Recover from disasters

Recover from disasters

Disasters can happen when you least expect them. Find recovery planning guidance, tips for pivoting your business model, and other small business resiliency resources.

The CICBD is dedicated to the success of Cayman’s micro and small businesses and can help you weather the storm through every stage of the business lifecycle, whether you need help recovering from the COVID-19 pandemic, natural disaster, or overcoming challenges of a different kind.

Recovery planning

Planning is one of the most important elements of recovery. Writing and implementing a business continuity plan will help you minimize financial loss when your business faces a disaster. Your business continuity plan should:

• Identify and document critical business functions and processes
• Organize a business continuity team
• Evaluate recovery strategies

Get more help with creating a business continuity plan by contacting us today!

Pivot your business

As businesses deal with a new reality, and “business as usual” takes on an entirely new meaning, most will need to rethink and retool how they do business in order to survive. Updating your business model is critical.

If you haven’t already done so, start by taking these three steps:

1. Look for opportunities. Changes in consumer behavior provide opportunities for innovation and new market strategies. Determine how customers’ needs and wants may have changed due to the pandemic, and respond accordingly.
2. Streamline operations. Evaluate business operations to find opportunities to work smarter and more cost-efficiently. Review financials, short-term goals, and long-term goals and make appropriate adjustments.
3. Negotiate. This might involve modifying lease agreements, establishing contracts, or future business. Look for ways to streamline costs and reduce overhead.

The CICBD has a Business Continuity Plan Templates that you may find useful. Please contact us for assistance.

Remote learning

Taking advantage of business training and counseling can empower you with the knowledge you need to recover from any disaster and develop strategies for growth. Here are a few resources to help you get started:

• CICBD occasionally offers training opportunities that can be tailored to your needs.
• Request a business advisor and schedule sessions to access an experienced sounding board who can help you adapt to market changes and develop new business models.
• Increase your knowledge about e-commerce and other topics through various local and online sources.
• Create a plan to build crisis resilience and map out ways to improve your short- and long-term cash flow.

To learn more about our training sessions, contact us today.