Preparing for a Business Hurricane

Over the last several days, the news has been filled with stories of folks in Tampa, Florida and surrounding areas preparing for what is expected to be a direct hit by Hurricane Ian.?Folks have boarded up their homes and businesses, evacuated their families and pets, and started praying for the best.?Disney World is closed, too!

Having grown up on the coast in South Texas, I remember the anxiety surrounding hurricanes.?I specifically remember my Dad building plywood covers for all the windows of our home so it would be protected.?If a tropical storm popped up in the Gulf of Mexico, my Mom would begin stocking the pantry with bottled water and canned goods and she would make sure the car had plenty of gas in case we needed to leave in a hurry.

The impending arrival of Hurricane Ian and my childhood hurricane memories, got me thinking about what we could be doing to prepare for metaphorical storms that might affect our businesses.?Are there things we could be doing today to minimize damage? ?What can we do so that we emerge from a storm better and stronger?

Stay Informed.

Much like watching the Weather Channel non-stop during storms, when you see tough times ahead in the economy, your industry or in your business, it’s important to stream updated business information and predictive indicators so that you can be as proactive as possible in decision making.?As a CPA, y’all know what I’m about to say….keep your financial records updated as frequently as possible and remain informed of changes in revenue, costs, customers, vendors, operations, and employees when you have an inkling that a storm brewing. ?The ideal situation is to establish a “radar” system to forecast what’s ahead and be able adjust accordingly.?

Be Prepared.

Hurricanes usually result in power outages as well as flooded and blocked roadways which make having emergency food/water supplies, medicine and power sources critical to survival.?Business owners have to have the same type of reserves in their companies so that temporary shortages or complications don’t result in a major disaster. ??Start to contemplate whether you have ample cash, inventory, equipment, and operational flexibility to manage economic turbulence.

Make Good Decisions.

We’ve all heard the warning “Turn Around, Don’t Drown” and yet people have to be rescued from their vehicles all the time during downpours because they failed to make a good decision. ?When it comes to entrepreneurs, they thrive on a healthy amount of risk.?They are often the rebels who are constructively changing an industry, market, technology or process.?Yet, they aren’t looking to kill their businesses on purpose.?So, as a weather event approaches, business owners should proceed with an extra degree of caution. ?I’m not advocating that entrepreneurs shouldn’t make the most of opportunities, rather they should make such decisions after careful analysis.

What else do you think business owners should be preparing for if a “hurricane” is headed their way?

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