With the formation of Tropical Storm/Hurricane Elsa in the Atlantic Ocean, the annual “will it or won’t it” speculation begins. Small-business owners must begin, if they have not already done so, to look at how a tropical storm or hurricane might affect their business and what options are available to them.It is never too late to plan for a disaster. A wealth of tools, articles and information is readily accessible to help in this undertaking. An excellent starting point is the Hampton Road Small Business Development Center website at hrsbdc.org/disaster-planning. Here you will find links to state and federal sites to assist planning and preparedness.
The Public Entity Risk Institute at the Center for Organizational Studies at the University of Wisconsin-Green Bay conducted research into a variety of natural disasters. They concentrated their analysis on how small-business owners responded in the aftermath.
Regardless of the disaster, there are only three potential courses of action available to small-business owners in responding to a disaster. These are: reopen the business, close the business, or sell the business
Each option has its own challenges and consideration and they are all situationally dependent.