Small-business owners who think preparing for a disaster is expensive should think again. Being unprepared-and losing everything-can mean paying a much higher price.
For example, in July 1996, the president and owner of Brookville Mining Equipment Corporation, Dalph McNeil, faced every business owner’s nightmare when the nearby creek crested at eight feet after a 24-hour downpour.
Expensive new machinery was covered in mud and a powerful current of water had swept away inventory and collapsed a 30-foot section of wall. The flood caused nearly $1.6 million in damages and losses.
After receiving a Small Business Administration (SBA) disaster loan, McNeil relocated his plant away from the floodplain and asked one of his employees to take on the additional responsibility of “safety coordinator.”
Besides doing quality assurance and control, the safety coordinator, according to McNeil, “runs monthly meetings with representatives of the company, making sure all the employees understand the early warning and evacuation plans, and the emergency procedures.”
“You can never be too prepared, as a small-business...
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