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Emergency Management Plans Are Critical To Keeping Your Business Operational – Is Yours Ready For Anything?

Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality.

Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management plan and recovery plan to help protect your business before, during and after an emergency.

Natural disasters, such as floods, fire and earthquakes can strike without warning, and throw a spanner into your business.

Your primary aim with an emergency plan is to ensure that your business is able to act and continue to be operational. To do so, you need to have in place specific plans for your business to manage operations in the event of an emergency prior to, during and after its occurrence.

You will want to ensure that you have the following plans developed for your business:

-The continuity plan, which helps you to prepare your business for an emergency by identifying risks to critical areas, and how best to protect them.
-The emergency action plan allows you and your staff to know what to do during an emergency situation
-The recovery plan which guides your business’s recovery after an emergency.

Once you have those in place, you will need to ensure that you have a list and copies of the supporting documentation that you will need, such as detailed emergency procedures, evacuation maps and insurance information. By having these documents in place, you can ensure that your emergency management plans are equipped with comprehensive information to smooth the process.

To keep that information up to date, and to be certain that your emergency management plan stays relevant to changing situations and circumstances, you will need to regularly review the contents. Keeping both the management and recovery plans updated will ensure that you are prepared for any eventuality.

In the event that staff changes occur or locations for business alter, those changes need to be reflected in the plan.

All of your staff should be apprised of the plans and procedures that are in place. Doing so through practice, drills and repeated enforcement of the steps to be taken can help you determine if anything needs to change. This is a key opportunity to understand the efficiency of your emergency procedures and plans for your business, and if anything can be done to improve.

This could be as simple as fire and evacuation drills, through to meetings and safety courses for what to do in the event of an emergency.

If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services.

Buy now pay later essentially means that, rather than paying in a full lump sum payment for a product or services rendered, there may be an option to pay through instalments of a certain amount over a set period to make the sum of the full amount in total. This method should allow you to pay in full for the product or service without overly straining your finances – you pay back what you can, as agreed upon when you begin the buy now pay later service.

Some popular buy now pay later services include Afterpay, Zip Pay, Brightepay, and some credit card networks such as  Mastercard and Visa, can offer buy now pay later arrangements.

Though it can be a convenient, immediate solution, it may be challenging to juggle the necessary repayments with other financial commitments. It’s not always the most appropriate method for people, and you should bear in mind your situation and ability in paying back the amounts. 

Before you sign up, keep in mind: 

  • It becomes easier to overspend with buy now pay later services, so know your limits on what you can and can’t afford.
  • You will be charged fees and costs to use the service, which can add up to a princely sum in and of itself.
  • Keeping track of your payments can be tricky if you’ve signed up for multiple services.
  • It could affect your loan applications for a car or mortgage as lenders consider buy now pay later spending just as much as your credit score.
  • Late repayments can appear on your credit report, which affects your ability to borrow money in the future.
  • Layby can be a cheaper alternative to buy now pay later, with no account-keeping or late fees to consider

If you are someone who could make use of BNPL services, you may wish to:

  • Ensure that when using the BNPL service, you stick to a set limit on what you spend so that you can comfortably pay it back later. 
  • Aim only to have one BNPL account at a time to manage payments through, rather than confuse yourself with multiple payments across different providers.
  • Always budget for bills, loan payments and BNPL payments, and 
  • Rather than use your credit card for payments to your BNPL account, consider linking to your debit account instead.

If you would like assistance in planning your financial future, help in managing your budget or some friendly advice, see us for a chat about what we can do for you.

Testimonial

What our Client Say

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier

David and Alison Parker

I have been consulting J L Noller and Co. (more specifically Jane) for six years and during this time I have found her to be professional, efficient and easy to discuss all accounting and taxation matters with. Her office team are all polite and friendly also.

David and Alison Parker

Business Owner

Carl Gillmore

I have used Jane & the team for the last 6 years for all of my business & personal accounting needs. They have always been professional, easy to talk to & available when we have needed assistance.

Carl Gillmore

Carl Gillmore Landscape

John Briggs

Jane Noller has been my accountant for the last 15 plus years. I can testify to Jane’s professionalism and expeditious manner in dealing with the day to day issues that surrounds our business accounting.

John Briggs

Registered Building Certifier