By Joe Smith
I wrote an article in 2020 not long after the bushfires which were then followed with major floods. Next came COVID-19 and now just as it seems that businesses in Queensland and Australia are getting back to what is the new normal they have been impacted by major floods again at their homes and businesses.
It is truly heartbreaking to see the images from the floods on the news and we should be thankful that CQ has not been directly impacted by them. However, there will be impacts on supply chains with roads cut off and some businesses that may be closed for a while.
With this in mind, having a disaster plan is a must for every business. What happens if we are cut off or locked down and you can’t get to work – are you and your employees set up to easily work from home? If you lose power for a long period will your business be able to operate in any scenario? These may be worst case scenarios however it is best to be prepared.
One of the best pieces of advice we can give to ensure that your business is well placed to deal with disasters and pandemics is to ‘run a tight ship’ in normal operating times. This can be achieved by not being too extravagant in spending in your business that does not have a high return on investment.
Personal expenses of business owners should also be kept in check as the profits in the business need to be in excess of the amounts that they need to take out to maintain their lifestyle so maybe hold off on buying the Ferrari using a big loan! Warren Buffet is well known for his expertise in making money however maybe less known is that he has lived in the same house since 1958. This may be an extreme example, but it is something to think about.
If you would like to discuss how we can help you with your business please call UHY Haines Norton on 4972 1300 or email info@uhyhncq.com.au