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Prepare Your Business Disaster Recovery Plan

Hurricanes Harvey and Irma have affected millions of Americans, including a number of Bank SNB customers. While it will be a long road back to full recovery for these communities, they need our collective support to rebuild after such hardship. We encourage you to assist in any way you can, and choose your charitable organizations wisely to most directly impact victims – getting dollars and resources to the right places.
 
While most people don’t anticipate such catastrophic events to hit home during their lifetime, it’s best to prepare as if they will. Events like this should cause all business owners to take out the playbook and reassess what you would do if such a catastrophe impacted your business.
 
Consider the following factors as you prepare a disaster recovery plan for your business:
 
Complete a review of your insurance (property, casualty, business interruption, inventory, etc.).
Do you have emergency operating procedures in place?
How will you contact key people in the event of an emergency?
Do you have sufficient inventories, supplies and, most importantly, plans in place if your suppliers are affected – making them unable to get inventories to your facility?
What alternative space and technology are available should your primary facility no longer be functional?
 
This is by no means a comprehensive list, but it’s a good place to start when planning for business hardships. At Bank SNB, we help clients review bank account activities and ensure the proper controls are in place. Financial products to monitor cash flow and protect against fraud can be valuable in disaster planning, too. 
 
Let recent events prompt you to ensure your bank has updated emergency contact information in the event we need to reach you. And while you can never protect against everything, a good emergency financial and business plan is critically important. Contact your banker today to get started.
 
On The Mark was written by Bank SNB President and CEO Mark Funke.