Consider the viability of your business after a natural disaster

If your business has been significantly affected by a natural disaster, you should consider the viability of your business. While many businesses reopen and operate successfully after a natural disaster, some do not.

When assessing the viability of your business, consider the following questions.

• Do you have (or have access to) the finance needed to reopen your business?
• Do you want to continue running your business?
• How severely has the natural disaster affected you, your employees, your local community and local infrastructure?
• Has the market for your products or services changed, decreased or increased?

It is also a good idea to review your previous operations and identify any areas that you can improve on. Learn more about business improvement.

Learn more about assessing the viability of your business.

Time to exit

If you decide not to re-open your business, your options may include:

• selling your business
• closing your business
• merging your business with another
• filing for bankruptcy.

Take the time to assess each option carefully. Before you make a final decision, speak to your business adviser or mentor and obtain specific financial and legal advice.

Ready to rebuild

If you have thoroughly considered all of your options and are ready to rebuild and reopen your business, find out about rebuilding your business after a natural disaster.

Also consider...

• Find out how a recovery plan can help minimise losses and get your business running again after an incident.
• Learn more about what to do after a natural disaster on ASIC's MoneySmart website.
• Learn how to protect yourself from scams, fake tradespeople and repair workers that may target your business during a natural disaster.
• Read Queensland natural disaster assistance to see if you are eligible for further help.
• Learn how to assist your staff through change.
• Consider doing market research to inform your decision about what to do with your business.
• Contact Lifeline for confidential emotional and crisis support on 13 11 14. You can speak to a trained and dedicated volunteer 24 hours a day.
• Contact Beyond Blue for support in dealing with depression and anxiety.