Why Your Business Needs a Disaster Plan

Audio version available here (1 min. 35 sec.)

With so many disruptions taking place due to natural disasters in recent months, especially in Texas, businesses across the nation have realized they may be inadequately prepared for scenarios where regular operations are burdened or outright suspended. Before the next disaster strikes, you as a business owner need to have a game plan.

There are many forms an emergency can take, so there is no one plan to suit them all, but if you have a solid procedure in place, you’ll be able to adjust for different events. When adjusting your plans for specific scenarios, try to prioritize those that are most likely to happen in the area of your business. Say you want to have a plan in place for extreme weather. If your business is in a warm climate where it doesn’t snow, preparing for a blizzard shouldn’t be your primary focus.

You also should not solely prepare for natural disasters. With our world being increasingly dependent on technology, you need to make sure your business will still be functional in the event of an IT outage. This is especially true if your business relies entirely on software to process transactions and provide services to clients.

Is it really so important to have a disaster and recovery plan in place? Yes! Disasters around the world are becoming more common and more extreme on a yearly basis. Just in the 2020s, we’ve had a years-long pandemic, historic winter storms, hurricanes that knock out power for weeks, and global software outages. Don’t wait for the next extreme event to test your business’s resiliency.

Not sure what your business needs in order to be prepared in the event of a disaster? Those familiar with your business’s operations and finances can help. Reach to XQ CPA, and our tax experts and financial advisors can guide you on how you can prepare your business for any scenario it may face. Give us a call or book a free consultation online today.

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Sources:

https://www.sba.gov/business-guide/manage-your-business/prepare-emergencies