IN Small Business

by Alison Burns Schonk

Post-Ida Business Recovery

FOR MOST OF US business owners, we have experienced some impact from Ida, whether it be economical, structural, or a combination of the two. At my company, we were very much spared in structural damage, but are still taking a great economic hit. So how do you recover well and potentially place yourself in an even stronger position?

Your first resource would be your business insurance. Not only is it for structural damages, but the Louisiana Insurance Commissioner issued an executive order that carriers waive the mandate for mandatory evacuations to cover insured through economic losses under civil authority.

Next, register with FEMA who will automatically register you with the SBA for National Disaster Assistance. You don’t have to accept this but applying will show you how much you are eligible to receive in a low-cost loan. You can do this in addition to insurance, and it may be very helpful in hiring more employees or making additional structural changes. The SBA Disaster Loan can also be used to cover your insurance deductible.

You’ll want to fully vet any contractors you use. You want to see current license and insurance without exception. It’s also best if they are local. Remember, a lot of contractors have flooded the area to get their piece of the pie because of the storm, and the last thing you want is to be taken advantage of while you are already in a vulnerable position.

Lastly, you want to do whatever is possible in order to generate revenue while you are rebuilding, and that means ensuring you have the proper working equipment! If your internet or power is still out, do you have a mobile pay solution to work off cell phones in the meantime? (My company is offering them free to Ida-impacted merchants). Does it make sense to start an eCommerce store for your business now? There are several ways to sell online that can be economical, and we can also consult with you on what is best for your business. If you have power and your equipment is not working, the outage may have blown out the equipment, which means it needs to be replaced. Precision Payment Systems is ready to help walk you through determining that, and we’re ready to get you up and running with whatever you need as well.

Money is not everything, but you can recover your business well and position yourself better than before the storm. I hope these tips are helpful to you, and I would love to discuss further any questions you have. Email me at aburns@precisionpaymentsystems.com, and best of luck!