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Plan for the future after a natural disaster
Find out what financial assistance and support is available if you have been affected by a natural disaster.
An important part of planning for the future is to analyse how your business was run before the natural disaster. You may find ways that you can improve, save money and be more efficient. Making improvements now can minimise the risk to your business from a future natural disaster, and make it easier for you to recover.
Review your operations
If you have been able to recover or reconstruct your records, you should have a good idea of where your business was at before the natural disaster. Take the time to sit down with your business advisers to ask for advice on what you can do to improve the way your business is run.
Check your insurance
Speak to your insurer to find out if you have the right insurance cover for your property. For example, you might want to clarify whether you are covered for flood damage, as insurance policies have different definitions for flood and inundation.
Speak to your bank
By planning ahead, you can minimise the stress on your business, and yourself. Speak to your bank so you understand what arrangements are in place when a natural disaster occurs. Discuss alternative solutions in case a natural disaster occurs and you're unable to make repayments.
Ask your employees
A simple way to identify any areas of inefficiency in your business is to ask your employees what they would improve about your business if they could. You might hold a brainstorming session to ask employees which activities could be improved, enhanced or even removed.
Conduct a SWOT analysis
Conducting a SWOT analysis after a natural disaster will give you essential information about your business, and how you can improve your performance. If you had completed a SWOT analysis before the natural disaster, it would be valuable to compare it with the results of this analysis.
Review your business plan
Business planning is a long-term commitment — it is not something you do once, and then forget about. Regularly reviewing and updating your business plan will help your business to stay on track, and identify areas where you could improve.
Develop a recovery plan
A recovery plan is essential when responding, managing and recovering from natural disasters. It gives you a step-by-step strategy to get your business back on its feet as quickly as possible after a disaster.
Prepare for natural disasters
Complete our clickable checklists to find out if you're prepared for a cyclone, severe storm, flood, bushfire or drought.
Preparing your business for natural disasters before they occur can reduce their impact on your business.
- Use our free business planning tools and resources to help you plan ahead.
- Find out how you can use the PPRR risk management model to assess and respond to business risk.
- Learn how to prepare a risk management plan and business impact analysis to help minimise the impact of future incidents.
- Find out more about what to do after a natural disaster on ASIC's MoneySmart website.