’re “not well-prepared for a flood.”
If your business is not prepared, Agility Recovery (a partner of the U.S. Small Business Administration) touts the Five P’s of Preparedness:
- People: “People are your most important asset. Practice the plan, communicate regularly and empathize with their personal situations.”
- Property: “Back-up and safely store all physical, financial and inventory assets.”
- Processes: “Ensure all critical business processes are protected and can be applied in temporary environments.”
- Products: “Track and manage all inventory, keeping customers and suppliers informed, managing their expectations.”
- Partners: “Understand and confirm continuity plans with key partners and suppliers in advance.”
Visit PrepareMyBusiness.org for more information and tips on how to prepare your business for a severe storm, hurricane, or other natural disaster. Stay safe!
READ MORE FROM AMERICAN COMMERCIAL CAPITAL
Business Video Roundup: Why Employees Quit, How to Get Funded & More
In this week’s roundup of great videos for entrepreneurs and business owners, Patrick Bet-David lists 20 reasons employees might quit on you, Gary Vaynerchuk and others deliver a lot of excellent advice in a mammoth two-hour episode of Marketing for the Now, and Dakin Sloss (founder of Prime Movers Lab) reveals a few simple steps on securing VC funding. Plus, Forbes offers a look at how two passionate entrepreneurs launched…
Business Video Roundup: Lessons from DoorDash, Nestlé, Inspired Capital & More
It’s been a rough week for most of us in Texas. We hope you and your family and loved ones are staying warm and have electricity, running water, and other necessities. If you need a little break and some terrific business insights and advice, look no further. In this week’s business video roundup, Fast Company’s Pavithra Mohan points out some time-management misconceptions that could be hindering your flow, Stanford GSB…
Business Video Roundup: Be Nicer in 2021, Reasons Why Most Go Out of Business & More
In this week’s business video roundup, Gary Vaynerchuk explains why he believes one of the keys to success in 2021 is to be nicer, Patrick Bet-David runs down 10 reasons why most entrepreneurs go out of business, and Merck CEO Ken Frazier talks about how he saved his company billions during the Vioxx painkiller scandal in the early 2000s. Plus, Beyond Meat CEO Ethan Brown reveals how they pulled off…
