Ian Durham – Rural Financial Counsellor
Establishing Business Resilience
In preparation for natural disasters it is essential that you maintain sound business fundamentals in place leading up to the event.
This includes the Following:
- Have adequate banking facilities in place.
- Keep up to date and accurate production records.
- Keep good financial records.
- Have insurance in place as well as double checking its the right type of insurance.
- Keep on top of the office paperwork.
- Review your business structure.
- Have a succession plan.
By implementing these core business fundamentals you can potentially save a lot of frustrations during a natural disaster event.
This will allow your business to effectively focus on the disaster recovery process.
Getting Back to Business – 3 Steps to Take
- Borrow funds to start rebuilding.
- Government assistance grants.
- Farm Management Deposits.
Ian outlines how these new funds can also be utilised to either repair crop damage or establish a new crop.
This is been a core focus on QRIDA low interest loans in the past to help farmers get back on their feat.
Just keep in mind when replaning to soil test and sap test to ensure there are no nasty suprises left behind from the natural disaster.