On May 2011, the town of Joplin, Missouri was struck hard by a severe tornado. Cars disappeared, windows were blown in, and roofs were torn off. The amount of damage was catastrophic. The tornado claimed 162 lives and more than 8,000 homes and businesses. One of the businesses heavily impacted by this tornado was Freddy’s Frozen Custard and Steak burgers. Although nothing much of the restaurant was left, the owner did not suffer much of a financial loss. He was able to prevent such a huge loss by creating an emergency plan for his business. He made sure to do the following: Create a disaster plan, trained employees on the plan, kept important documents safe and off site, and had insurance coverage for business interruptions. With this plan, he was able to keep his employees and all of his customers safe, had appropriate documentation for his insurance company, and was able to compensate his employees while his business was being rebuilt. Being prepared really paid off!
What are your thoughts in regards to this business owner’s decision to be prepared for disasters? Is there anything you think he could have done better? If so what? Article can be found on: http://www.entrepreneur.com/article/220432
Check out www.ready.gov/business to create a business emergency plan.