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WORDS OF WISDOM FOR ENTREPRENEURS & BUSINESS OWNERS
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!
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