Businesses urged to prepare for emergencies

Natural disasters can be devastating for small businesses, yet only one in four have a current business continuity plan, according to a new report tabled in parliament.

The report, which was prepared by the Small Business Natural Disaster Preparedness and Resilience Inquiry, found that businesses with a plan are better able to bounce back after a natural disaster.

Businesses can also take simple steps to ensure they enter any natural disaster in the best possible shape, such as by:

• Digitising business processes and critical information
• Staying up to date with record-keeping
• Staying up to date with payments to lenders, insurers and the Australian Taxation Office

Recommendations and findings

The report made a series of recommendations, including: 

• An opt-in “My Business Record” should be created to allow small businesses to digitally store all relevant government-held and other vital information they might need after a disaster
• There should be a “certainty of response” for business owners, so they are automatically elevated in disaster funding arrangements
• There should be “certainty of support”, by establishing a business hub after a disaster as a single point to seek help
• A “tell-us-once” triage system should be adopted to save business owners the trauma and hassle of repeating their story

The report also announced a series of findings, such as:

• Many small businesses are uninsured or underinsured, due to a shortage of affordable insurance options
• Government support is often given in an unequal or inconsistent way, which can make 'losers' feel resentful
• Business owners want an integrated response to disaster risk management for identified disaster-prone areas

If you need funding to help set your business up for disaster preparedness, I’m happy to help you find the solution.