Assess the Potential Risks
The first step in disaster-proofing your business is assessing the kind and extent of emergencies your business is likely to face. When you know the potential disasters, you can prepare yourself better to safeguard your business, prevent the impact as much as possible, and recover more quickly. Identifying each of the risks will allow you to evaluate how well you are prepared to handle it. If you find the level of preparedness unsatisfactory, you can take necessary steps, including ensuring that all concerned know what to do. When you know the risks your business is likely to face, you can arrange for stocking adequate emergency equipment and training people on how to respond. It will ensure your business stays operational with the least disruption to customers.
Assess Insurance Coverage
Depending on your risk assessment, you will need to discuss with your insurance agent or company regarding buying adequate insurance for protecting your business assets and employees. You should go over the policies with a fine-tooth comb so that you know you have the coverage for all potential risks, warns Michael Osland. Not paying attention to it may mean that you will be shocked to find there is no coverage for some events or assets when you want to make a claim. Explore if it is possible to purchase business interruption insurance so that you can survive even if you have to shut down operations.
Perform Regular Data Backups, Recommends Michael Osland
Data is the lifeblood of all contemporary businesses, and the inability to access data or having to deal with data disruptions can severely affect their fortunes. It is, therefore, vital that you make backups of all your important data regularly. Ideally, you should store the data in a different place than where you keep your paper records, according to the U.S. Chamber of Commerce Foundation. Keep paper records in a fireproof safe, preferably in a secure facility outside of your office premises. Backing up the data on the cloud is not only a good practice that allows for easy remote access to authorized people but also makes you less vulnerable to ransomware.
Make disaster plans appropriate to the situation and keep updating them annually. It will ensure that if your business is hit by fire, earthquake, flood, data breaches, etc., there is minimal impact on the business operations. Make sure that the arrangements have kept pace with the growth of your business, and all concerned know their roles. Conducting regular drills and rehearsals will ensure everything goes to plan and no confusion can affect the quality and timeliness of your response.