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.
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