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Step 3 – Recover

 

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Step 3 – Recover
The emergency situation has passed – now you need to find out how to assess the impact, recover cash flow, seek help and restore your business.

  • Assess the impact
    Find out how your business has coped with the emergency. Assess every aspect of your business including physical damage and market impacts, and work out what it means for the future of your business.

    • Conduct a business impact assessment
      How to conduct a business impact assessment after an emergency and why you should do so.
    • Reassess the market
      Identify any changes in the market following an emergency situation, and assess the impact of these changes on your business.
    • Reassess your financial position
      Reassessing your financial position will help you decide how much cash you need to recover in the short-term. It will also help you make decisions about what you can recover and whether your business is in a good enough financial position to continue.
    • Stay, pause or exit
      Once you have updated your finances and recorded what it will cost to repair or rebuild the damage, decide what it will take to recover your business.
  • Boost your cash flow
    Your business’ recovery may depend on how much cash you have available. Fortunately, there are a range of options available to increase your cash flow.
  • Communicate
    After the danger has passed, your first phone calls should be to your insurance provider and any financial institutions or other debtors you make regular payments to.
  • Seek help
    In the confusion and chaos following an emergency situation there are a number of tough issues that arise, and often you may need to seek help. You can seek help from a number of sources.
  • Restore your business
    Once your finances are in order and you’ve planned a way forward, restoring your business can be a lot easier.

    • Clean up & secure your business
      Whether it was a fire, flood, cyclone, earthquake, tsunami or another type of natural disaster, the clean up can be quite substantial. Often there are significant health concerns with revisiting the area, so ensure you protect yourself, your employees and any volunteers during a clean up.
    • Repair & rebuild
      Once you know what damage you have sustained, you can make the decision to either repair or rebuild your business.
    • Help employees return to work
      The quicker you rebuild, the quicker your employees can return to work. Although in some cases, you can make alternative arrangements while you rebuild so they can work from home or a temporary location.
    • Carry on with business
      During the recovery effort it will be necessary to continue operations as much as possible.

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