How to Recover from Disasters and Not Lose Your Business
Disasters, both natural and man-made, can strike your company at any time and hit your business finances harder than you may think. There are three main things you can do to help get back on track after something happens, you can even start preparing these things before a disaster and be better able to get back to work faster.
Contact Your Insurance
Chances are that your insurance agent will be able to help you calmly negotiate the paperwork and steps required to get back on your feet. It is essential to file a claim as soon as possible after the disaster and you will want to have your policy number handy when you do call in. It is also important to have contact information ready to give your agent so that he or she can get ahold of you to schedule adjuster appointments or to get back to you on paperwork needs.
Organize Your Paperwork
Business finances revolve around paperwork and records. This does not mean to risk your health and safety trying to save the records or entering your building until it is safe to do so, however, so it is a good idea to keep a digital copy in a second location. Some of the records that you may need include bank statements, invoices and tax returns, all of which will need to cover at least a full year. You will also want to include your budgets, your business contracts and your purchase agreements.
Do Your Research
When you research your options for recovery, for financing and for lenders you can better avoid scams and get back on your feet sooner. This means understanding the financing options from each lender as well as the reputations of the lenders themselves. Sometimes your insurance agent can help you get started with suggestions for recovery; if not, then you can find information and guides online. If you are able to do this type of research before disaster strikes, it is a good idea to keep a digital copy of your notes with the rest of your paperwork and just refresh the information when needed.
Recovering from disasters can take a real toll on your business finances and it may be a long road to recovery. This journey can be made easier with a few steps such as contacting your insurance agent, organizing your paperwork and doing your research. The sooner you can get this done before a disaster strikes, the more easily you can get back to work. However, you can also do these things after the disaster to recover more quickly.