How Businesses Can Prepare for Emergency Situations

In the business world, nothing is certain or permanent. There will be times of joy and sadness. The best you can do is prepare for the harsh times by having an emergency plan.

Employ the following strategies to develop a formidable emergency plan.

Risk Analysis and Assessment Using Real Time Data Platforms

To defend your business from an unforeseen event, you should compile a list of all possible risks and scenarios. Identify the things or departments your business cannot do without and identify ways to minimize risk in those areas first. During emergencies, you are not going to be able to save everything. There are some departments you may have to close down so that you can minimize losses.

Use real-time data platforms to consolidate information from multiple sources and find the best course of action.

Create a Safe Work Environment

Prepare your business for unforeseen events by buying safety equipment. If you run a factory, make sure all your employees have safety clothing, helmets, and boots. Increase the number of fire extinguishers in the office so that you’re in a better position to put out fires before they get out of hand.

Mark all emergency exits and eliminate any barriers that may prevent people from accessing those doors. Conduct emergency drills with the staff at least three times every year. The drills should be communicated in advance, but no specific date should be announced to create the element of surprise.

Protect Data

If you have physical files, make copies and store the originals elsewhere. Do the same for information stored on your servers. Back everything up in the cloud. Store part of the information in a hard drive and hide it in a secure place away from the office. When you backup your data, you prevent it from getting lost in case of a fire or floods.

Install malware and antivirus software to secure your system from hackers. Update the security software regularly to seal loopholes that may be used by hackers.

Set Up an Emergency Fund

Unexpected events often lead to losses and the crippling of business operations. To shield your business from this scenario, create an emergency fund for your company. You can maintain the emergency fund by diverting a small percentage of your profits to this account. Limit access to this account so that you’re not tempted to use that money.

Create a Remote Working Protocol

If a disaster makes the office uninhabitable, come up with protocols to allow the continuation of work. Establish remote work protocols so that your employees can resume their duties from home.

Ask your technology team to create a secure network for remote work conversations and briefings. The network should not be the same as the one you use in the office for security purposes. That way, in case someone breaches that remote network, they cannot access the primary servers.

Get Insurance

Despite your best efforts to secure your business from a disaster, accidents will happen. Therefore, it’s in your best interest to get insurance and protect yourself from disasters. Insurance helps you get back on your feet by returning you to where you were before the disaster.

Before you buy insurance, assess your business needs so that you invest in a useful policy.

Have a Contact Person

During emergencies, there is panic all around, and no one knows what to do. Therefore, appoint one person as the official emergency contact. Let everybody know that is the person to contact in case of emergencies.

Have a Communication Plan
Your investors will be uneasy if something happens to the business. Some will dispose of their shares and take their business elsewhere, meaning that your company could become cash strapped in the long run. To prevent this kind of damage, establish a communications plan to regain investor confidence. The CEO or Managing Director should talk to the media and reassure everyone that things will be fine.

Brett Sartorial

Brett is a business journalist with a focus on corporate strategy and leadership. With over 15 years of experience covering the corporate world, Brett has a reputation for being a knowledgeable, analytical and insightful journalist. He has a deep understanding of the business strategies and leadership principles that drive the world's most successful companies, and is able to explain them in a clear and compelling way. Throughout his career, Brett has interviewed some of the most influential business leaders and has covered major business events such as the World Economic Forum and the Davos. He is also a regular contributor to leading business publications and has won several awards for his work.