Greg Orcutt

 

Orcutt & Company, CPA

936 State Route 28, Milford, OH 45150

 

Phone:  513-576-1989 

 

Email: greg@orcuttfinancial.com

July 2020

Getting Back To Business

Woman sitting at desk using hand sanitizer.

On average, only 40 to 60 percent of businesses recover after a disaster, according to FEMA. That is why having a disaster recovery and business continuity plan at the ready is so important. If you don’t have written plans to help you get back to business after the recent shutdown, take notes so you can draft them later.


THE NEW NORMAL
The COVID-19 pandemic is very different from a flood or fire, triggering creative adjustments to a typical recovery plan. For example, the need for safe distancing and a sanitized environment for those who must be at the workplace is completely new. Employees continuing to work from home longer may add a new twist, too.


FINANCIAL ASSISTANCE
Financial aid is common during disaster recovery, but this time it’s different. If you received a federal loan, make sure you follow the rules to the letter. Stay apprised of any new assistance packages and be prepared to apply quickly.


CRITICAL SUPPLIERS
Identify which of your vendors could jeopardize your business and develop a contingency plan in case they are unable to deliver needed goods or services.


REDEFINE SERVICES
Chances are that some businesses may not look the same as they emerge from the COVID-19 lockdown. If your business model doesn’t seem sustainable, get creative and act quickly.


CHECK INSURANCE COVERAGE
Business interruption insurance is generally very important after a disaster. However, this time insurers have been reluctant to pay claims because company operations were interrupted due to a government-mandated shutdown of non-essential businesses, not a natural disaster. If you have insurance, stay updated on the status of your claim. If you do not have business interruption insurance, apply for coverage as soon as you are back up and running. Also, take time to refine your business recovery plan because you never know if a natural disaster could strike.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox every month.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.