Some Pinnacle offices are closed or operating with reduced hours due to winter weather. All office and weather updates will be posted to PNFP.com/Weather.
Some Pinnacle offices are closed or operating with reduced hours due to winter weather. All office and weather updates will be posted to PNFP.com/Weather.
Being prepared for interruptions of your day-to-day operations is important for businesses of all sizes. So many scenarios can affect your business: flooding in Upstate South Carolina, a tornado in Tennessee and the global impact of COVID-19—you never know what will strike or when.
Having a plan for these disruptions can be the difference in weathering the storm or closing down shop.
Business Impact Analysis
The first step is to identify potential threats to normal operations by conducting a business impact analysis. Get input from key employees to make sure you cover all bases and don’t miss any of the details you might not be familiar with as the business owner.
Items to consider:
Mitigation and Recovery Strategies
Keeping employees and customers safe obviously should be your No. 1 priority. However, you have many other factors to consider and prepare for.
For each potential disruption, develop a plan to keep your business operational with minimal interruption.
Distribute and Test your Plan
Make sure all employees are trained on the location of the plan and any actionable items. Test backup systems on frequent intervals to make sure they’re ready if you need them. The plan should be treated like a living document. Make revisions and updates as necessary and as personnel or situational changes arise.
After a Disruption Event
True recovery after a disruption event will depend on the type and severity. It may be hours to days or weeks to months.
Put your Plan into Action
You will need to assess any losses, file claims for any items covered by insurance and check into any government assistance programs like SBA.gov/Disaster. Work on a timeline to resume normal operations and assign tasks as needed.
Business disruption events are never pleasant, but having a plan can help give you peace of mind. The goal is to minimize reduction of revenue by restoring operations as quickly as possible. Disaster or no, every small business needs a team of experts: a banker, an accountant, an insurance agent and an attorney. These people will be good resources to help you plan and make sure that you are protected and funded through any business disruption event.
Brittany Hilbert is a financial advisor for Pinnacle Financial Partners. She is based at the firm’s office on Pelham Road in Greenville, NC, and can be reached by phone at 864-315-1043 or by email at Brittany.Hilbert@pnfp.com.
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