Recover from Disaster
Regardless of whether a natural disaster strikes your entire state or a pipe bursts in your building, a disaster can ruin your business. Federal experts say that 40 percent of small businesses never recover. Don't let yourself be included. Here are some strategies for overcoming catastrophe.
1) Talk to the Small Business Association. They offer two kinds of loans to help small businesses deal with loss. The first, Business Physical Disaster Loans, replace or repair damaged property including real estate, machinery, equipment, inventory and supplies. The second type of loan, Economic Injury Disaster Loans (EIDL), provides capital to small business and small agricultural cooperatives to assist with disaster recovery. However, this loan is only available to businesses with no other available credit.
2) Determine if you want to stay open and can temporarily change location. You can move into your garage or take advantage of disaster recovery companies which provide trailers with phones, computers and other supplies.
3) Keep customers informed. Tell them when outstanding orders will be filled, and keep a sign on your door saying when you will reopen or where you are temporarily located. When you reopen, distribute announcements and coupons.
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